A property is likely your most valuable financial asset. That’s why if you’re planning to sell your property, you should never enter the housing market blind. You need to get your property valued.
This critical step will save you from two disastrous situations. First, it will ensure that you don’t put your home on the market for less than it’s worth, missing out on fantastic profits.
Second, it helps ensure that you put your home up for a realistic asking price that won’t deter potential buyers. That can lead to a house being on the market for a long time so an accurate evaluation is key.
But how does this process work? Let’s explore what you can expect when an estate agent in Bromley evaluates your house.
What To Expect From A Property Evaluation
First, a home value is never plucked out of thin air. House valuation is a process that will include a variety of factors, some of which you may not be aware of.
The process starts by choosing an estate agent to value your home. Some people will arrange multiple evaluations for peace of mind. However, if you choose the right estate agent from day one, this won’t be necessary.
They will send an agent to assess your property. During this time, they will also explore the local market and make notes of key metrics. They will then provide you with an estimate of how much your home is worth. Do note, you do not have to use this estimate when deciding on the asking price. Setting an asking price that is too high could put potential buyers off. Equally pricing your house too low could mean that, even though it may sell faster, you are not getting its true worth.
What Details Are Included When Valuing Your Home?
People often mistakenly believe that the only factor that matters when selling a home is the usable floor space. While this is one factor that impacts the value of a property, there are other elements that an estate agent will consider.
They may start by assessing the kerb appeal. This could include landscaping, the plants in your garden and the condition of the building itself. Any signs of necessary repairs could lower the value.
The condition of the property's interior plays a part too as does the decor. If the property looks old and outdated, it may be valued at a lower price. On the other hand, if it has contemporary fixtures and a beautiful design, this could elevate its value.
You have likely heard about the importance of location when buying a home and this is important for the value of the property too. An estate agent will assess the current state of the local area including factors such as crime rates and even Ofsted scores of local schools as well local facilities.
The full picture which shapes the home evaluation will also include the current state of the local market. For instance, if you are selling a home in Bromley, an estate agent will look at recent Bromley house prices. They may also explore recent sales of specific homes that are a similar size and design to your own.
The best estate agents will complete an extensive, meticulous investigation of the local housing market as well as the overall market situation. This will include whether there’s a current high level of buyers or attractive mortgage rates to entice people to move.
Other Benefits Of The Right Property Evaluation
While a property evaluation is commonly used to sell a home, this is far from its only purpose. A property evaluation is useful if you want to gain an idea of the state of your current financial assets and your accumulated wealth.
It will also be a necessary step if you are planning on renting out your property in the future or making modifications such as an extension to add value.
A home evaluation can even provide significant financial benefits. It may help you secure a more favourable premium when you are seeking home insurance or it could help you get a better LTV ratio when applying for a mortgage.
We hope this helps you understand what to expect from a home evaluation and why this is a key part of the sales process. You can learn more about this process by contacting our team of expert agents today.
Or, if you are already in the throes of selling your home or you simply want a better deal we're offering free professional valuations. Get a clear picture of exactly how much your home is worth right now without spending a penny.