Finding the value of a property can come in different shapes and sizes, all of which are equally important. Before we delve into why it’s essential to know the worth of your home, let's first look at what a ‘Property Valuation’ means.
What is a Property Valuation?
A property valuation is the assessment of your property's worth based on the location, condition, and other factors and is usually carried out by an Estate Agent and/or Surveyor. If you are acquiring a property, you will need to carry out a valuation to ascertain its actual worth, ensuring it reflects the advertised asking price. Valuations are also essential for mortgages, agricultural purposes and financial advice or investments, for example a merger of two companies.
Our sales team are dedicated to finding the best outcome for you and your budget
Selling your home
To begin the process of selling your home, it’s vital to have an up-to-date valuation before going to market. Regardless of when you moved in, it’s likely that your property’s valuation has changed and therefore understanding it’s worth will help you advertise a more competitive price relevant to other homes in your area. This can even lead to more interest from prospective buyers, who may be willing to pay over the asking price. To find out how much your property is worth,
book a free valuation today
Mortgage or Loan Process
The value of a property will considerably influence the size of the loan the bank will be able to lend you, so an up-to-date property valuation will be required. Different mortgage terms and conditions of the loan depend on the final property valuation report.
Insurance Purposes
Life’s unforeseen challenges can emerge out of the blue, and in such situations, you may find that insuring your property is the best route to go down. An accurate property valuation ensures that the coverage cost is reasonable and reduces the risk of low insurance coverage.
In the Case of Rental Purpose
An increasing number of purchasers now plan to buy homes to rent, creating a sufficient and continuous income stream. A valuation in this circumstance would aid the buyer to conclude a fair and competitive rate for potential tenants, usually 6% to 10% of the total calculated value.
Of course, there are many reasons a property valuation is needed and whilst we have shed light on some of the most common, we treat every situation as unique. For more information, advice and guidance, get in touch with our team today.
