If you are selling your home, the first step is usually to ask an estate agent to value the property. We explain what they look for and how they arrive at their valuation.
The agent will take into account a number of points, from the area you live in to the likely work needed on your home. Combining all of these issues and using their knowledge of both the local area and the property market, they will be able to advise you on your asking price and what you could realistically expect to receive.
Preparing for sale
You can make sure that your property is in the best possible order before you ask an agent to visit it. You don’t have to carry out major works, but making sure it is decluttered, tidy and clean will help both the agent and those viewing it to see its potential.
If you have time, you could consider freshening up paintwork and tidying the gardens, particularly to the front of the property so that the first impression is as good as possible.
The local area
Your estate agent will have a good grasp of the advantages of the local area and will be able to point these out to potential buyers in the particulars of sale. They will also look at any unique points to your property, for example, how close it is to a nearby park or shops and whether it has views.
Number of rooms and property size
The number of reception rooms, bedrooms and bathrooms are one of the main indicators of price. Outside space can also affect the value, particularly if it offers room to extend or erect a garage or outbuildings.
The condition of the property
If a property needs substantial work, it will clearly lower the price, however this type of home can be highly sought after by people who want to renovate and put their own stamp on a house. This means that poor condition will not always lower a price as far as you might think.
If your home is in excellent condition however, it will obviously make it highly desirable by those wanting to move in without having to do any work and your agent will reflect this in their appraisal.
Deciding how to price your property
Your estate agent will be able to discuss different ways to price your property with you. If you are keen to move or you have a deadline, for example, if you are relocating to take up a new job, then you may want to price it so that it is attractive to buyers. In return you can make it clear that you expect a quick completion. It may also give you the opportunity to select the buyer who is most able to proceed quickly, such as a first time buyer who has a mortgage offer in place.
Alternatively, if you are willing to bide your time, you may want to start with a higher price for a while and see if there is any interest. Depending on the state of the market, you may find that receive a good offer.
Your agent will also be able to guide you once offers start coming in. You might decide not to sell too quickly if they advise that the market is fairly lively and buyers are competing for properties.
Contact us
If you would like to speak to one of our expert property lawyers, ring us on 0333 305 5189 or email us at info@lpropertylawyers.co.uk.
