How much is your house worth?

How do estate agents value your house?

So you’ve decided to sell up and move on, but before you can buy that brand new home, you need to get the one you want on the market!

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  • ✓ Rightmove
  • ✓ Zoopla
  • ✓ Mashroom
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Understanding the value of your current home will be a key part of your next mortgage, so it’s worth taking some time over this.

Valuing your home can seem like a daunting task but with the advancements in technology and the tools readily available on property portals today you can make a realistic, sensible valuation of your property:

• The specifications of your property, the estimated square footage, any extensions or renovations

• The location

• Are you already on the market?

• When are you looking to sell? Within a month, three months or just curious?

• Are you bedrooms single or doubles?

• What do you think it’s worth?

• Is there any loft insulation or cavity wall modification?

• Does the property have parking either a driveway or on the road?

• How the market is acting in your location at that specific time?

• Past and present sold and for sale data in your geographical location

Can I value my house myself?

If you do decide to value your property yourself here are a few things to consider:

  • Price Wisely. Property portals list and allow the search of their stock on a price bracket system, so pricing wisely can increase the exposure your house receives. For example if you list at £176,000 you will just miss the 175,000 bracket and therefore be bumped down the order towards the back end of the next bracket, say £180,000
  • Research. The use of internet has hugely advanced the way in which prospective buyers and sellers can research the property market prior to the selling process. Zoopla and Rightmove both provide the tools to accurately value your house yourself by allowing you to research what houses are going for in the same area, but more importantly what houses have sold for recently which gives you insight into the market.
  • Be realistic. It is important when valuing your house to consider what makes it unique or desirable and there is nothing wrong with reflecting this in the price
  • Detach yourself emotionally. While this may have been your home for years, with great memories attached, none of this is going to matter to a prospective buyer. All they will care about is if they like the place and if it works for them. Therefore letting your emotions cloud your judgement can result in a lack of interest or the loss of a sale.
  • You can re-evaluate. Don’t spend endless hours worrying if you are listing at the right price, get your advert live and let the interest in your ad help make your mind up. You can always change the asking price of your property, for example if you have been listed for three months and received nothing at all, try lowering your price by a few brackets.

What are my next steps?

Selling is a stressful process because it’s not just the selling you have to worry about – you also have to think about buying at the same time! Once your home is on the market, you need to start looking for your next dream home.

Book a call with our mortgage advisors to make sure you’re looking in the right price bracket. There is nothing worse than finding just the right place, only to discover you can’t afford it! Our advice is completely free and with access to over 12,000 mortgages from 90+ lenders we can find the right mortgage to suit your individual needs, whether you’re a first-time-buyer, looking to invest in a buy-to-let or planning to remortgage

Make sure you take the time to speak to an advisor before you start viewing to avoid disappointment and wasted time!

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