Tips For Valuing Your Home

Do the math

We’re a nation fixated with money and greed, and what better way to calculate our wealth than tallying up the value of our most valued asset- our homes? Whether you want to value your home for personal pleasure or for the prospect of selling your home, the best way to find an accurate answer is by monitoring the activity of your local market.

National house price statistics can actually vary drastically. There are several indices that measure house prices, and they don’t always tend to agree with one another, as they have different ways of gathering their data. For example, in April, Rightmove reported that average house prices were £239,521, while Nationwide claimed the average was £178,555. That’s a 60k difference. The Halifax index is represented by statistics based on the mortgages they approve, while Rightmove’s index is based on properties listed on their house. Two very different methods, two different results.

Here are some tips on how to get an accurate valuation of your home (forget the national indices, they’re garbage on a local scale)

Multile Estate Agents

Don’t limit yourself to your most convienient estate agency- get quotes from several of your local estate agents. The average value will be the most accurate.

Rightmove/Findaproperty

Rightmove and Findaproperty are the biggest two property classified websites for UK property. Utilise their data by finding out what other people in your local area are marketing their properties for. That should give you a good idea of what vendors are expecting.

Ourproperty/Upmystreet

The beauty about Ourproperty and UpMyStreet is that they store recent sale prices of property in your area. Websites like Rightmove only show you what the properties are being marketed for, and not necessarily what the properties sold for. Properties rarely sell for the initial asking price. Ourproperty and UpMyStreet can tell you exactly how much properties sold for in your local area.

Both websites actually gathers their data from the Land Registry, so it’s pretty reliable and accurate stuff.

Once you’ve got the golden figure- time to get real

No matter which method you use to get your estimate valuation price, it’s important to remain realistic. Ultimately, properties are only worth as much as what people are willing to pay. The odds are, the majority of people won’t value your property at the same price as your valuation tag says. Whatever quotation your price tag has, subtract about 5% from it- that’s your golden figure. Keep it real. Anything that you get offered above your golden figure is a juicy bonus.

1 Comments- Join The Conversation...

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Property in London 16th December, 2010 @ 15:08

Before you market your home real estate for sale, you need to come up with an appealing home and with a suitable price. You need to perform a valuation of your property to come up with a reasonable price.

If your home possesses the right price, you can sell your home faster and with great income. Having the right price, you can easily sell your home with a great deal.

You can seek someone to assist you in your selling process, but never let someone else to control your process, so you still need to gain the right information needed in your quest. You can do things by yourself in order to gain the true value of your home. It is best to set your own price for your home before you work with a realtor. Yes, you may need advice but you still have to base all the input on your own personal research. In setting it by yourself, you will feel comfortable about it when letting buyers know the asking price.

In seeking for realtor, you need to pick the right one, someone that can think about you and do things for your betterment. Contact your family and friends and ask for recommendations, they may have worked with a good realtor before. Make sure to interview the realtor first before hiring him or her.

Clean up. Yes, you need to prepare your home for sale. Remove all the clutter and make it appealing and clean. Check every room and declutter each. Make your home a comfortable place that buyers would love to live in.

In order to make your home looks new and clean, you can repaint it, but make sure to use neutral color paints in painting so to attract buyers. Check out it everything is functioning well, such as faucets, sinks and so on. Look at the roof, the walls, doors and windows.

Of course, you need to come up with a reasonable asking price. There are steps that you can do in order to come up with a great asking price.

You need to do research, research and research. Do your homework. Gain lots of information, know what is your current market is. In pricing your home, you need to price it according to the dictates of the market.

Check out for homes that are similar with yours, know their asking prices. Go to your neighborhood and check out few homes and their asking prices. Check out the aspects they have in their homes and the differences between your home and theirs and use the information in building your own asking price.

Do not overvalue your home or undervalue, you have to come up with the right and reasonable asking price. After coming up with an asking price, you can consult your realtor about it. But of course, you need to have reasons behind your decision in having that asking price. With all of these, you can easily sell your home in real estate.

-Property in London

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