Estate agents can help you sell your home, remortgage it or calculate how much its value has changed over time. Read on to learn more about house valuations, how much estate agents charge and what they consider when setting the price.
What is a house valuation?
A house valuation is an assessment of your property’s value based on its conditions, location, size, age and room layout. It also considers the selling price of similar properties in the area and the housing market’s overall performance.
How much are estate agent valuations?
Estate agents typically provide free house valuations. This is usually because they hope that you will use their service to sell the property.
If you’d prefer to have your house valued by a chartered surveyor, you may need to pay a fee, typically around £250.
How do estate agents determine your home’s value?
To estimate your home’s value, both estate agents and chartered surveyors will consider the following:
• Property location and features
• Building structure and condition
• Structural issues
Estate agents will also look at elements from the buyers’ perspective, including:
• Fittings and fixtures
• Layout
• Garages
• Vehicle access
• Overall design
What happens during a house valuation?
An estate agent will view your property and take notes and measurements. They may also ask a few questions, including:
• When did you last replace the windows?
• How old is your boiler?
• Is the property a leasehold ? If so, how many years are left on the lease?
• Is it a sole or joint ownership?
House valuations usually last between 15 and 20 minutes.
Is it worth getting a house valuation?
A house valuation helps you understand your home’s potential sale price, as well as taxes you may need to pay and current market trends.
Online valuations
You can get an online valuation through platforms like Rightmove and Zoopla. These use automated data searches from HM Land Registry and compare them with current trends and local property sale prices. However, these results only provide a rough estimate of your home’s value, so it’s recommended to contact an estate agent for a more accurate analysis.
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