The Importance of Valuing your Property Correctly
Its important to have an Estate Agents carry out a valuation in person on your property to get its true valuation. Instant valuations are only 60-70% accurate
Instant valuations, also known as online valuations or automated valuations, can often be inaccurate and only provide a rough estimate of a property's value. These valuations are typically based on data such as the property's size, location, and age, and do not take into account important factors such as condition, upgrades, and market trends. As a result, instant valuations can often be only 60-70% accurate, which can lead to a significant difference in the final selling price.
If you are interested in selling your property, it is important to get an estate agent to value it in person. Estate agents have extensive knowledge of the local market and are able to take into account a wide range of factors that can affect a property's value. They will look at comparable properties that have recently sold in the area and make adjustments for any differences, such as size or condition. Additionally, estate agents will also have access to data and information that is not publicly available such as pending sales or sales that have not yet completed.
Mortgage advisors will also look at comparable properties that have sold in order to determine the value of a property when assessing a mortgage application. This is important for both the lender and the borrower as it ensures that the property is not overvalued and that the mortgage amount is appropriate for the value of the property.
Why Use An Estate Agent
Valuing your home correctly is crucial in the UK's real estate market. Whether you're looking to sell your home or simply want to know its worth for personal or financial reasons, understanding its true value is essential.
The first step in determining your home's value is to have it appraised. An appraiser will take into account factors such as the size and condition of your home, the location, and any recent upgrades or renovations. They will also look at comparable sales in your area to determine what similar homes have sold for.
One of the main reasons to value your home correctly is to ensure that you get the most money possible when selling it. If your home is priced too high, it may not attract as many buyers or receive as many offers and may put you in a position of losing your dream home if you base your next purchase on an over valued home. On the other hand, if it is priced too low, you could be leaving money on the table.
Another reason to value your home correctly is for financial planning. Knowing your home's value can help you make decisions about remortgaging, home equity loans, and other financial endeavors. If your home has increased in value, you may be able to borrow more money against it, or you may be able to remortgage your mortgage at a lower rate.
Additionally, valuing your home correctly can also be important for insurance purposes. If your home is undervalued, your insurance coverage may not be sufficient to cover the cost of rebuilding or repairing it in the event of a disaster.
In summary, valuing your home correctly is crucial for many reasons, including maximizing your financial return when selling, making informed financial decisions, and ensuring adequate insurance coverage. It's a good idea to have your home appraised regularly to keep up with any changes in the market and to have an accurate understanding of its value.