Getting an idea of your home’s value is one of the first steps to selling it. There is a process for valuing a home, but you may not know what it entails. This guide explains how you can get a valuation, and how it’s conducted.
What is a home valuation?
To begin with, let’s define what a home valuation is. An appraisal determines the value of your property. The value of your home will depend on different aspects such as, the size, the location, the layout and the condition your home is in. There may also be other factors to consider, such as public transportation and local schools.
If you plan to sell your house, you should get your home appraised before listing it. This will help you determine how much to ask for the sale of your home. Having a high asking price may make your home difficult to sell. Likewise, setting the price too low could mean your house flies for less than it’s worth which is a very costly mistake.
How to get your home valued
When getting your home valued there are different ways in which it can be done.
Online valuation
One option is to have an online valuation. An online valuation works by looking in your area at sold house prices, market conditions in your area and Land Registry data.
Websites such as Rightmove and Zoopla allow you to do an online valuation. To get your estimation you will need to enter your postcode on the website. Some online valuations will also ask you additional questions such as, your full address, how many bedrooms your home has and maybe some other details about your home. They will then be able to give you an estimation on what they think your home is worth.
The benefits of an online valuation are, they are quick and easy to do and you don’t have to pay. However, you should remember online valuations aren’t always reliable, as they can not physically see your home and the condition it is in. So the estimate isn’t always correct.
Haus
A good way to get a valuation is through Haus. This is our online home valuation website, which is great for doing research to understand what your house should sell for. All you need to do is enter your postcode on Haus, and they offer you an estimation on what we think your home is worth. Haus also shows when properties in your area were last sold and how much for. So it is really simple to do research and find the information you need.
Haus is partnered with us so we can guide you to a trusted agent in your area, if you wish to do an estate agent valuation as well. Using Haus is a great option because you can get a free, quick estimation from our online service, but also find an estate agent through us to do a home valuation. The estate agent you find for your valuation can then help you throughout the whole selling process.
Estate agents
The better option is to get up to three estate agent to value your home. Estate agents have local knowledge of your neighbourhood and will know what price homes in your area go for. An estate agent will be able to walk around your home, take measurements and look at the overall condition of your home. This way of getting a valuation is not the quickest method, but overall it is more reliable and ensuring you get the right valuation is crucial when selling your home. It’s really important to choose a good estate agent that is aligned to your interests though and also to get a view on each. That’s where homemove comes in.
To help find an estate agent do some research into the best ones in your local area. Look at recommendations and how many stars they have on Google. A good way to do this and take away the stress of searching for agents, is to use our website. Enter your postcode on our website to find our panel of trusted estate agents in your area. All the research you need is here on our website and it is super simple to pick an agent. you will even receive cashback on your selling fees if you end up choosing to sell through a homemove agent.
RICS Surveyor
RICS is the royal institution of chartered surveyors. There is the option to use a RICS surveyor to get a valuation for your home. To come up with your valuation the surveyor will begin with research into your local area, they will look at properties in your area, schools in your area and transport in your area. They will then have to physically see you home and look around. They will asses your home on:
- the structure
- What your home is made of and how it was built
- the size of your home
- the location
- any problems with your home such as, a leaking roof or damp
- outdoor space
A RICS surveyor will carry out a red book valuation. Therefore, they are good option as they follow the red book standards meaning you get a professional with lots of training and they will have knowledge of valuations.
However, a RICS valuation is not free. The average price for a RICS valuation is between £300 and £900 depending on, the size of your home, value and location of your home, As well as, how detailed you want your survey. Therefore, it is better to get an estate agent or mortgage lender to sort your valuation as it will be free. However, if you are a help to but owner, then you will need a RICS survey as Target will not accept estate agent or mortgage valuations.
Once the valuation is done the surveyor will gather all the information from there visit and come back to you with your valuation.
Do it yourself
If you do not wish to use an agent or an online valuation service, you could value your home on your own. Getting an accurate estimate may take time and research if you are unfamiliar with valuations. It also represents a big risk, valuing your house incorrectly could lead to you not getting a good price for it but most people overestimate the value of their home and it really isn’t a good look to drop the price… people start to wonder what’s wrong with the property. Before going down this path, keep this in mind.
At the end of the day you make the call on how much to sell your house for, so do your research and make the best decision for you.
How to prepare for an estate agent valuation
If you choose to use an estate agent to to value your home, there is preparation you can do beforehand, you can:
- Have a good clean around your home: You don’t need to replace any carpets or have everything spotless, but get rid of any clutter and make the home look clean. There are no photos of your home taken during the valuation. Photos of your home are taken at a later stage when your home is ready to go on the market, but it is best to have a tidy, so the agent can see the full potential of your home.
- Don’t forget to clean the outside of your home: Tidy gardening equipment away and mow the grass. There is no need to replace or paint any fences yet. This is a stage later on in the process of selling your home, when you get round to photographs and viewings.
- Prepare and write down your questions: If you write down any questions beforehand then you won’t forget to ask them.
- Natural light: Make sure you have the best natural lighting coming into your home, have your curtains open! Many buyers love natural lighting so this is a great thing for the agent to see.
- Maximise your space and don’t leave a room empty: You can rearrange your furniture to make the rooms look bigger. Adding a bed or furniture to a room allows the agent to see the potential in the room.
What happens on the day?
On the day, the estate agent will arrive at the time you have agreed upon. They will look around every room in the house, as well as outside your home. They will take measurements of your home and look for features that would attract potential buyers such as, a new kitchen and bathroom or maybe an original fireplace They will also ask you some questions, which could be:
- How much did you buy your home for?
- Have you had any renovations done to your home? – Let them know what has been done, as having more bedrooms or a conservatory can add value to your home.
- How many years have you lived in your home?
- Are there any problems with your home they need to know about? It is best to tell the agent about any problems, as you don’t want issues coming up later in the process and your house sale falling through.
- When did you have your windows replaced last?
- What is your reason for selling?
Try to answer these questions to the best of your ability. They will be used to help the agent make a decision on the price of your home.
How long does a valuation take?
The valuation should take less than an hour. However, it can be longer due to the size of the home, or how many questions asked during the valuation. So it is best to make sure you have at least an hour free for each valuation. Be nice and offer a cuppa to your agent to ease the relationship.
What to ask during the valuation
It is important to ask questions during your valuation, so you understand how they come up with the estimation. You could ask during your valuation:
- What price are homes in my area going for? – this will help to give you an understanding of what yours could sell for.
- How can I boost the value of my home? – this is a good thing to ask, as there might be little things you can change that won’t cost too much, but add a lot of value to your home.
- What are the next steps? – you need to know what happens next in the process and how you get your valuation.
What’s next?
The agent will then go away with all the information they have gathered and come back to you with a report. Once you have received your valuation take the time to digest everything. Then you can get ready to make the next steps in selling your home, and moving to your dream home!
