When you should get your house valued

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The property market is a hot topic at the moment. Interest rates are at a historic low of 0.1% but have the potential of going up over the next year. So, is now a good time to make a move and how much is your house actually worth? 

  1. When selling a property

Whether it’s your family home or an investment property, knowing its true value is vital when selling. You want to be sure that you are putting your home on the market for what it is truly worth and not undercutting yourself. It’s also important not to put your home on the market at an unrealistic price. Remember, it’s difficult to sell an overpriced home. Real estate agents say overpricing is the biggest mistake sellers make when putting their property up for sale. A savvy buyer will negotiate the asking price, so keep this in mind when finding your asking price based on an accurate valuation.

  1. When buying a property 

Buying a home is likely the biggest purchase you will make in your life, so make sure you are getting a fair price. If you are looking for an investment opportunity, knowing the actual value will most likely be a top priority. However, if you’re a first-time buyer looking for your dream pad, you could easily make the mistake of getting caught up in the excitement. Working with an agent will give you a realistic picture of the market and help you find a property that best fits your financial situation. 

  1. When buying home insurance

A mistake that many people make is using the purchase price of their property to buy their insurance cover. However, to understand the correct amount to insure your home for and check you are not underinsured, you will need to complete your own valuation to determine what insurance premium you should be paying. Insurance can be costly, so make sure you are being charged the correct amount. More importantly, it will give you peace of mind that you are covered to the right degree in the worst-case scenario.

  1. When you’re looking to remortgage

If you are looking to remortgage and get the best deal available, remember your lender will carry out their own valuation of the current value of your home. Your mortgage provider will use this information to calculate the loan to value percentage, which will determine what deal you get. Don’t just rely on the asking price listed of properties in your area, they may be unrealistic figures.

How to value your home

Start by getting an instant valuation with an online property value calculator. You simply put in your postcode, and you will get an estimate based on the overall view of the market value in your area,  this free calculator will even tell you what you need to do to increase how much your house is worth. An online valuation will quickly give you an idea of what your property is worth. On the other hand, an agent valuation, completed in person by a local estate agent, will provide you with the most accurate picture. They will do this by evaluating your individual property, including any improvements or alterations that have been made. The general rule is that you should get at least three separate valuations of the property. For example, Rightmove, GetAgent, and Zoopla all offer free online house price estimates.

Whether you are planning for retirement, buying, selling, remortgaging, renovating or purchasing insurance, having a realistic and accurate valuation of your property is key to setting yourself up for success.

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