10 pitfalls of online property valuations
Have you ever completed an instant online valuation for your property only to be bitterly disappointed with the price or wondering if it is too good to be true? We understand why you would be so here are just some of the reasons why those tools can be inaccurate.
When you complete an instant valuation you enter the property address, number of bedrooms and state whether it is detached, semi-detached, terrace, bungalow etc. The computer algorithm then calculates the value of a property based on historic transactions that have happened on the whole road, street or area for properties with the same number of bedrooms and gives an average price straight away. The result however, might not be what you expected.
The instant valuation does not take account of;
- The size of the bedrooms in your property
- Number of bathrooms
- The internal and external condition of your property
- Recent renovations and improvements
- Quality of finish
- Unique character features
- The position and size of the plot
- Whether you have an established garden and the aspect of it (e.g. south facing will hold a different value)
- Whether you have a garage, larger driveway etc
- Future potential with the property
The above names just a few. Your property may be worth much more for sale or to let than you think and the only way to find out is to do have a home visit valuation. There is no obligation to go on to sell, it just gives you a more precise idea of the value of your property to help with your onward move. One of our experienced listers in your area will meet you at the property to discuss your situation. They will provide reports of comparable properties sold in the area and give a more accurate valuation for your property as well as discuss a marketing strategy to help you achieve the highest price. This is followed up with an online report to view after the appointment.
Not ready & just browsing?
No problem, it is a good idea to keep an eye on what is coming on the market to give you an idea of what you might be able to afford. Our advice at this stage would be to register for our heads up property alerts so you hear about new listings before they go live on OnTheMarket, Zoopla & Rightmove.
As you start to think more seriously about moving, our only advice would be to consider getting your home 'market ready'. This means, all marketing particulars prepared and ready to hit live at the point you think you've found your perfect property. In a market where demand is high, we are finding people are missing out as vendors accept an offer from a more proceedable buyer who is already on the market. If you are at least market ready, you are less likely to miss out...
