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Valuing your property

The value you put on your home when selling is the single most important factor to attracting a buyer. The majority of home owners have a good idea of their property’s value but ensuring that price is as accurate as possible when the time comes to sell is of paramount importance.

There are several ways to ensure you have a well rounded perspective on a suitable asking price for your home. Remember, knowledge is power and the more knowledge you have to back up your asking price the better position you will be in when it comes times to negotiate. Outlined below are several methods for valuing your home.

1) Use an agent – The vast majority of agents will come around to your home and give you a free valuation based on a chance to pitch their services. Go into a local agency, tell them you are selling and ask if they wouldn’t mind coming around for a valuation. If you are going to use this method Direct.gov states, "It is best to get three (separate agent) valuations for a balanced view".

2) Look around – NetHouseprices.com or Houseprices.co.uk will both allow you to view local sale prices taken directly from the Land Registry for free. When using this method ensure the prices are of comparable properties (i.e.: number of bedrooms, bathrooms and floorspace).

3) Automated Valuation Model (AVM) – Systems like these are often used by estate agents and mortgage companies to attain accurate values. An AVM is a complex model that uses many variables including local house prices, trends in pricing, economic indicators and specific details about the property in order to arrive at a value for your specific property at that moment in time. Zoopla.co.uk and MousePrice.com both offer free use of the AVM system on their websites. For a more professional report you can use the paid service for £20 on either MousePrice or HomeTrack. These options send you a fully detailed professional report giving you complete insight into the factors used in calculating the value of your home.

4) Hire a professional – As the old adage goes, "you get what you pay for". Hiring a professional surveyor will most likely give you the most accurate valuation but will also be the most costly. Having someone walk around your home and examine the interior and exterior conditions of the property will ensure accuracy. Unlike agents who may overestimate the value they believe they can achieve so that you will use their services, surveyors have no motive other than to give you an accurate value. Unlike estate agents, surveyors are trained in this field and are highly regulated. You can view surveyors operating in your area at www.rics.org/uk. decreasing slightly.

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