If you are selling your home the first thing you will need to know is how much your current property is worth. This is the key to working out your affordability and calculating your moving budget. Having a property valuation is a vital step when it comes to selling your home. If you don’t know the value of your property, you could market your property too low which means you will be losing out on money or too high which may leave your home on the market longer than you first thought.
If you are unsure about what is involved in property valuation or how to prepare for one, Castles Estate Agents, have put together some information which will help you learn everything you need to know about property valuation. If you would like a valuation on your property in Swindon or would like more advice on valuations as a whole please get in touch with a member of the team today on 01793 611677.
So, let’s start with the basics…
What Is A Property Valuation?
A property valuation is when you get a guide of how much your home is worth from an estate agent or an independent valuer. The valuation will depend on a range of different factors including location, size, condition etc. Your estate agent should be able to provide evidence of how they have come to their valuation and should give you the advice you need to decide the best way to maximise the value of your home and the initial asking price to enter the market.
A valuation should be a priority when you are selling your home and there are two main reasons for this; firstly you will learn what price your current home is worth and secondly, this figure will help you work out the budget for your next home.
The Asking Price
Property valuations help you to decide on the right asking price based on the current value on your home, in order to maximise the price of your home. The estate agent should clearly state the difference between the asking price and what they expect to achieve for your home, this allows you to budget correctly.
Once you have established your asking price for your property, you are then able to work out what you will be able to afford for when you move.
What Happens During A Property Valuation?
Firstly, you will meet the estate agent at the property and they will provide you with the recent selling prices of the properties in your local area as well as the current prices of properties already on the market. This helps to inform the decision and will give them an estimation straight away. After the initial meeting, the valuation will start and will likely last around an hour. The estate agent will assess each part of your property, so it could take a little bit longer depending on the size of the property. On the other hand, they may have visited your property before and simply wish to update their records.
Your homes worth is determined based on many factors such as the properties age, location, size, layout and special features. At the end of the valuation, you should fully understand the recommended market price from each agent and be able to use this information to choose what price to advertise your property. You may now be asking yourself, “How Can I Make My Home’s Worth Greater?” If you are then the answer is simple, Preparation.
What Shall I Do To Prepare For My Property Valuation?
Being prepared before your valuation will ensure you will get the most out of your appointment. There are three simple things to do which can allow your valuation to run as smoothly as possible.
It is extremely important to have any paperwork to hand whilst you’re having your valuation. This paperwork on the property will help get the estate agent or valuer up to speed. This paperwork will include building plans, rate information, leasehold and any maintenance charges you may have.
Don’t Be Afraid To Ask
It is important that you think about any questions you may want to ask the estate agents before they arrive. Having these questions prepared will help you establish any key information you need or would like to find out from the valuation. You never know these questions may spark even more queries.
Your home doesn’t need to be perfect as estate agents will look past the day to day and focus on what’s important but it can help just to have a little spruce up as this will help to highlight your properties key features. Having a spring clean & a declutter will help to maximise the space in your home too and will help the estate agent see the key selling points of the home.
Castles Estate Agents
Castles Estate Agents offer free property valuations on our website today. You can get a comprehensive market appraisal with a first-class estate agent who is dedicated to helping you get the best price for your property. For more information on our property valuations, please contact us today on 01793 611 677.