How do you value a property? On a basic level it is about balancing the price the seller would like to get for it and the price that buyers would like to pay. A good estate agent will have knowledge of the area the property is in and will use their experience and instinct to work out a price. Estate agents will also sometimes use automated valuation models. It is important to remember that a valuation may not bear any relation to the price you bought the property for, how much you have spent on it since you bought it or how much you need to make your next move.
Overvaluations can set you back considerably in the push to sell your property. If, say, you receive three valuations and one comes out a lot higher than the others it is a good idea to think seriously before going with it. Receiving a high valuation may confirm the feeling you had that your house is the finest example of its kind but in the end it will only cost you time and money.
A detailed valuation would typically take in the following things:
- The age and type of property
- The accommodation available
- The fixtures and features of a property
- The property's construction and state of repair
- The position within the locality and the surrounding amenities available
- The tenure, tenancies, service charges and any other liabilities
- Market value i.e strength of local market/ supply and demand of other similar properties
It is important that your property valuation is as accurate as possible so that you get the best deal without putting off buyers. A free pre-sale valuation and market appraisal of your property is available from Blair Cadell's expert team, and can be arranged to suit your needs. Choose Blair Cadell to assist with the sale of your property and we will look after your complete transaction including pre-sale title and property questionnaire matters, contract and conveyancing up to the day you hand over the keys to your buyer all at single fixed cost.
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