How to value your sales or rental property

To get a true valuation of your property you should always talk to a professional but to get an idea of what your property may be worth for sale or rental there are a few simple rules that you should follow.

 

  1. Have a look at what else is on the market – Specifically paying attention to those that are similar to your property. Those with the same amount of bedrooms, specification and in particular the area. Properties that are a mere 15 minutes apart can have a very different value from each other.
  2. As a local agent to create a valuation for you – Agents have access to parts of Rightmove that the general public do not get to see and they can create an online report of what has been happening in the market for any length of time. These reports can be created in minutes and are often free of charge.
  3. Ask an agent to visit the property for a full valuation – Most agents will visit your property carrying out measurements etc which will provide even more accuracy and these are also often free. Do check with the agent before they attend that the service is free as you don’t want to receive an unexpected bill.
  4. Be flexible and realistic – Just because you paid a price for a property does not automatically mean that is now worth the same or more. Most property will of increased in price but it will depend on a lot of factors when it comes to what it is worth now.
  5. Don’t overprice your property – Purchasers are savvy and they often do their research before they will make an offer on any property. If you have high expectations and you overprice your property it can often be worse for you. The property will start to become stagnant on the portals and aside from being overpriced purchasers will start to think that there is something wrong with it, you won’t receive any interest and it will remain on the market for longer with not much interest.

My advice is to always use a property professional who will give you a much clearer and non-bias opinion of what you can market your property for, but if you do want to do it yourself then do your research. If you are valuing the property that you currently live in, try to remain unemotional and remember that your taste may not be the taste of all purchasers and you must be honest with yourself when it comes to what may affect your price.

Have a great day