There’s a lot of jargon in the estate agency — but at Strike, we’re on a mission to cut through it. That means going back to basics. We wanted to look at one piece of jargon you’ll hear as soon as you start to think about selling: property valuation.
What actually is a property valuation? Property valuations (or home valuations) are at the core of the property selling process. To put it simply, this basic house valuation is when you find out how much your home is worth. There are a few different ways you can have valuations — more on that in a minute — but they all help you figure out the price you should be able to get. Here’s what you need to know.
How much is my home worth?
It’s normally the biggest question on a seller’s mind: How much is my home actually worth? This is where an estate agent’s expertise will come in. There are a lot of different factors considered in a valuation.
Agents will consider the age of the property, wear and tear, size and room layout, and any extras or additional fittings the house has. Even superficial things, like how tidy the home is, can make a difference. A good estate agent will talk you through any changes you might want to consider making to make your home more desirable (and more valuable).
Location, location, location
One thing that you can’t change is your location — and this is often the single biggest determining factor in how much a property is worth. A 500 square foot flat in the middle of Manchester will always be worth more than the equivalent in rural Scotland, simply because of supply and demand.
For the valuation to be fair, your house will be compared with similar properties in your area. How close you are to amenities, schools, and transport links can also make a big difference — as will any local market trends.
How do I get a property valuation?
There are a few different ways you can get a property valuation. There are a lot of online calculators, which will let you get an instant idea of how much your property might be worth. These are really handy if you’re just looking for a ballpark figure, but they won’t be anywhere near as accurate as having an estate agent see your home, whether through a video call or face to face.
What do estate agents look for in a house valuation?
Great question. When estatate agents come for a house valuation, they'll be looking at a lot of different things — the condition of the property, the size, and, of course, the location. But they'll also be looking for any special features or unique selling points that make your house a home.
What to expect at a property valuation
If you have a property valuation with an estate agent, it will normally take place in person — but in 2020, it can also be held virtually via video call. In either case, the estate agent will have a look around the property to help establish its price. They’ll normally take detailed notes on each of the rooms, as well as the features and floor space.
All you have to do is make sure that your home is clean and tidy — if you have any information to hand about the building, that can come in helpful. Things like when the roof was last replaced or how old the boiler is can make a difference, but mostly it’s just a chance for the estate agent to get familiar with the property.
From there, you’ll decide if this is the right estate agent for you and whether you want to put your home on the market. Strike offers no-pressure, no-obligation valuations. If you want to learn how much your home is worth, book a valuation now.