A Guide to Valuing a Property (House/Flat)

Top Tips on Valuing a Property

Stacks Image 5760

Valuing your home

If you are happy to accept your
agent’s valuation and he has a good reputation for “getting it right”, or if you have to sell very quickly, there’s no need to read any further!

You are in charge. Don’t be “bullied” by the agent, he or she has a different agenda to you: he or she isn’t as bothered by the odd £5k as you are! Don’t be afraid of making a nuisance of yourself by implementing your own strategy, we are talking about a lot of money here! You are the employer and agents are used to dealing with the public. They will have met awkward so and sos before...lots of them!

Start high, buyers will negotiate the asking price downwards anyway, adjust for that and ask for 5-10% above what you would be happy to get for it. If your price doesn’t excite any interest at all, you can always drop it. There’s no worse feeling than forever thinking you could have got more for it! If this annoys the agent, they’ll get over it!

Do your own research

Don’t mess about.....Go to http://www.rightmove.co.uk/house-prices.html to find out how much other comparable houses in your street have recently sold for.

Pretend you are a buyer, phone and ask the agents who are selling other houses in your street what price they are on the market for. They are used to this!

Look in local estate agents’ windows, check their websites for photos and descriptions of the local houses for sale. You can’t compare accurately if they have a large rear extension and you don’t.

Be aware of the market nationally and locally. Are prices rising or falling, is there a glut of houses for sale in your area?

Agents’ valuations

Agents know that you may reject them for giving you what you believe is too low a value. For this reason some agents give unrealistic valuations. It’s a short-term strategy, the price will have to be reduced eventually. They will probably then blame “the market”.

If their value differs greatly from yours, ask why? They are the “experts” after all and may have insider knowledge you didn’t consider.  

A Guide To The Process of Buying/Selling a Home/House/Flat