When either an estate agent or property surveyor conducts a valuation the process involves a combination of knowledge, skill and even an element of guesswork. To call it guesswork however is a misnomer; there is a large element of education behind the guesses, taking into account a vast amount of different factors.
It is through combining this work, along with hard facts in relation to the property market and prices in that area that an accurate valuation can be made. It is hoped that the following article will be able to make it clear what is involved in the property valuation and how the process benefits buyers and sellers.
One of the more important factors in any property valuation is where the house or flat is located. Understandably different areas have different prices associated with them. The reasons behind this vary from crime rates, the quality of the local schools, the immediate services available and the transportation connections.
For instance a house located in Notting Hill, one of the most fashionable parts of London is likely to be worth considerably more than a property in Leytonstone or Walthamstow. This is why when having a valuation of your property it is important to remain realistic in terms of what it could fetch on the open market.
In addition to the location of the property another important factor is the current market conditions. This is especially true in the economic climate at the moment, property prices have clearly fallen and hence a house that was worth one hundred thousand pounds a year ago may not be able to achieve that same price now. This factor is liable to change and it is difficult for even the most experienced agents and surveyors to factor this in when making a property valuation. Once again remaining realistic and remembering that a house is only ever worth what someone is willing to pay for it is important.
There are however a number of ways to increase the value of a home without spending a fortune. While it has been a well established principle that doing the bathroom and kitchen up in a home will increase its value, this process of recordation can be expensive. A far cheaper option is to simply undertake a thorough spring clean of the property, ensuring it is clean, well presented and neatly laid out will only increase the valuation figure. In addition it is always advisable to complete any outstanding jobs; these will lower the value and in many cases put buyers off the house or flat altogether.
For those who feel redecoration is essential there are a number of strategies that should be employed if a higher valuation figure and increased saleability be secured. The first of these is to decorate using neutral colours that will not only increase the perceived size of the home, but will also entice buyers with tidy, clean lines and a feeling that they can move in right away.
As part of this strategy it is also important to remove personal decor such as family portraits or artwork that in effect put off buyers as they will see this as a personal home rather than a commodity that can be bought.
Hopefully this information has highlighted some of the factors involved in the property valuation and why it is important for homeowners to make the most of the house of flat’s assets. By taking this approach a greater value should be achieved whilst buyers should be enticed to part with their hard earned money.
Real estate expert Thomas Pretty studies what is involved in a property valuation and how homeowners can make the most of their house or flat.
[tags]property valuation, property valuing, property valuing tactics[/tags]
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