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Find the answers to the most common questions about valuing property here.
While it's pretty obvious why figuring out the perspective value of your property is useful for someone that is looking to potentially sell their home - getting a good idea of the figures ahead of time can also be just as useful to potential buyers.
If you're shopping around for the perfect place to build your nest, or even simply looking into getting a good investment property to enrich your portfolio, figuring out whether a home is over or underpriced could make a huge difference in the decision you'll end up making.
For example, knowing the fair value of a property plays a huge role in being able to negotiate the best deal for yourself.
However, just as it helps you buy and sell, knowing the value is also important for being able to keep a close eye on your property taxes and even your home's insurance policy. This helps you make sure that you're always being charged fairly and that there are no mistakes being made on the insurer's or registry's end when it comes to your cost and coverage of your policy and the amount of taxes you'll have to pay.
In addition to this, people are becoming more and more financially conscious. And when you're doing your regular round of financial planning - being able to keep track of your assets and their summary performance is crucial. Knowing the value of your house plays an important role in keeping tabs on your finances and figuring out what the best next move is when it comes to finances. For example, this could help you negotiate a remortgage on your property where you can then leverage some of the equity to make further investments, upgrade your property or even help pay for your children's education.
Last, but certainly not least, if you're planning to do some upgrades on your property like land work or an overhaul of the interior in your home - it may be wise to run the numbers ahead of time to see how this could impact the price of your house. At the end of the day, the last thing you would want to do is to invest your hard-earned cash towards costly renovations or upgrades, only to find out that your home did not increase in value at all, despite your investment.
Whether or not you're actively looking to buy or sell your home, being able to calculate the valuation of your property is a very useful thing to do all-around. And when it comes to being able to do so, there are quite a few methods that you can leverage to get the best possible insight into what your home might be worth.
The most reliable way would be to get in touch with an estate agent who can give you an accurate valuation for your property. The best estate agents are experts on the local market and house prices in your area. Our free, easy-to-use comparison tool will tell you exactly which agents are the best at valuing properties in your area.
But, if you’re not ready to enlist the help of an estate agent, you can find out your home’s worth for free online with our free valuation tool. It references data from all across the UK, using the Land Registries, and online property portals, to give you an idea of what your home may be worth according to the area averages, land registry values and other key indicators.
However, bear in mind that an online valuation cannot factor in any finer details such as renovations, decor, land work and other unique elements which could otherwise increase the value of your home.
The easiest way to get the fair market value of your property is to figure out how much homes in your area in the UK sold for on average. Then, you'll want to divide each home's sale price by its square footage to get a figure for the average house worth per square foot. Lastly, take this figure and multiply it by your home's square footage. This should give you a fairly accurate ballpark figure for how much your house is worth in the current, local market.
Keep in mind that any additions, upgrades, decor, landscaping and such could also put you above that market value. Whereas, any damage or repair work to be done could make your home worth significantly less than you'd expect.
On average, the best approach to find out how much your property may be worth is to get 3 separate valuations from local estate agents, on top of figuring out how much the property may be worth according to local market averages. This will give you a fair range to work with and a better idea of how much you could possibly sell your property for once you're ready to list it.
The idea here is that while having even a single point of insight is already fantastic, the more data you have to go off, the better of a decision you will be able to make for you and your family. And if you're worried about costs - don't fret! If you book through GetAgent, your estate agent will not charge you anything to visit and value your property.
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