Understanding property valuation

Unsure what the property valuation process involves? Knowing the ins and outs of the role that estate agents play and how to prepare your home means you can approach it with confidence. Here are some pointers to help you get an idea of what to expect.

What is a property valuation?

Property Valuations are where experts determine the market value of a property. They play a big part in buying or selling your home and are also commonly required if you plan to refinance your property.

The premise involves assessing the property and its characteristics and weighing everything up against similar properties in the area.

The role of the estate agent

Estate agents are key to the process. They can leverage market knowledge and apply their expertise to give their expert opinion. Market analysis is regularly conducted to contribute to this pool of knowledge and trends are identified to establish what’s selling well and what isn’t. An estate agent can offer a professional assessment of your property’s value, so you know where you stand.

Factors that influence a valuation

It can be handy to get an idea of the features that determine the value. These typically include the following:

• Location
• Property size
• Property condition
• Property age
• Recent sale prices of similar properties

Often, external factors such as local amenities, public transport links and the reputation and proximity of schools impact the value. While many of these factors may feel out of your control, there are some things you can do.

Preparing your property for a valuation

A good level of preparation needs to go into a valuation to ensure it’s as accurate as possible. Leave enough time to clean and declutter the space. This will help you identify key repairs that can be done before the day comes and in turn, reduce the risk of receiving a lower valuation. The goal is to showcase your home and present it in the best possible light.

While living there, it’s sensible to think about making changes that will improve the value of your home so that when the time eventually comes, you’ll be in a better position.

You should also compile any relevant documentation. This includes planning permission papers and proof of any renovations that have taken place.

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Becky

Meet the award-nominated UK lifestyle blogger behind Spirited Puddle Jumper – a mum of three living in South East London! Becky shares the real ups and downs of family life, parenting tips, and lifestyle inspiration, proving that being a mum doesn’t mean you stop being fun or having other interests! Follow along for honest insights into UK family life and opinions on a whole range of topics, from travel and food, to beauty reviews, home and DIY, business and health and wellness.