Estate agent valuation implies that agents grade your property based on many criteria and evaluate your property’s worth in the real estate market. If you are a first-time buyer or seller of a particular property, you may wonder what the house valuation process entails.
When you’re purchasing a property or want to sell it, it might be a good idea to have a local real estate agent estimate its market value. Here you can find all the information regarding home valuation, a budget calculator, and sold house prices of properties in your desired area. Moreover, we will answer some of the most frequently asked questions regarding property valuations.
Estate agent valuation is an in-depth valuation that will determine the price of your property on the market. By appointing a valuation to an agent, you will make sure not to overpay for a property (if you are buying it) and determine how much your property is worth if you are selling it. It is an ultimate guide to your (future) property’s worth.
When in the selling process, should I get an estate agent valuation?
Once you decide to sell your property, you may wonder about the best time to get a property appraisal. Before you put your property up for sale, you should make sure that you are asking for a reasonable price. That is when an estate agent valuation comes in handy.
We recommend getting an estate agent valuation as soon as you decide to sell your property. However, if you are still planning to renovate your property or are in the process of remodelling or renovating it, you should wait until it’s all done. Your property needs to be clean, and everything should be in place when the real estate officials arrive.
You will get an accurate property valuation if your home is clean and everything is intact. When evaluating, agents consider the furniture, windows, doors, floor plan, and even the tidiness of a property. Thus, it is best to call an agent once you finish renovating or before actually putting your property up for sale.
How far in advance do I need to book an estate agent valuation?
When booking an estate agent valuation, you need to do it before you put your property up for sale or decide to buy a property.
Sellers should book an appraisal at least two weeks before listing their property. Since many local real estate agencies are booked, you need to contact an agent as soon as possible to ensure that your appraisal will be on time.
When it comes to buying a property, the valuation should be as fast as possible. You want to ensure that the valuation of the property you are planning to buy occurs shortly so that someone else doesn’t snatch the house in the meantime. You will undoubtedly find a real estate agent with an opening sometime soon.
How do I book an estate agent valuation?
Making an appointment with an estate agent is not a complicated process. All you need to do is find a local estate agent and call them. You will discuss their availability once you contact them.
However, do your homework and find a professional and experienced estate agent to ensure you get an accurate house valuation. If you want to determine the actual value of a specific property, you should hire someone reliable.
Nowadays, there are many ways to contact and communicate with estate agents. You can send an email asking about the agent’s availability or use any other means of online communication to make an appointment. We think that a phone call works best because it is the least time-consuming of all options.
In what situations should you get an estate agent valuation?
Your property’s value may change over time. Factors such as condition, location, and age are only some that affect its value.
Moreover, the real estate market is always changing, growing, and expanding. How much your property was worth last year may not match its current value. Sometimes, doing regular property valuations can help you determine the best time to sell or buy another property.
Estate agent valuations are an excellent way to keep track of the price of your property and the current real estate market. With all the factors that influence the real estate market nowadays, you need to ensure that your property’s value isn’t decreasing.
Here are some situations that may require an estate agent valuation.
Selling a property
When you are selling your property, you want to make sure to know how much your property is worth on the market. If you don’t track the real estate market and don’t know what the exact price of your property should be, there is no need to worry. Appointing an estate agent valuation will determine the market value of your property.
This process can be valuable if you want to ensure you don’t overestimate or underestimate your property’s value. To set a realistic price for your property, you might need some help.
An estate agent valuation will be an in-depth appraisal of your property, resulting in getting the most realistic price you can get for selling it.
Inheriting a property
When it comes to legal and formal documents, an estate agent valuation is a must. When you inherit a property, you should get an appraisal to determine how much the property you have inherited is worth. Officials will include that value in the legal documents about the inheritance process.
It may be a painful topic, but this type of valuation is necessary. If you ever decide to sell the inherited property or want to know its worth, you will always be able to do so by appointing an appraisal.
Haven’t had a valuation for many years
As previously mentioned, the real estate market is ever-changing. Property prices can drop or increase in a matter of months. Regularly getting an appraisal and keeping track of your property’s value is always a good idea.
Over time, the value might decrease due to the age of your property, but you can quickly increase the value by doing some home renovations.
Moreover, by getting regular appraisals (once every 1-2 years), you will always have an insight into the value of your property, which will ultimately reflect on the insurance of your property.
Many outside factors can influence the outcome of the appraisal of your property, such as economic factors. You should be aware of your property’s value at all times.
How long does an estate agent valuation stay valid?
Since the real estate market can change faster than you might imagine, estate agent valuations are not long-lasting. On average, this document is valid for three months in the UK.
Some factors, such as location, can impact how long a valuation report will be valid. For example, that typical three-month period may be shorter if your property is outside areas with a constant flow of people (such as urban areas or tourist areas).
The longest a valuation can stay valid in the UK is six months. However, each valuation document differs, and you need to check how long your valuation will remain valid.
The shortest time a valuation can stay valid is only one month. The length may change regarding the current economic situation in the world.
What time of year should I consider getting an estate agent valuation?
Some people argue that a specific time of the year can affect the final results of an estate agent valuation. Since the property looks differently at different times of the year, this theory might be true to some extent.
However, we recommend you alone determine the best time to get an appraisal; after all, you know when your property looks its best.
There isn’t a specific time of the year that is the most suitable for getting an estate agent valuation. However, you want to ensure that the interior and exterior of your property look their best when a professional is assessing them. Therefore, you should independently determine what time of the year works best for your property.
For example, if your home has oversized windows and looks best in natural light, you might want to emphasise that by scheduling a valuation during spring or summer. On the other hand, if your home appears warm and comfortable, you should get an appraisal during winter.
Although there isn’t a specific time that is the most suitable for an appraisal, you should show off your property in the best possible light. Only you can know what looks best and what time of the year genuinely emphasises your property’s beauty.
Do you have to pay for an estate agent valuation?
Depending on the purpose of your house valuation, you can either get a free appraisal or pay for one. Free appraisals are offered to those who want to sell their property. Real estate agents will evaluate your property for free because it gives them a chance to check out a new house and maybe add you to their client list.
There are even online valuations (that are not so in-depth) that you can get for free. One is here at Property Price Advice. We offer a free online house valuation tool that pulls real-time market data and provides accurate estimates.
In other cases, such as getting a house valuation for a mortgage, you must pay for the appraisal. In this case, the valuation may cost between £150 to £800, depending on the property’s size and location and the appraiser’s expertise. You will have to pay for the services when your lender appoints a surveyor to evaluate your property.
Conclusion
An estate agent valuation is an excellent way to determine your property’s value in a short time. We recommend getting it every once in a while to keep track of your property’s value on the market.
Many first-time buyers or sellers may be confused by the whole concept of property appraisal. Hopefully, we have answered most of your burning questions regarding this process.
You now know how to choose the best time to evaluate your property, book an appointment, and how much an appraisal can cost and stay valid.
If you are still unsure whether to get an estate agent valuation, feel free to contact us. We will answer all your questions about estate agent valuations and the factors that influence the final results.