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How to Value Your House
If you’re in the process of selling your home or if you’re even just thinking about doing it in the future, you’ll no doubt be interested in the crucial question of how much your home may be worth. After all, this can have significant knock-on effects for all sorts of other parts of the process – including how much equity you have for a deposit on your next place, and how much your mortgage might be in the next property as a result.
There’s no certain way to predict in advance how much a will sell for, so it’s important to get that in your mind before you start searching for ways to value your home. If there was, professions such as estate agency would be largely redundant. However, as a savvy seller, you can increase the chances of getting a good selling price by following the tips outlined in this article.
1) Look at your neighbours
By far the best starting point when it comes to selling up is to use publicly available tools to find out what the homes of your next door neighbours havefor in recent years. It’s free of charge to check out this sort of thing, and it can help you to make informed decisions without having to go to great lengths. This is a luxury that has come about as a result of the internet revolution. While in the past you’d have to approach an institution such as the Land Registry or the Registers of Scotland if you wanted to find out how much a property had sold for, you can now do this by going online to a website like Rightmove.
There, you’ll be able to find the soldfor homes in your area. For some properties you’ll also be able to see an archive of historic listings on the site from when properties near you have been up for sale too – so you may be able to check out floor plans, photographs and much more. Remember, that the records on sites like these aren’t usually updated for a few months, so you may have to build some time in before you’ll be able to find out figures for homes recently sold in your local area.
2) Do some sleuthing
Many property owners choose to rely solely on resources such as the estate agent’s window or Rightmove. However, the reality is that there are all kinds of ways in which you can get your sleuthing hat on if you so wish, and it could well be worth doing. First off, sleuthing in person is a good idea. If you’re on a street or in a block of flats, for example, why not speak to a neighbour who has recently bought and moved in? Once you’ve struck up a relationship, you might find that they’re willing to divulge some interesting market information such as how much the people they bought from were willing to drop the price by.
There are ways to do this sort of thing online too. The Google Chrome add-on “Property Log” reveals to you the frequency and size of price drops on Rightmove, meaning that you can factor those in to your decisions about how much to sell for. This add-on is compatible with the Google Chrome browser only, and you’ll have to check it out on a computer browser rather than a phone-based one.
3) Check out your weak spots
If you bought your property many years ago, it could be that the market into which you’re now hoping to sell it is very different. Your home could in fact have a number of weak spots from a sale perspective, and you might be less sensitive to them if you aren’t in the mindset of modern buying and selling. These days, it’s common for people to factor in all kinds of things that may once have not been quite so relevant, but which in an age of unstable or changing environments can suddenly take on a new saliency.
One such weak spot lies with climate change. If you bought 20 years or so ago, the flood risk profile of your property was less likely to be relevant. However, in an age in which many people are quite rightly concerned about flood risks and the like, it makes sense to know whether or not your property is the victim of any weak spots like flood risk, pollution and more.
4) Holding out
Finally, it’s important to also acknowledge the fact that there’s no actual objective value to a property. Properties sell at different prices for different reasons, and there’s no right or wrong when it comes to working out the “real” value. For that reason, if you want to sell at a certain price then you may just have to wait for the right offer to come along. Many people may believe that the asking price is over and above what the property is worth, but if you want to get a certain price for it then you might simply have to just wait until someone is willing to pay what you want. Valuations can only go so far, and in the end, it’s you as the seller who has the right to decide what the ultimate value will be.
Whether you’re at the start of your selling journey and are just thinking about putting your home on the market or whether you’re dithering over an offer from a potential buyer, there are plenty of ways in which you can maximise your chances of getting a good sale. From checking out sites like Rightmove to ensuring that you’re savvy about your flood risk, many options exist out there for sellers to take advantage of.