What To Expect From A Property Valuation?
As a seller one of the first steps you will undertake is to obtain a valuation, this will provide you with an estimate value of your property.
Often people choose their estate agent based on higher level figures that are provided to them, however, this is not necessarily the best option. Sometimes a valuation will be overestimated by the estate agent to entice you to sign up with them, only to then encourage you to reduce the marketing price in a few weeks.
Here are the top tips from our mortgage team:
- Before making contact with any estate agents it really helps if you spend some time researching properties in your area to get a good idea of how much they have been sold for. Land Registry will give you an indication as to confirmed sales prices in your area, while sales portals such as Rightmove will show current properties that are on the market and their marketing price. This will give you a realistic expectation as to what your property should be valued at.
- Ask a couple of estate agents to come and value your property to get to know each different agent. It is important that you feel comfortable with them as from a sales perspective even the quickest of sales is likely to take up to eight weeks to complete. Essentially you are looking to utilise the services of an agent and company who have the knowledge and expertise to do the best possible job of selling your property.
- Expect the valuation to last anywhere between 30-50 minutes.
- Whilst the estate agent is conducting the valuation try and give them space so they can give your valuation their full attention.
- Not all agents will be able to give you a figure on the spot so it is important to be patient. A good estate agent will likely go away to carry out some further research before sharing their figures with you.
- When meeting with an estate agent make sure you find out about their associated services which are vital in promoting your property, most agents will charge for professional photography, Energy Performance Certificates (EPC’s), floorplans and even in some cases accompanied viewings. Transparency is key and it is essential that you know what your associated costs are before signing any agency agreement.
- Do not be pressurised to sign up with an estate agent at the valuation, have a think about it and make a decision the next day.
- If you are having multiple estate agents value your property do not feel pressurised to tell them the valuation figures you have received from other estate agents.
- It really is important to choose an estate agent that you are happy with; some agents will try to commit you to a 6-10-week contract which in turn you’ll not be able to exit. On top of this you will then also have to serve a notice period of either 21 or 28 days before you can appoint another agent.
If you have any questions please do not hesitate to contact the KDW Mortgage team.
Tel: 01727 85 22 99
Email: mail@kdw.co.uk