Is it a good idea to use a house price calculator?
We reveal everything you need to know...
When it comes to selling, the first thing you may wonder is ‘how much is my house worth’ and after searching the internet you may have come across something called a house value calculator by postcode, making you question what exactly this is.
We’ve written a full guide on what a house value calculator by postcode is, including what they do, where you can find one and how accurate they are and so much more:
A house price estimation is something you can acquire through an estate agent, and it essentially is getting a rough guess as to what your property is worth. The estimation will take into account your property’s location, condition, how many similar properties are in the area and many other factors.
With an estate agent’s house price estimation, you will find that each estate agent you go to will likely give you a slightly different value. This happens because estate agents are all trying to get your business and so their estimation will also counter into them wanting to seem like they can get the most money for your property, making their house price estimation not overly accurate.
This is why it’s called an estimation as, whilst they will be taking some factors into account when coming up with a price, it’s not completely based on facts, which is what makes it not very accurate – explaining the differentiation between estate agents.
You can also acquire a house price estimation through an online house price calculator where you will enter your postcode and some details about your house and the calculator will give you a rough estimation as to what your house is worth if you were to sell on the open market.
We can provide you with a no obligation cash offer in 24 hours!
A house value calculator by postcode does exactly what it sounds to do – gives you a value for your property using your postcode as the first way of finding out information about your property. You will also have to enter the house number or name of your house to help the calculator give you a more accurate valuation.
In order for a house price calculator to give you a value for your property there are multiple different factors it will take into account, alongside your postcode:
Details about your property
A house value calculator by postcode will take into account details of your property in order to give you a valuation. The information you will need to give will include the number of bedrooms of the property, the house number and street name, the house type (whether it’s detached, semi-detached, flats, etc) and the condition of the property.
You may also be asked whether or not you have a garden, how old the property is and what the parking situation is like for the property – whether it has a drive, street parking or no parking at all.
Sold house prices
Another thing a house value calculator by postcode will take into account is the recent sold house prices in your nearby area. Recent sold prices are something that is public information on certain websites and will help the calculator to get a rough idea of the price range of your area to help decide where your property fits in that range.
The housing market conditions are another thing that a house price calculator will take into account. The property market will have peaks and troughs, and this all plays a role in what your property is worth in the current market.
If it’s a time when the market is hot and there are lots of buyers out there, making it a seller’s market, then your property is going to be worth more.
Your neighbourhood is another aspect that will have an impact on how much a house price calculator feels your property is worth. It will look at things like crime rate, broadband speed, flood risk and pollution levels.
If your house is undesirable in any of those areas, for example, has a high flood risk, then this will have an impact on your property value and will make it worth less.
The final thing that will be taken into account by the house value calculator when deciding on the estimated value for your property is the local amenities. For example, if you’re close to schools, supermarkets or doctors, this will have a positive impact on the price of your property, meaning the estimation of your property will be higher.
Zoopla is probably the most popular out of all the websites, with it being easy to navigate and providing you with a rough estimate for your property almost instantly. It will also provide you with a high and low value on either side of the main estimation so you can get a range.
A downside of this tool is Zoopla makes you create an account to be able to reveal the estimation and the figures provided aren’t completely accurate. If you click on ‘how are our estimates calculated’, it states that the figure doesn’t take into account any renovations, makeovers, recent extensions and extra rooms.
Nationwide is another popular house value calculator by postcode that will provide you with an estimation as to what your property is worth. Nationwide asks you to put in the last valuation you had on your property, which can be a downside if you haven’t ever had a valuation, or you can’t remember what it was.
Another downside of Nationwide’s house price calculator is that it doesn’t take into account the quality of fittings or the decoration. They recommend if you want an accurate valuation of your property, you should speak to an estate agent or a surveyor.
Other websites that have free online valuation tools are Rightmove, HM Land Registry, Nethouseprices and Property Price Advice. This isn’t an extensive list and so it’s important you look around a bit before deciding on which is the best one to use.
So, whilst a house value calculator by postcode is a quick and convenient way to get an estimation for the price of your property, are they actually giving you an accurate figure?
Sadly, due to the nature of the valuation being a blind estimate worked out with a specific algorithm, the valuations given aren’t actually that accurate.
As the valuation is given to you without even seeing your property, it doesn’t take into account the quality of the interior, how spacious the property is inside and what the potential is for it to be extended or modified.
A lot of the house value calculators now act as lead generation for estate agents. For example, Zoopla will give their rough valuation and then will recommend that you get an official one from an estate agent and will give you the details of a few.
This means the house price calculator is more focused on acting as a front to get your details to pass onto estate agents rather than being focused on ensuring their estimations are accurate, which is why we would recommend looking for other alternatives when looking for a house valuation.
After reading how inaccurate these house value calculators can be, you may be wondering what the point of using one actually is.
Well, whilst they do have the downside of being inaccurate and have to be taken with a pinch of salt, they are a quick and easy way to help you get a rough estimation as to what your property is worth.
This then gives you something to build on when you get a proper house valuation, so you can be sure you’re not getting too low or too high a figure.
Some people may also use a house value calculator simply because they want to have a little nosey as to what their house is worth in the current market conditions.
If you’re thinking of selling your home, before you start to go down any of the traditional routes, it could be worth your while getting in contact with us. We can offer you a fast sale whilst covering all your legal fees.
We offer more than just a house price estimation, with no further help on how to get this price – we will offer you a price that we will pay to buy your property in cash, with all fees included, meaning you will get the amount in full, without having to pay a penny.
Although we will consider certain factors when giving you a house price estimation, it won’t affect whether or not we will buy your property. We buy any property in any condition and our offer and level of customer service won’t be affected by your reason for selling quickly.
Our agents are experienced in working with a variety of customers who need a quick sale for many different reasons. We will appoint you a specific agent who will be your main point of contact throughout the whole process, helping you to feel reassured or supported.
We’re unable to give you the market value for your property, but we will give you a fair price and all fees are included, so there’s no need to worry about hidden costs or having to pay large amounts to sell.
Getting a CASH offer is completely free! All it takes is a few minutes of your time.
We’re more than just a house price calculator or a standard cash house buyer. The Property Buying Company is owned and operated by property professionals, founded in 2012, and with over 50 years of combined experience, you can be sure you’re in safe hands.
As we’ve mentioned, we’re also a member of The Property Ombudsman and the National Association of Property Buyers, further emphasising why we’re the people you can rely on. On top of this, we understand what it’s like to sell a property and all the stresses that can come along with it, so we will always be up for a chat to listen to your worries, and we handle the whole process for you.
We’re also rated excellent on Trustpilot, with over 1,000 reviews.
We will always be open and honest about our service and process, with us telling you upfront what we’re able to offer you for your property. We will keep you constantly updated, including any issues we face and how we will do our best to overcome them for you.
We do more than just giving you a house price estimation; we will give you a cash price that we can buy your house for in full, covering all the fees, including the legal ones, and also completing in a timescale of your choice! It’s never been easier to find out your house value and sell fast!
Want to find out how much your property is worth & sell your house fast? It's best to give us a call on:0800 024 8444
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|Your options||Average sale length||Typical cost to you|
|The Property Buying Company||2-3 weeks||£0.00|
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|Property Auction||6-10 weeks||£2500-£5000|
|Online Estate Agents||16-52 weeks||£1000(upfront)-£5000|
|Estate Agents||16-52 weeks||£5000|
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