Whether you’re buying or selling, getting a property valuation is an essential part of the process. Understanding exactly what your valuation means, and how it could affect your move, is incredibly important if you want to make sure the process is as smooth and as stress free as possible.
Estate agent valuation
If you’re selling a property, the initial valuation will probably be done by your estate agent. They’ll use their expertise, local knowledge and experience to estimate the value of your home and advise you what figure is achievable in the current economic climate.
Though your estate agent will be able to give you a good idea of the value of your property, they’ll probably only take its cosmetic appearance into account and won’t be looking too closely for any structural issues. Remember the valuation your estate agent provides is only applicable for listing your property for sale and won’t be detailed enough for your mortgage lender or your buyer.
When buying a property, it’s essential that you get a professional to carry out a full and thorough survey. This will tell you if the property is worth what you have offered for it and whether or not it’s going to need significant work in the future.
The survey can also tell you if the property is at risk of flooding, if there are high levels of natural gases in the building and how energy efficient your new home will be. Sometimes this survey will be sufficient for your bank, however in some cases, your mortgage lender will ask for a separate survey and valuation to ensure their money is recoverable in the event you default on your loan.
Factors that will affect the value of your property
There are lots of factors that can affect the value of a property. On a general level, your estate agent and your surveyor will be thinking about the property’s location, its curb appeal and its proximity to transport links, good schools and amenities.
Within the property itself, the surveyor will be looking at everything from its age, decorative state and wear and tear to the property’s room size, layout and heating system. Other factors like period features, adequate storage space, modern fixtures and fittings and parking will also influence the final valuation.
In some cases, a significant structural problem or an issue like damp or dry rot can have a big impact on the valuation, resulting in both the owner and the seller reconsidering their positions.
If you’d like to find out more about property valuations, or you’re interested buying or selling a home of your own, why not get in touch with a member of our team today?