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Valuation

How to set the valuation of your property

Setting the correct valuation for your property is crucial to making that all important sale. If you set your price too high you’re at risk of losing potential buyers, however, set it too low and you risk losing thousands!

This is something every homeowner worries about, when it comes to selling their property, as opinions as to the correct asking price are often biased or hindered by conflicts of interest. However, there are a number of steps that you can take to ensure that you arrive at the correct asking price for your property.

Request a valuation from an estate agent

Firstly you can request a valuation from a local estate agent, or if you like, a number of agents. Typically such valuations are free and may involve a brief visit to your property. These valuations are generally based on other similar properties recently valued in your area. It is however worth bearing in mind that, more often than not, properties sell for slightly less than the price advertised.

Research online

The alternative, and probably the most accurate way of arriving at the correct valuation for you property, is to research online. The internet is the greatest resource you have when it comes to valuing your property. Not only can you view other properties for sale in your area on sites such as The Big Move Online, and those of estate agents, you can also use the UK Land Registry website. This site contains information on all of the properties sold in the UK, including the price they actually sold for, giving you a more realistic approach to valuing your house.

Although two properties may appear to be the same from the outside, they may be quite different on the inside. When you come to value your house you should compare it with properties not only of the same type, but with other similar redeeming features throughout.

It is therefore important to take the following into consideration when comparing your property with other, similar properties in the area, to arrive at both a realistic and competitive price for your house: 

• Does your property have the same number of bedrooms, bathrooms and reception rooms? 
• Is your property in similar condition, or in need of any repair work? 
• Does your property have any extensions, or a conservatory?

Be honest

When valuing your property honesty is the only policy! You’ll only be fooling yourself by ignoring any necessary repair work, or adding sentimental value to the property when setting your price. Remember, your house is only worth what the market says it is worth at a given time, despite what you think it should be worth. Plus, it’s likely that potential buyers will have done plenty of research themselves and viewed other properties in the area.

It is therefore vital that you are confident that your asking price is indeed the correct price, and one you’re prepared to negotiate.

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