When we sell our property it is easy to give a valuation that is in fact over the actually worth. This happens because many of us build up an emotional attachment to our property and tend to place higher value upon it. A great way to gain a property valuation that is valid is to use an online property valuation service. This should help you create an unbiased and independent valuation of your home, just do not be to put out by the figure the online system may produce.
The process of gaining an online property valuation could not be easier. There are many sites online that will be able to carry out the valuation for your property. In some cases this can only take an hour and leave you with a valuation that gives you real idea of what your property is worth. Having this knowledge is useful whilst performing the task of selling and used regularly can help you keep up to date with market fluctuations.
Naturally, some people will worry of the trustworthiness of some of these sites. Whilst there may be some unscrupulous online property websites out there, the majority are trustworthy. Some are even related to the major banks and estate agents making any motives to hoodwink users a pointless exercise.
The majority of these online property valuation websites are more than happy to give information on their business. Giving users information on the history of their company and the ways in which they operate can help create clarity. The vast majority will also possess customer service sections that create a portal for direct contact should any major issues occur. This is the minority of course; the efficiency and user satisfaction with online valuations is on the whole, good.
The process of gaining a valuation for your property online is relatively simple; most of the time it involves filling in a form. The information on this form is then compared with similar information on a database with thousands of other property valuations. If your property is quite generic it can be extremely useful, unfortunately if your property is dissimilar to other properties and has distinct features the valuation may be less accurate. When filling in the form, ensure any features that are distinctive are described in detail to aid the database in making the most complete comparisons.
Trustworthy online property valuation sites will not give out your personal data to any external companies. For instance there should be no way that a potential buyer will be able to find out who lives in any particular property. This is obviously a major concern in the ever increasingly sceptical world of the consumer.
Online property valuation sites can also be a useful tool for buyers as well as sellers. With so many properties listed on a database a buyer can receive a quick and accurate estimate on any particular type of property. This can be fortuitous for those who are in the redesigning and renovating business, as finding properties that are ripe for investment is a major constituent of the process.
While an online property valuation is a valuable and efficient tool for getting a general idea of the worth of your property it is purely a guide. The values given by these sites are rarely cast iron and should be taken with pinch of salt. If you are in the process of selling your house it is usually worth asking an estate agent to come and make a valuation personally; while if you are trying to re-mortgage, a chartered surveyor will have to have a look for the bank to agree to a new mortgage figure. That said, these websites provide a useful resource for sellers and buyers to gain a ball-park figure for properties, giving them a better idea of what they can afford and what is feasible to purchase.
The majority of estate agents will agree that the most difficult part of their job is making accurate property valuations. This is because the valuation has to take so many factors into account that the margin for error is large. The agent must use the type of property, its location and condition as well as the current market conditions when arriving at a figure. Understandably there is an element of guesswork in this process. Added to this however is the customer; the property owner always has their own idea of the worth of their home and when they find out the true value, it can be an emotive experience for both parties.
Once the homeowner is given a valuation that is accurate, they are often left feeling besmirched. This is because the property owner rarely has the detailed knowledge to make a valuation, the result in is an uneducated guess. To find an accurate figure the cross section of the market required is large. Homeowners can rarely take into account enough similar properties to find the appropriate figure, an agent, with years of experience is far better placed to find the true value of a home. That said, agent's valuations are not considered to be the most accurate, surveyors will conduct a valuation that will arrive at the true worth of a property, an agent's figure normally refers to what the property could achieve on the open market.
The UK property market is currently in a state of flux. In the past decade the power has been in the hands of the sellers as there were a larger number of buyers than sellers. Unfortunately with problems arising in the American credit market that have spread to the UK the number of buyers has dwindled. This is because they cannot secure mortgages and hence buy property. The risk is that if first time buyers completely dry up, the market will stagnate and nobody will be able to sell their homes. Understandably this sort of situation will considerably affect the valuation figures given by both agents and surveyors; subsequently they will be lower than they have been in the past.
As a result of this drop off in the number of buyers many homeowners are choosing to expand rather than move. This can be helpful in improving a valuation figure as it adds space and hence worth. In many cases however a remortgage will be needed in order to secure the funds for an extension. If this is the case than an agent's valuation will not be sufficient; mortgage brokers only accept valuations from qualified surveyors.
As previously stated there are a number of different factors that must be taken into account for the valuation to be accurate. Firstly they must consider how the current market conditions will affect the figure and in general how property throughout the country and local region is selling. Secondly the valuing person will have to take a detailed look at the condition of the property, issues such as subsidence and poor roof quality will naturally affect the eventual figure at this point. Third and finally the valuation process will compare your property to other properties in the area that are similar, studying the prices they achieved at sale and taking an average of the sample.
It is only when all of these are combined that an accurate figure can be arrived at. Owners always overestimate the worth of their home and the eventual figure can be a true eye-opener. It is hoped that this information will give the reader a better understanding of the valuing process and how the price of property is calculated.
Thomas Pretty has sinced written about articles on various topics from Formula One, Debts Loans and Interior Design. Real estate expert Thomas Pretty looks into increased use of tools and how these can be useful for sellers an. Thomas Pretty's top article generates over 1500000 views. to your Favourites.