Andrews and Gregg are experienced estate agents in Belfast, Dundonald and North Down. We've created this simple guide that tells you what estate agents like us are looking for when valuing your property. Read on to find out why the wrong valuation could spell trouble for your sale!
We don’t just pluck that all important number out of thin air you know!
Do I need an estate agent to value my property?
You can do loads of research online about the area you live in to help you get a rough idea of what your house is valued at. But it isn’t until you get into the detail of the property itself, that you can understand what it is valued at and why.
That’s where an estate agent like Andrews & Gregg comes in.
You could try and get an online valuation based on your postcode, but there are numerous factors that go into the valuation of your home. An experienced estate agent should be able to give you an honest and realistic estimate as to the value.
Your estate agent will know about your local area and if they don't they will do some research and find out. This helps to put the value of the home in context based on where it is based. Estate agents also have a real understanding of the local markets when it comes to housing, in terms of what the demand is like for a property like yours. This includes the sale value of any recent properties that were sold in the area and what the average cost per square metre in the area is.
You can help your estate agent with the valuation of your property by answering the following questions:
- What type of boiler do you have e.g. is it gas or oil and how old is it
- When were the windows last replaced?
- Is the property leasehold or freehold?
- Is it sole, joint or co-ownership?
- Any known issues with the home with regards to the way it was built for example structure or maintenance required
It’s also a good idea to let your agent know if you had any other valuations recently or in the past as this will also help to set your expectations.
Why you don’t want to overestimate the value of your home
When people look to sell their home, they quite rightly get valuations from a few estate agents and it's very tempting to go with the highest valuation.
Be aware, however, that if your property is priced too high, it may be less likely to sell and the longer your home is on the market, the more likely buyers may think there is something wrong with it. So you’ll end up having to drop your asking price.
What is considered when valuing a house?
1) How presentable is your property?
When you’re trying to sell your home it needs to look immaculate in those photos and when potential buyers are viewing it. Anything from clutter and general mess, to stains on carpets and furniture or even peeling wallpaper and damaged walls may knock money after valuation.
Think about how you might view another property that isn’t in perfect condition.
2) How many people can live there?
This allows estate agents to understand how to market the property, for example could a family live there? Or would it be more suitable for a young professional or a couple who were just married.
This comes down to how much space there is in the property, including how many bedrooms potential for bedrooms as well as reception rooms, potential playrooms or studies.
3) Number of bathrooms
Does the property have enough bathrooms? The addition of ensuite bathrooms for bedrooms can also help improve the value of a property.
4) How modern is the kitchen?
Properties with modern spacious kitchens are much sought after. If a buyer sees the potential in your kitchen, then the valuation of your property is likely to go up.
5) Potential for growth
An experienced estate agent will be aware of your property’s potential. This is another factor that will help them market it to potential buyers.
What are the opportunities to expand the size of the property or make modifications? This becomes particularly important if you already have planning permission accepted for things like conservatories or extensions as a property’s overall square footage is taken into consideration when valuing the property.
6) How close is the property to a school?
Properties that are close to schools are likely to have a higher valuation particularly if the school is very popular.
Parents with children or even young couples looking to start a family are likely to consider the proximity to schools and will be aware of the reputation of schools in the surrounding area. It will be a big factor when it comes to selling your property.
7) Transport links
When people are buying a new home, an important consideration is how long it will take them to commute to work. This could be via car, but is commonly via transport links such as bus and train.
How close your property is to bus stations or train stations can have a big impact on the property valuation.
8) What's the street like?
If the property is in a well maintained street with other well maintained houses and limited traffic, then the valuation is likely to be slightly higher. While proximity to things like train stations and roads can sometimes be a good thing, some buyers might be put off if the property is close to things that are going to make a lot of noise.
9) What about the garden?
How big is the garden, which way does it face and how well has it been maintained? While some buyers may see the potential in a garden, most are likely to be put off by a small or poorly maintained outdoor space. If there is no garden, you may want to make the most of other features such as balconies or terraces.
10) What's the X Factor?
Does the property have something unique that other houses in the area are unlikely to have? This could be a feature of the house or a beautiful view from one of the windows. It could be a feature window or a stylish fireplace.
It could even be a big garden, a fully fitted modern kitchen, garage or parking spaces.
What are the things can’t I control when valuing my house?
Other Important factors that are out of your control when it comes to selling your property include:
- Any market discounts you might need to make, dependent on local conditions
- How keen vendors are to sell and buyers are to buy, for example there may be personal issues meaning that a person wishes to buy or sell sooner such as debts, divorce or even death
Ready to get your property valued? Get your valuation here.