It is hoped that this article will be able to give homeowners an idea of how to conduct a free property valuation and also highlight some of the most useful resources when conducting the valuation process. The article does not however set out to discount the work of estate agents or qualified surveyors but instead attempts to highlight how the following techniques can be used to gain a ballpark figure for your own home, or to find how accurate an asking price is for a property you may wish to buy.
Ultimately the process of a property valuation includes a comparative method taking into account other properties in the immediate vicinity. Thankfully there are a variety of free tools that can be used to conduct this strategy. Estate agents and surveyors call these factors ‘comparables’ and refer to the prices of similar properties in the area.
The first step when conducting a property valuation is to make notes of the road where a property is located and other streets where similar houses are located. Once this information has been obtained there are a number of free online tools that use resources from the Land Registry in order to give an accurate idea of what properties have sold for in that geographical area.
This data however is not completely up to date and stretched back over three years; it is a good starting point though. To find more recent house prices some major banks have free online services that will assist in your property valuation process.
Another free strategy to utilise when looking for a property’s value is to simply take a walk around the area looking at the homes that you have existing prices for and seeing whether any have had extensions or loft conversions.
Then it is possible to gain a valid idea of the most reasonable price for the property you hope to buy. This does not have to be completely done out in the open, thankfully online mapping sites are an excellent free way of assessing the size of property lots and gardens, once again giving an indication of value.
Naturally factors such as the local transportation connections, the quality of the schools, primary and secondary, as well as the other amenities in the immediate area should also be researched. All of these factors are involved when a professional property valuation is made and if you are to achieve an accurate figure it is important to undertake as much research as possible and use a logical method of calculation.
By viewing as many comparables as possible it is easy to assess the true worth of a property in line with others in the area. However comparables are not everything when it comes to making a property valuation, to arrive at an accurate figure it is essential to take into account market conditions that will affect prices.
This one element is important because it adheres to the truth of any property valuation, “a house is only worth what a buyer is willing to pay for it”. Without an understanding of this key factor, a value will never be truly accurate.
It is hoped this article has presented how a free property valuation can be conducted with a conscientious approach that relies upon undertaking thorough research. Ultimately whether buying or selling property an estate agent or surveyor will be able to provide the most accurate figure but if purely attempting to find a general idea of worth the use of these methods is strongly advisable.
Real estate expert Thomas Pretty looks at what is involved when conducting a free property valuation and why estate agents are ultimately useful in the process.