The Ultimate Guide To Valuing Your Home
Thinking of selling your home? First thing you will want to do is find out how much your property is worth.
Having a property valuation is a straightforward but critical part of selling your home. If you don’t know the value of your home, you could be underselling or over pricing based on the current market and in turn could struggle to achieve your moving goals.
So, what is involved in a property valuation?
Our simple guide answers key common questions
- What is a property valuation?
- What happens during the valuation process?
- What should I prepare before the appointment?
What is a Property Valuation?
Simply put, this is the process of getting an estimated value of your home at the time of the valuation. A property valuation is important for both buyers and sellers and goes both ways. So, for example, if you are looking to sell a property, then a valuation will help you get an idea of a fair asking price for your home before you put it on the market.
The valuation also gives you an estimate of the budget you require for purchasing a new home. If you find yourself looking at properties for sale, a valuation can make sure that the price being asked for your new property you want to buy is also fair, typically when buying, lenders will also request that a valuation is carried out before a loan is approved and the final loan amount is decided on.
What factors affect a property Valuation?
Several factors can affect the valuation of a property, such as the location, size, orientation, and condition of the property itself. That is why it is important to have the valuation carried out by a reputable, knowledgeable local estate agent.
What happens during the valuation process?
There are a few key factors that will always be considered. When conducting a property valuation, the estate agent behaves much like a prospective buyer. They will make an assessment of the property, based on factors such as location and size.
Your estate agent should also provide you with some information on recent sales and current property prices in your area, which will give both you, and them, a guide towards what you can expect your property to be valued at.
Your chosen estate agent will also carry out an internal and external inspection of the property, much like one typically does when viewing a property for sale. Inside the building they will measure the size of the rooms and take note, of the amount and types of rooms, the fittings and fixtures, and the age of the property. A number of other factors will be assessed outside the property, such as garden orientation, parking facilities, other useful outbuildings etc.
A property valuation appointment may take up to an hour as your agent will have to assess each part of your property. Patience is key to allow for a full and proper valuation, so make sure to set aside enough time for the appointment, and to ask any questions you may have about the valuation process.
What do I need to do before a property valuation?
You don’t need to get your property show-house ready. Your sales negotiator will look past the day-to-day and focus on the property details during a valuation, but without too much preparation do aim to highlight your property’s key features. Have a quick spring clean and declutter which will help to maximise the available space in each room. https://delaneyestates.ie/top-tips-to-increase-the-value-of-your-home/
Another thing to have prepared is any relevant paperwork you have for the property. Documents such as Energy Rating, Building Energy Rating (BER), building plans, maintenance charges etc will help get the sales agent up to speed and aid in you getting an accurate valuation.
Also, remember to ask questions and maybe write a few down as you prepare for the appointment. The more you know the better, and understanding the process is important in you being able to make informed decisions moving forward, and developing a good relationship with your estate agents /auctioneer.
That’s pretty much all you need to know about property valuations – what they are, why they’re important and what to expect on the day! If you’re thinking of selling, then get in touch with our team today for your Free no obligation Valuation and we can arrange the next steps…
Delaney Estates would be delighted to arrange a property valuation for you!
