Not all Property Valuations are created equally, here we break down the different types of valuations you should understand before selling your home.
When it comes to selling your home, it is vital you have a clear understanding of the value of your home.
Depending on whose opinion you seek for this valuation, this numerical value could vary significantly.
Your Estate Agent, Surveyor, Insurance Company and Mortgage Lender will all be willing to provide property valuations during your selling or buying process.
The purpose of each of these valuations is different, and different factors are considered when creating the valuation figure, which goes some way to explaining the variety in valuation prices.
For the Estate Agent Property Valuation, the focus will be on assessing the market value of the property, that is to say, the selling price that the Estate Agent is confident they could sell that property for.
It isn’t in the interests of the Estate Agent to either:
- Over price your property valuation in an effort to get your business
- Under value your property to be able to ‘guarantee’ a quick sale
This is because an accurate property valuation is most likely to achieve a faster sale, at a higher price. An under-priced property will raise suspicion of any potential faults with the property, whilst an overpriced property will receive little to no interest in the first place. A fairly priced property will generate more interest, leading to more leads, enquiries and offers.
The At Home process for generating a sales valuation for your property is multi-faceted. Our Horsham Property Valuation service considers:
- Local Area and Location Expertise
- Recent Market Activity
- Current Supply and Demand
- Aspects and Accessibility
- Property Style, Type, Age and Size
You can also request an online property valuation, through tools such as ValPal. These are a great tool to receive a basic understanding of the value of your home and should serve as a rough guide when you are selling your home. These valuations are calculated based on location, property type and size, as well as current market prices.
The Mortgage Valuation is a quick survey of the basic of your property, used by the lenders to make their own estimation of the property value. This is an important factor in deciding how much they would be willing to lend you for a mortgage. However, this property survey covers only the basics, without going into too much detail.
That’s where the Surveyor Property Valuation comes in.
Your Surveyors will undertake a detailed inspection of the structural state of the property – nothing is overlooked. Typical areas of interest for the surveyor includes:
- Overall condition of the property
- Checking the accuracy of declared details
- Structural issues or potential problems, such as damp, roof or electrics
- External issues that would affect the property, such as flood risk
We work closely with local RICS qualified surveyors for Homebuyer Reports and Building Surveys. When it comes to the largest sale or purchase in your life, it is understandable why many choose not to trust a half-hour mortgage survey by itself!
Whilst there are many different types of property valuation, the true selling value of your home depends upon one thing; the price that qualified buyers are willing and able to pay for it. We pride ourselves on offering accurate property valuations as a key pillar of our Selling service. To book your Sales Valuation, please visit here.