At a property valuation, how would an estate agent evaluate your home?


Nov 12 | 3 minutes read
At a property valuation, how would an estate agent evaluate your home?

 

Deciphering the Puzzle of Property Valuation: Key Aspects and Influential Variables

Essential components that contribute to shaping a property's worth include:

  1. Geographic Position
  2. Dimensions
  3. Prevailing Local Rates

 

In addition, distinctive characteristics of your residence and personal circumstances play a vital role in determining its value. These factors are more intricate and can only be assessed through a thorough examination of the property. Examples include:

  • The property's current condition
  • Any modifications or improvements made to the property, as well as the standard of workmanship
  • Interior aspects such as flooring, double glazing, insulation, finishing touches, and more

 

 

According to a property valuation expert, numerous other elements can influence a home's worth: "Appreciating the potential for enhancement or recognizing the caliber of renovations and finishes can both impact a property's value and the level of interest it generates."

 

 

 

Ultimately, the listing price will be a blend of all these criteria, coupled with an understanding of the local market's current performance.

 

Are properties like yours in high demand? What have they recently sold for? How long do you anticipate it will take to find a buyer? Knowing the answers to these questions is crucial for determining the appropriate pricing.

 

An online valuation may effectively estimate the primary components of the appraisal by utilizing public data such as sold prices. However, since each property is as unique as its owner, there will always be factors that no amount of data can account for.

 

During a property valuation, an in-person assessment allows the estate agent to evaluate the property's condition and gain a sense of the space and room dimensions. "It enables us to form an impression of the surroundings to convey an engaging narrative on the property's listing and during viewings."

 

Expect to be asked why you purchased your home and what you enjoy about living there. These aspects, though seemingly minor, are essential for highlighting your property's selling points and can influence the asking price.

 

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Rob, a valuation expert, adds that there are other critical factors that impact pricing beyond the property itself. "At a valuation, one key aspect we need you to consider is whether you want a quick sale or the highest possible price for your home." For instance, a seller seeking a rapid sale will require a different approach than one aiming to sell within six months.

 

Lastly, a knowledgeable estate agent with a deep understanding of the local market can advise you on potential improvements that may increase your property's value. Is it worth adding an extension, a conservatory, or an extra bathroom? The answer varies greatly depending on the property, making it wise to consult with a professional.


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