Why is a home valuation important?23.10.2018
If you’re thinking of putting your home on the market, it’s likely you’ll have seen information and services from property experts around valuing your home. Some homeowners are unsure of the benefits of a home valuation and see it as just another part of what can be a long journey to selling a home and moving on. We’ve rounded up the key reasons why you should have your home valued before considering going to market.
A home valuation gives you a starting point
You need to know your home’s worth as a basis for your decisions when selling to provide you with realistic expectations, as property investments are some of the biggest financial decisions you’re likely to ever make.
Additionally, a home valuation is useful for providing an estimate during the current economic climate, which is a crucial part of the decision of whether you’re ready to sell or not.
Professional home valuations vs. instant online valuations
You might have seen some places offering instant valuations online and, whilst that would seem like the simplest option, we would always recommend a professional, in-person valuation. The reason for this being that an in-person valuation allows a professional to identify factors that cannot be gleaned from online research, such as fittings throughout your home, structural improvements (or indeed damage), double glazing, heating and insulation and any additional benefits to the size and layout you may have achieved. It’s important to receive an estimate that is as thorough as possible to help manage your expectations when going to market, particularly if you’re looking to invest in another property.
If you have already received an instant valuation, you should seek a second opinion, as you’ll then have a realistic price range for your home.
Where home improvement or renovation has added value
If you’ve spent time working on your home over the years, improving its structure, extending or renovating, you’ll want to be reassured that the hard work has paid off and added significant value to your property.
For example, four semi-detached houses of the same age and size within one street may appear of similar value at first glance, but a home valuation requires examining the specifics to reach an accurate estimate, so you’ll want to know how your home compares to your surrounding neighbours.
Your property’s specific selling points
As well as standard prices within the area and your neighbourhood itself, a professional property valuation will consider:
- Age of the property
- Property size
- Room layouts and floor space
- General wear and tear
- Additional fittings
- The land in which your property sits
- Double glazing, heating and insulation
- Development potential or
- Features such as outside space, a garage etc.
Although overall aesthetics won’t do a lot in terms of added value, it’s always a good idea to ensure your home is clean and presentable, free from any avoidable signs of wear.
Understanding the external factors that affect the value of your home
Of course, there will always be factors from the external environment that you have no control of. Just like when you’re looking to buy a home, a property expert will take facts and statistics around your local area into account, such as the crime rate, proximity to good schools and healthcare facilities, transport links and the quality of the space around you.
A professional valuation provides a holistic approach of considering all factors likely to affect your property’s value and help you determine whether the time is right to go to market. If you feel unsure if you are ready to sell, or don’t know where to begin, the Austin Gray residential team are here to help.
If you’re thinking of putting your home on the market, or curious as to how its value may have changed in recent years, we can provide you with a comprehensive valuation. Get in touch with Residential Partner, Graham Farthing, today and we’ll be happy to help you get started.