How Much is my home worth and how can I find out?
Most people like to have an idea of what their home is worth at any given time. Knowing your home’s value can be important in terms of financing your home via a mortgage – especially if you need to know how much equity is available or plan on re-mortgaging. Knowing how much your home is worth can also be key if you’re considering a move, so you know what your budget for a new home would be.
It is equally as important to know the value of a home or property you plan to buy.
Here we look at some of the ways to determine the value of a property.
Look online
If you’re looking for a quick, free and simple way to get a rough idea of property types in an area, an online tool is a good place to do some initial research. Most tools will provide an average price for an area based on historic data from the Land Registry.
Due to the many factors involved in valuing a property, this method is unlikely to provide an accurate valuation.
Ask an estate agent
One way to obtain an idea of a property’s value – especially if you’re looking to sell – is to ask an estate agent round to give an ‘appraisal’.
An estate agent will usually arrange to visit the property, also looking into local property prices and recent sales activity.
Whilst an estate agent’s valuation does take into account the property specifics and condition, it’s important to remember that an estate agent has a commercial interest as their intention is to get your business. This is likely to influence the prices that they put forward.
It isn’t uncommon for estate agent valuations to vary widely – sometimes by tens of thousands of pounds. It can therefore be difficult to obtain a figure that accurately reflects the true valuation.
Instruct a Chartered Valuation Surveyor
If you’re looking for an accurate, comprehensive, evidence-based valuation, the best choice is to instruct a Chartered Valuation Surveyor. In order to reach a valuation, the RICS Registered Valuer will visit the property and assess the way it was built, its size, location and condition. They will also conduct research into property transactions that have recently completed in the area, as well as local supply and demand. Any Valuation Report from a Chartered Surveyor is entirely independent and the evidence used during when preparing a Valuation Report will be documented to show how the valuation was reached.
Depending on the reason you need to know the value of a property, it may be necessary to seek a professional valuation from a RICS Registered Valuer. For example, if seeking a valuation as part of a mortgage application, or as part of a legal process such as probate or divorce.
The team at Matthew Parkinson Surveyors are able to provide Valuation reports for a wide range of purposes, and can assess both residential and commercial properties. For more information or to discuss your requirements with one of our Chartered Surveyors/RICS Registered Valuers, please get in touch.
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