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This is a very common question and one of the first that we are asked. From our experience we find that most owners have a rough idea of what their property is worth and this is usually based on looking at local newspapers and internet sites, but in some cases people are genuinely unsure. However, this can only give a guide as to an asking price which is not always reflected in the sale price of the property and on a daily basis we see many properties and what they actually sell for. With experience valuing houses is a straightforward process and we will fine tune the value of your home.
Every owner will have a bias towards their house and it is this bias that made them buy it in the first place and the likelihood is that they will have dismissed numerous other properties in favour of this one. Our job is therefore to give an unbiased valuation, this could be higher or lower than owner expectation, and will be based on a number of factors and provide you with enough factual information and comparable evidence for you to make an informed decision and be confident in the true value of your property.
Prior to us visiting and carrying out a valuation, owners have usually taken the obvious factors into account when valuing their property, but there are many not so obvious ones which may not have been considered.
Obvious Factors:
- Location
- Type of property, i.e detached, semi-detached, period, cottage, apartment etc
- Number of bedrooms
- Plot or garden size
- Parking, garage, double garage etc
- Internal layout and additional rooms, i.e en-suite, utility room, study, conservatory
- Internal condition and presentation
Not So Obvious Factors
• Location!
• The impact of the economy and the housing market
• Supply and demand of property and mortgages
• Stamp duty thresholds (see our jargon buster and buyers guide for a more in-depth definition)
• Timescales
• School catchment areas
• Local amenities or indeed lack of
• Property construction types (non standard construction)
• Public transport links
• On-going maintenance and running costs
• Street scene and neighboring properties
• Local government and national government infrastructure planning, i.e future wind farms, high speed rail network through the county
• Complex leasehold documents
As professional estate agents we look into each of these factors in far greater detail and in a way that the owner may not have considered. Each factor is subjective and could be interpreted in two completely different ways and consideration needs to be given to these, i.e location. A house located backing onto a field may be seen as a huge positive by one viewer but another purchaser may see this as a potential negative if they see this as a site for future development or government infrastructure, i.e a wind farm.
What could be an obvious benefit to one person could be seen to be a negative to someone else and both will feel that their opinion is correct. As the owner you may have very strong views as to whom is wrong or right. Advice that we do give to clients is not to take comments about things beyond your control personally.
Ultimately a house is worth what someone is prepared to pay.
If we price a house at the top end of the price scale and ten people view it, nine people may say it is too expensive, one person may buy it. This clearly demonstrates that the person buying it is biased towards your property and feels that it is the right value. This also indicates that nine people’s opinion on value was wrong. Your house could be worth more to one person than another. As agents it is our job to highlight positives and overcome negatives to achieve this best possible price for your property
A property valuation will cover many different factors and is FREE. For further information or if you are not sure what a valuation entails please read our property valuation page which details the process.