Importance of property valuation when selling your home

19th December 2019 posted in SELLERS

When you sell your home, there is a lot to think about. While there are many factors you must take care of; some issues are more important than others. One of the most important factors is the importance of an accurate property valuation.

You may be shocked by how many factors are considered in setting a value for your home. Some of these are as expected, but many are to be considered.

A lot of factors affect property values

Some factors which influence the value of your home include:

  • The property size, including the number of bathrooms and bedrooms on offer
  • The age of the property
  • The condition of the property
  • How much storage space is available at the property?
  • How much potential for improvement there is at the property?

All these factors influence the value of a property, and an experienced estate agent will be able to review a home and assess its value. However, many external factors influence the value of a property, and this is why it is best to call on an agent who knows your local area. The following factors all affect the value of the property:

  • The number of homes available for sale in the local property market
  • How many buyers are looking to purchase a property in the local area
  • The availability and standard of local schools
  • The suitability of transport hubs and connections
  • The range of facilities and amenities on offer in the local area

All these factors influence what a buyer is willing to pay when buying a home, and therefore these could affect property values. The importance of these external factors in determining a property’s value is why you need help from a local agent.

You cannot afford to put buyers off

If you place too low a value on your home, you may generate a lot of interest in the property, but this may cause further problems. If you are also buying a home, you need to make enough money from selling your house to buy your next home. If you don’t generate enough money in the sales process, you may have to cancel or abandon your plans.

Of course, if you place too high a value on the property, you may struggle to generate interest. Given there are difficulties with setting too high and too low a value, it makes sense to place as accurate a value on your home as you can. You should also bear in mind how buyers search for homes. Online property portals allow users to set a minimum and maximum parameter for their searches.

If your home is valued beneath or above this value, you won’t be found by willing buyers. You need to avoid this if you can, which is why it is essential to place an accurate value on your property.

If you want to arrange a property valuation or talk through the sales process, please contact us today. At Country Properties Letchworth Garden City, we are here to help you sell your home, and we look forward to assisting you.

Click here to contact Country Properties Letchworth Garden City today!