We’ve previously written a page on “how much is my house worth?” which is geared towards what we would offer you for your property, but before going ahead and selling your house to either ourselves or through an estate agent you should do your research and determine the value of your property.
Even if you get a valuation from your estate agent don’t just take it as gospel, calculating the value of your house is something that you should look into yourself as well. Estate agents can often over inflate your house price in order to get you on their books, only for it to later not generate enough interest and you having to lower it anyway to tap into the demand.
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How to determine the house value
There are several factors you need to consider when looking at valuing your house, and you should look at a variety of different ways of valuing your property in order to get an overall figure.
• Get an estate agent
Estate agents want to get your business, so you can get them to look around your property and do a valuation before deciding whether you want to go with them or not. They should have a lot of information about the local market so should be knowledgeable and generally reliable, however like previously mentioned please be aware they are trying to win your business.
• Sold house prices in the area
Using Rightmove you can find sold house prices in your area, simply type in your postcode and view the previous listings. This may not always be the most useful as there could be several different property types in a variety of different conditions, however most the time you should be able to pick out something similar. Try not look at data that is too far back, ideally you want the most recent sold property.
• Work done on the house
When it comes to selling your house, you need to consider the amount of work you’ve done on it, general aesthetics won’t add too much value but when you add things like kitchens, bathrooms or even an extension it can add a significant amount of value to the home, not to mention make it more appealing to potential buyers.
• Market trends
Keep an eye on what’s happening in your area. It’s always good to check property listings to see how much they are being put on the market for in your area and how quickly they are selling, a very quick sale could indicate that they’ve priced the house too low whereas a slow sale is vice versa.
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You might not achieve market value
Be aware that the price you put your house up at isn’t likely to be the price that you achieve, not unless it’s so desirable that you start a bit of a bidding war. Typically the agreed price is going to be lower than that of the price you list it at, which is something you need to take into account, it’s always good to decide how low you will accept prior to listening to offers.
Checking your house value using an online calculator
Be aware that this is just an estimate & a bit of a finger in the air based on the surrounding property sales and the information they know about the property, but they are obviously unaware of any work you have done in the property so it’s just a figure to use as a guideline.
Here are 3 popular online tools you can use to get a general idea of your house value: