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In this article, I’m going to describe several methods, each of which you can use as a property value checker to understand the market value of your property. Some methods are free, others require a little work, and a few will cost you money. There is no right or wrong method as data from a single source will not necessarily be correct, however, paid valuations are likely to be more thorough and therefore more reliable guides if the right report and valuer are instructed.
The reason a valuation is important to you could be because you’re considering selling your property and therefore need to know what the asking price should be, or you’re considering a remortgage to take out a home loan and want to know what probable equity you have available with the latest valuation. You can also the valuation to determine the likely interest rate you will pay based on the mortgage, or what the property’s rateable value is likely to be for taxation purposes.
Whatever the reason, the first thing you need to be aware of is that no single source of valuation will give you the absolute answer you require.
In fact, property professionals tend to utilize multiple sources of data to come to the most reasonable estimate or guide which are typically based on similar homes in the general location of your property and will rely on transactional data which is available from the land registry and their partners.
Some data you can collect yourself, others may require a valuation tool to do more detailed analysis and extract the insights you need, or you can rely on the expertise of others like a real estate agent or surveyor to get to the price which you think the market or your mortgage lender will support.
Ultimately, your home’s value is determined by what somebody is willing to pay for it, and whilst historical data can be a useful guide based on the similar property you must be realistic about your particular property when comparing it with others, the uniqueness of your situation as well as the type of likely buyer that your piece of real estate is likely to attract.
The situation can be an important factor because if you need to sell quickly for some reason you may be more open to a cash offer which will offer attract a lower valuation. If you face this situation then we recommend going directly to the section on Alternative Property Buyers & Investors below.
As you can see, many factors determine house prices. Thankfully, the more complex economic modelling can be avoided by making the best use of local knowledge, experts, and historical price trends.
So, let’s look at the property value checker methods you can use to determine a home value estimate in the current housing market.
Property Value Checker 1 – The Online Valuation Method Based On Sold House Prices Data Available To The Public
This method looks at the house prices achieved for the most recent sales for a similar property in a location as near to yours as possible.
You will need to make sure that the comparisons you are making with other properties are based on either remarkably similar or an exact match of property details to your own. So first, produce a breakdown of what rooms and facilities your property comprises, such as:
It’s also useful to know the square footage of your property as the estimated value can often be impacted by this as well as the types and number of rooms and their sizes.
Double bedrooms tend to be more valuable than single bedrooms in a lot of cases.
You can use our home value estimator spreadsheet online here (link to be added) to collect this data and begin your property valuation process.
Here are some of the main sites that can provide sold house prices by location;
Property Value Checker 2 – An Online Valuation Tool That Utilises The Modern Digital Real Estate Agent And Saves You Time
This is a hybrid approach that utilises a more modern estate agency model that leverages the immediacy of digital data an augments its with human capability.
A digital approach can help to lower cost, however it doesn’t always provide accurate data (or without further interpretation) and actionable insights. However if you combine this data with the knowledge of an agent this can become really powerful, especially if the agent can operate mostly remotely without having the large overheads of many high street agents.
So, you get the benefits of a full service estate agency that can leverage the web and provide a human service for a low cost fixed fee.
Here are some of the main provides that can provide
Property Value Checker 3 – The Local Estate Agent Providing A Human Touch On A Very People-Centric Transaction
Love them or hate them, estate agents still have a lot to offer (and answer for) in the property market today.
For one thing, they have lots of local knowledge and will usually be the first or second port of call for many buyers and so can potentially provide sellers with some immediate interest from their list of registered buyers and may also be able to provide some guidance on what buyers are looking for in the local area.
You can find estate agents in your area using the links below. It’s worth checking out the getagent.co.uk site it this will provide performance data for agents in your area as this tends to vary by region or office;
Alternative Property Buyers & Investors
If you need to sell quickly or your property is not suitable for attracting a buyer, you may need to consider an alternative sale.
These types of outcomes are rarely achieved with an estate agent and so you are usually in better hands dealing with a company that specialises in this type of transaction. The outcome can be an alternative to a sale that solves your immediate problem, or it may be a fast sell, usually at a discounted price for a cash offer. You can sometimes get a house value directly from these companies online or with a quick visit from a local agent.
I would recommend using the steps above to determine your properties like value before contacting one of these companies.
The only way to get an accurate valuation is to combine data from multiple sources and ensure you make use of data from comparable properties, take into consideration current market trends and the likely homeowner that your property may attract.
Property prices don’t move across the country at the same time and in the same way. The current market value is determined by how the local market is performing within the context of regional and national influences. One area may be seeing a decline in its property’s value while another is seeing an increase in a different geographical location so comparable homes should be in a comparable location to get a more accurate price.
Other Frequesntly Asked Questions About Property Values
How to check a property value
There are a number of ways you can check the value of your property using either online or offline methods.
If you prefer to do your research then please click through to the main article associated with this question.
This article provides a number of methods for checking a property value.
How to look up a property value online
There are a number of established websites that provide property valuations from the comfort of your home or mobile.
The more established like RightMove and Zoopla provides some useful data if you know how to get it.
Click through to the main article to get more information on the methods available and the best approach to use.
Where can I find an estimated property value calculator
Property valuations can vary widely when using online calculators. They can be useful as a guide and become more useful when you combine them with other data such as actual house prices achieved in your areas.
The main article associated with this question provides more information on valuations.
What is the current property value of my home