Close-up of Sold Real Estate Sign in Front of House.
While there are numerous methods of property valuation, perhaps the most common one is the one that involves drawing comparisons of similar properties within your locality that sold recently. You can access this information on Rightmove and The Land Registry website that captures all government information on recent transactions.
There are also many house valuation online services that can give you a rough estimate of what your property may be worth – especially if you are looking for a quick house sale. Alternatively, you may want to consider bringing in a surveyor to perform a comprehensive survey, research historical sales data and find property for sale within your area. The surveyor will gather detailed information on the properties they will find and this will be applied to the home you want to sell effectively formulating an initial valuation as well as asking price.
Some of the factors that are taken into consideration during this comparative process of valuing your home include the following:
- The period when property transactions took place
- The condition of the properties
- The size of the properties
- The exact location of the properties including the neighbouring streets
- Final sale prices
- Local building regulations
- How fast the properties sold
How important is location when doing comparative house sales?
For many people, the process of buying a house involves emotional connection. The result of this is usually strange fluctuations in the prices of houses across the UK. Irrespective of how big, solid and well appointed your property is, it is only worth the amount that buyers are willing to pay. Take an example of an area that is highly sought after with low property supply and an exceptional demand. Property is likely to attract offers that exceed their market price.
Some people consider a home as being more than a mere investment but a lifelong refuge, since it transcends monetary value. Yet for others, renting is a more viable compared to having to buy a home that is in their view, less than perfect in so many ways.
Well, location is a crucial aspect in the determination of the price of a home or a house. Thus, it is up to your as a seller to research as much as possible about your locality and find out what the major selling points are before setting your asking price and determining what your final price will be.