How Estate Agents Determine Your Property Value

First of All, What is A Property Valuation?

Put simply, a property valuation is an assessment of your home, often undertaken by an estate agent, that helps you understand the monetary value of your home. It's a crucial step in the selling process because you want to make sure you are getting your money's worth for your home while also ensuring that you haven't priced it too high, which might leave potential buyers uninterested.

What Do Estate Agents Look Out For?

Kerb Appeal

First impressions count in the property market! 

‘Kerb appeal’ refers to how attractive your home looks from the outside. The old adage that what's on the inside matters is untrue when it comes to selling your home! Did you know that the majority of buyers make up their minds about a property within minutes of viewing it? So, the overall kerb appeal of your home will be something estate agents take great interest in when valuing your property.

The Overall Condition of Your Property

The condition of your property is a critical factor in determining its value. Estate agents' biggest asset is their valuation and market appraisal of the property, and this is heavily influenced by your property's condition, both inside and out. Estate agents will take into consideration everything from your windows, the condition of your roof, any issues with damp, and the flooring in your home. A house with electrical faults or structural damage will be valued considerably lower than an identical property without these problems. 

Location, Location, Location

The location in which your property is situated will have a major impact on its valuation. Homes in neighbourhoods with good amenities will be valued higher than those with very little around them. These 'good' amenities can include being surrounded by good or outstanding schools (attractive for families), excellent public transport links (ideal for various age groups), nearby recreational activities such as swimming pools or parks, and homes set in or near scenic locations.

Remember Size Does Matters to a Degree

Estate agents will also factor in the size of your property when determining its value. Homes with larger floor areas and more bedrooms and bathrooms tend to receive higher valuations. However, it's essential to keep in mind that the relevance of the size of your property will be dependent on the other factors on this list. For example, you might find a smaller property valued higher than a larger one due to the larger property being in a very poor condition that will require lots of money to be renovated and repaired. So, always keep this in mind when having your property valued. 

Did you know that properties valued at the right price are more likely to sell? That's why it is crucial to get a professional and correct property valuation, like the one offered by Balgores. Understanding how estate agents determine your property's value can help you make informed decisions to maximise the potential of your home in the market. So, when you're ready to sell your home, consider these factors and consult with the experts at Balgores to make sure you get the most out of your property.