Are you looking to sell your existing property or even invest in an additional property? A good first step in that process is getting your property valued.
This process is important as it provides a fair and unbiased figure for those looking to buy, sell or let a property.
Landlords can also learn the state of the local market and when to invest in their property to maximise their market value.
What is property valuation?
A property valuation is an inspection carried out by an estate agent or independent valuer to determine the estimated current market value of your property. You can even receive an instant online valuation.
Your property’s estimate is based on a number of factors, such as the location, size, and condition. Aspects like the cleanliness and staging of your property can also have an impact on your valuation figure.
While no valuation is 100 per cent accurate, they can give you a ballpark estimate on your property’s value. A valuation should be used as a range for what your place is worth rather than a finite number.
Why do I need a valuation?
Are you looking into a new buy-to-let property or want to invest in your current property? Maybe you want to know how much to charge for rent or are even looking for a mortgage? A property valuation will be vital to your ventures.
When you’re looking to let, you’ll have a better idea of the rental price of your property.
You can also compare the property value to other properties in your area. This can help you get a better idea of what needs to be improved at your property in order to raise your property value. This will also help with increasing your profits not only when you’re renting out your property, but also if you wish to sell your property.
If you’re looking to purchase a new property and require a mortgage, or you’re refinancing your current mortgage, you will need a valuation. This is because the bank needs it as a requirement to secure your loan.
How do I use a valuation tool?
You can get a free valuation online. All you need to do is provide basic information such as your postcode and property number.
If you want to get a more accurate valuation of your property, you may need to answer more questions. This could include questions like how many bedrooms your property has.
Your free home valuation will also take into consideration similar properties in your area, age of your property, planning restrictions, by-laws and council zoning. Factors like local infrastructure, neighbourhood attractiveness, reputation, market demand, and amenities such as schools, hospitals, and parks all heavily impact your property value.
As a landlord, you can get a better idea of what the value of your property is by looking at the average market value of houses in your area, which is updated monthly on the Land Registry.
We offer free home valuations to landlords - find out yours here!