How To Conduct A Property Valuation For Free
The purpose of this article is to give homeowners a better understanding of the work that goes into performing a property valuation and an idea of some of the free methods by which the process can be executed.
However, it should be remembered that this article is not intended to discount the hard work of surveyors and estate agents; it is through years of experience and learning that they are able to produce accurate and realistic property valuation figures. For those who do not want to utilise these services here are some tips to perform a property valuation for free.
The property valuation process relies upon comparative information of other properties that are similar; in the industry these are termed as comparables. It is by using these comparables that agents and surveyors are able to perform valuations, by understanding their importance, it is possible for homeowners to conduct their own valuations for free.
When trying to find the value of a property the first step is to take a look at the road where it is located. It is then possible to enter the road or street name into a number of different online tools that will produce a list of properties in the road and how much they have sold for. These websites use the land registry for their information and although this is authentic and useful data, it should be remembered at all times that these are past prices and will not necessarily reflect current market conditions.
Another free method of performing a property valuation is to simply walk around the local area and take notes on the various houses up for sale. By doing this you can not only find out the asking prices of these properties, helpful for your own valuation, but also will enable you to assess the compatibility of these properties.
For example homes with extensions or loft conversions will be visible from the road and by taking note of their price it will be possible to understand how much your own, or potential property could be worth. Another great way to do this is to utilise online maps that show the size of plots and gardens for each house. All this information will help you to compare your own property to similar one in the area.
You cannot produce an accurate property valuation for free however by purely looking at property prices. It is important to study the local transport connections and amenities as well as the property's vicinity to good schools and shops. By taking this all encompassing approach you give your own valuation the best chance of being accurate. As with any process detailed research will yield the best results.
By taking into account many different comparables it is possible to produce a decent valuation for free. It should be remembered however that along with comparables and local facilities the current market conditions will also play a large part in the value of a property. Ultimately a home is only worth what a buyer is going to pay for it; by taking into account demand for such a property the accuracy of a valuation can be assessed.
While it is possible to collect the information needed to produce a property valuation for free this does not negate the need for agents and surveyors. The skill in valuing a property is the ability to collate this information and weigh each of the factors against each other when finding a figure.
That said, even agents' valuations differ wildly so receiving as many as possible, then combining these with your own research will produce an accurate figure driven by averages.
Real estate expert Thomas Pretty looks at free property valuation tools and strategies that can help homeowners to assess the value of their home.