Getting a valuation on a property in the past was often difficult but with the advent of the internet, it is become much easier. Anyone get now get an approximate idea of how much their home might be worth by simply looking online. So, if you’re planning on selling up, it’s vital to get an accurate and fair market value assessment before putting your home on the market.
How accurate are online valuations?
Online property sites are pretty accurate, especially if you compare prices with similar recent property that has sold on your street or in your local area. However, it’s always wise to get a second opinion with a property visit from an expert. This way you can receive a more accurate valuation, as well as advice on how to increase your home’s value for sale.
What factors can affect a property’s value?
Some of the important factors affecting valuations include the following:
Age
Location
Size
Design
View
Curb Appeal
Condition
Alterations
Extensions
Local market
Other factors that can influence hat a house is worth are:
Flood risk
Crime rates
Subsidence
School catchment areas
Local amenities
Transport links
What is market value?
This is the price that a property would sell for in normal conditions. This doesn’t include homes being sold under unforeseen circumstances such as death or sudden relocation, for example. Market value is affected by external aspects, such as condition, curb appeal, pavements and architecture. Internal elements also affect the market value, including the quality of construction, size, furnishings, number of room and the condition of home appliances. Get help with Conveyancing Quotes from a site like www.samconveyancing.co.uk/conveyancing-quote
Location plays a big part, particularly the safety, peacefulness and development of a neighbourhood. If there are good local amenities and access to strong transport links, the market value will be higher.
Market dynamics, in other words, supply and demand also impacts the worth of a property. It is worked out by looking at the number of homes up for sale in an area and comparing it to the number of buyers and how quickly properties are selling.
How to determine your home’s market value
The first thing to do is look for comparable properties in your neighbourhood that sold in the last three months. If you cannot find exactly comparable properties, you’ll need to make adjustments. For example, a house of the same size but with no garage or driveway, will have a slightly lower sale price. A house of the same age, size and number of bedrooms but with additional amenities will be priced higher than yours.
