How to Value Your Home and Find Out What Your House is Worth
As a property owner looking to make the best deal on a sale, you're likely wondering how to value a home. Using an estate agent to value a property is the traditional method and has its advantages, but many find that an independent valuation is more accurate.
In asking the question, 'what is my home worth?' it doesn't matter if you obtain a figure from an estate agent or work it out yourself; your property's asking price will either attract buyers or put them off, so it's vital you get it right.
If you're looking to sell your house fast, an accurate, achievable and realistic valuation will help to bring about a fast house sale, but an inflated valuation will inevitably have you in deadlock.
Keep reading to find out the pros and cons of estate agent valuations and how you can go about pricing your property yourself.
How to Value a Home
If you're wondering 'what is my home worth?', contacting an estate agent isn't the only way you can find out your home's market value. In fact, you may settle on a more realistic price if you value your property yourself.
So how do you find out what your home is really worth and how much you can expect a buyer to pay for it? Your first port of call should be the following helpful online valuation tools:
Zoopla – This tool is free and easy to use. All you need to do is enter your postcode and house name or number to view an approximate value based on local sale data.
Land Registry's Price Index – Use HM Land Registry's valuation tool to research what local properties have recently sold for. Remember to look at the sale prices of houses that are a similar size to your own.
Property Price Advice – This tool offers more insight into your property's approximate value, including upper and lower estimates. For this service you will be asked to provide more information about your house and yourself.
Nationwide's House Price Calculator – Nationwide's tool can give you a valuation based on your house's previous sale price, no matter when it was last sold. Bear in mind that this tool only gives a very approximate value; it doesn't take other factors into account, like home improvements.
There are lots of different factors to consider when you independently value your house, including its location and overall condition. Property valuation tools like those listed above are incredibly useful because they take lots of data into account to arrive at an approximate value. However, as digital tools they don't have access to first-hand information like an estate agent would, so you need to look at the bigger picture.
Estate Agents and House Valuations
If the independent method above sounds a little daunting to you, and you would prefer to get a professional's opinion, contact some local estate agents and ask them to give you a valuation. Having an estate agent value your house has always been the more traditional approach, but using an agency has some disadvantages.
First, let's look at why having an estate agent value your property could be a good idea:
Estate agents have local knowledge they can use to give you a more accurate valuation.
They will see your house for themselves, so will factor in any home improvements and stand-out features, not forgetting the overall condition of the house too.
Now let's think about the disadvantages of having an estate agent value your house:
Estate agent valuations tend to vary between agencies. It can be difficult to understand what your home is really worth when different people are suggesting different prices.
It's common practice for an estate agent to inflate a property's value, however, it will be unlikely to sell for its full asking price. Estate agents typically do this so that property owners choose them over competing agencies – a decision based on the hope of selling a house for a higher price. Most of the time, this practice will only delay your house sale because the inflated asking price is unrealistic and unachievable.
Sell Your House Fast and for the Best Price
If you choose to value your house independently or enlist an estate agent's services, the risk of an incorrect valuation is significantly higher and could delay your sale. Buyers simply won't be interested in your property if it is overpriced, and ultimately, you will need to lower your sale price if you want to progress. This could be an especially bitter pill to swallow when you're subject to an estate agent's high fees!
With a fast property buyer like Zoom, the whole process is much more simple and cost-effective. You can trust our experienced and knowledgeable team to offer a fantastic cash price for your property.
No matter where your house is located or what condition it is in, our team will conduct independent professional research into the property and surrounding area, enabling us to give you an accurate cash offer. We will consider similar local properties and, depending on the condition that your house is in, surveyors reports.
With Zoom Property Buyer, not only can you expect a brilliant cash offer for your house, but you won't be faced with a bill at the end of the process. There are no additional fees or charges to pay.
If you want to sell your house fast, give our friendly team a call on 0333 880 4362 or complete our online enquiry form.