Whether you’re selling or buying a property, getting an accurate valuation is crucial. A valuation will give you an idea of a property’s true market worth, helping you set the right asking price or negotiate a fair deal. Here’s a guide to property valuations and why they’re so important.
Why do sellers need a valuation?
Setting the wrong asking price can seriously impact how long your property is on the market and the offers you receive. An overpriced property may attract few viewings and little interest from buyers. A valuation from a qualified surveyor will give you an accurate and up-to-date market price for your home, helping you list at the right level to sell quickly.
Why do buyers need a valuation?
Valuations can help buyers avoid overpaying and ensure any offer or mortgage amount is realistic. An independent valuation will confirm if an asking price is reasonable and highlight any issues that may affect a property’s true worth. This gives buyers confidence they are making a sound financial decision and not overextending themselves.
How much do valuations cost?
Valuation fees typically range between £150 and £300 depending on the property and complexity. Chartered surveyors usually charge the most but offer the most comprehensive reports. Estate agents often provide free ‘drive-by’ valuations but these tend to be less accurate and thorough. For peace of mind, we recommend an on-site valuation by a qualified surveyor.
What does a valuation involve?
A professional valuation will involve a surveyor visiting your property to inspect and measure all rooms. They will consider the property’s size, condition, location, market trends and recent comparable sales. For the most accurate results, the surveyor will spend at least an hour on site.
How accurate are valuations?
Professional property valuations are very accurate when carried out by a qualified surveyor. Chartered surveyors are legally required to provide an honest and impartial valuation. However, the final sale price can be impacted by many factors like the number of viewings and strength of offers. A valuation provides a realistic market range that your property is likely to sell within.
What else do valuations cover?
Comprehensive valuations also consider any issues that may impact a property’s value like:
* Structural problems
* Damp or woodworm
* Planning restrictions
* Flood risk
* Nearby developments
Any significant problems will be highlighted, allowing sellers to fix issues before marketing and helping buyers negotiate on price.
The importance of considering the property’s location when getting a valuation.
For example, a property in a popular area with good schools and amenities is likely to be worth more than a property in a less desirable location. The value of a property can also be affected by its proximity to transport links, amenities, and green spaces.
The impact of recent market trends on property valuations.
For example, if the property market is currently rising, then a property’s valuation is likely to be higher than if the market is falling. It is important to consider the current market conditions when getting a valuation, as this will give you a more accurate idea of what your property is worth.
The importance of getting a valuation from a qualified surveyor.
A qualified surveyor will have the experience and knowledge to accurately assess the value of your property. They will be able to take into account all of the factors that can affect a property’s value, and they will be able to provide you with a professional and impartial valuation.
The benefits of getting a valuation before you put your property on the market.
This will give you an idea of what price you can realistically expect to achieve and will help you to avoid under-pricing or overpricing your property. It will also give you a starting point for negotiations with potential buyers.
I hope this article has been helpful. If you have any further questions, please do not hesitate to contact us.