Top 5 Questions Vendors ask about Property Valuations
Top 5 Questions Vendors ask about Property Valuations by our clients - we answer the tough questions..
1. How can I find the value of my property?
There are several ways to obtain a valuation of a residential or investment property. The first thing you can do is look online at similar properties for sale in your area. This will give you a rough idea of how much yours is worth. Next, contact a local estate agent like Greater London Properties and ask them to come and do a valuation. They have expert knowledge and will be able to look at the condition of your property for a more accurate valuation. It’s not an exact science but it will give you a good idea of how much you can sell it for.
2. Are Zoopla estimates accurate?
Zoopla can provide property valuations but these are only estimates. The site uses data from HM Land Registry in conjunction with previous sales data for the property and current market trends to provide a rough estimate of what the property might currently be worth. However, a Zoopla valuation is only a rough guide and it doesn’t mean you will get that figure if you decide to sell the property. You might get a lot more or a lot less, depending on the condition of the property and how buoyant the property market is at the time you sell. Contact a local agent for a more accurate valuation.
3. How much does a house valuation cost in the UK?
Valuations from Greater London Properties are free. It also costs nothing to obtain a rough valuation from Zoopla if you are curious as to what your home is worth at the current time. You can also ask a Chartered Surveyor to value your home; this is usually done as part of the conveyancing process when you buy a property. A valuation carried out by a chartered surveyor typically costs in the region of £250, but it depends on the surveyor. Mortgage lenders also carry out property valuations to check whether the property is worth the sale price. Costs typically start from £150 but can be a lot more for a larger, more valuable property.
4. How much are surveyors fees UK?
Surveyors charge a fee to carry out a property valuation or conduct a survey. The fee charged will depend on how much work is done and the size of the property. A Level 1 survey that looks at key areas of the property and provides a valuation will cost from £400 upwards. A Level 2 Homebuyer Survey goes into more detail. This costs from £600 up to around £1250. A Level 3 Building Survey goes into a lot of detail and looks closely at the structure of the property. Expect to pay from £800 to £1425 for this type of survey.
5. Which valuation method is most commonly used for residential property?
Property valuers typically use the comparison method to produce a valuation for a residential property. They look at sales figures for similar homes in the area that are the same size and condition. The valuer will look at the property, it’s condition and location, and compare it to other properties locally. Various factors are analysed and adjusted, from which the valuer can produce an accurate market value. This method is reasonably accurate if the current market is stable and there is a lot of data available. It it less accurate when the property is unique and the market is unstable. Essentially the easiest and most cost effective way to get an honest property valuation is to ask your local estate agent who knows the area well and is ingrained in the community.
Greater London Properties would be delighted to offer you a Sales and/or Rental Valuation on your property - the market changes on a monthly basis so it's important you receive an updated price on your home.
We look forward to hearing from you, just email us or call on 0207 734 4062.
Warm Regards
Greater London Properties