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Once you have decided to sell your property, you will need to get an accurate valuation of your home in order to determine the potential sale price.
When you are selling a property, estate agents are often in the best position to gauge how much your property can, or should, sell for. The best estate agents will have experienced valuers, working to a code created by the Royal Institution of Chartered Surveyors (RICS).
The code is based on the following criteria:
Consider getting a more detailed house valuation and ask your agent to check against other properties that are Sale Agreed or Sold in the local area. Estate agents will factor in a market value, which incorporates the strength of the local market, demand and supply forces and the sale or rental price of other similar properties (comparables) in the local area. Remember, most estate agents are providing you with a valuation for free in order to try and win your instruction. Everyone wants to maximise the sale value of their property, but an over-priced property may be difficult to sell, particularly if you are in a hurry to move.
However you decide to conduct your valuation, it is important that it is as accurate as possible. Most buyers request an independent valuation of a property they wish to buy, usually conducted by a chartered surveyor at the same time as the survey is carried out. They will therefore know if a property has been over-priced and this may influence their decision to follow through with the purchase, or to reconsider their offer price.
Regardless of the valuation price you arrive at for your property, it will only be worth what a buyer is prepared to pay for it. If, for example, your property or road is highly sought after, in a market where demand is strong and supply is weak, you may find buyers are prepared to pay more than the marketed price to secure the property. Similarly, in a weaker market and in a less sought-after area, the opposite is likely to occur.
Valuations, however you obtain them, will only ever be a guide to how much your property might eventually sell or be let for. It is advisable, however, to use the professionals associated with RICS to value your property to maximise your chances of getting the very best price.
For Further details contact Peter@peterfitzpatrick.co.uk