Investing in Property? How to Estimate the Value of a Property.
Determining the value of your property is crucial when buying and selling property. This prevents running into losses for the seller while ensuring that you get the appropriate amount of money for your property from the property market.
This calls for you to consider carrying out property valuation through estate agents or chartered surveyors. Valuation is a complex process that incorporates a range of factors. Generally, a valuation that is done by a professional valuator is more reliable as they have the right training.
Estate agents may also estimate the value of your property even though their estimates are not very reliable.
How to estimate the value of your house
The estimated value of property usually includes a number of factors that include the following:
- Property trends – Looking at the trends in the area you can have an idea of the prices that you are likely to sell your property for.
According to our contact at leading quick cash buying firm Ready Steady Sell who help homeowners sell house fast for cash; ‘generally, prices tend to fluctuate from time to time and this is the key to determining whether the price of an investment property will decrease or increase. The best way to do this is looking at the land registry website where you can find some useful data’.
- Sold prices – You cannot ignore looking at the value of the sold property within the area. This also helps you to estimate the price of your house as you compare it to what similar properties were sold.
- Property hunting – Besides looking at the sold prices, you will also need to search the homes that are currently on the property market. This also helps you to compare the prices of similar properties within the same locality against the prevailing factors. In addition, it also helps you to know how much people are willing to pay for your property.
- Risk factors – External factors that include the presence of pollution or being prone to flooding can adversely affect the value of your home. Thus, you may want to take into account the potential dangers when pricing your property.
There are other factors that can be used to approximate the value of property. Ultimately, if you want to get a reliable valuation for your property, it is important to hire the services of professional valuers. This is because they are professionally trained to determine the value of your property and the estimated value that they will give you will not differ too significantly from the sale price.
There are no comments on this entry.