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Before you put your house on the market,
it’s essential to have an idea of it's value and what
price you can expect to sell it for.
Property
valuations can vary tremendously so it's wise to
do some homework yourself. Nowadays historical house
price data is freely available, but it's important
not to rely on this alone. |
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How much is my house
worth and what price should I ask for it? |
So
just how much is my house worth? It's important to remember that house
prices and valuations are driven by demand and property
is worth what someone is prepared to pay for. There is
no scientific formula to determine how much a house is
worth, and agents can get it wrong!
Before
asking for a professional opinion take some time to do
your own research.
Use the internet and newspapers to compare your
home against similar properties for
sale and ones nearby which have recently sold. By the
time you finish your homework you should have your own
house price in mind.
Once you have a better idea of how much your house is
worth, ask an estate agent to give you a professional
valuation. Discuss the desirability of your type of home
and the demand for similar properties in the area, this
will give you an idea of the strength of the property
market and the chances of selling quickly.
You'll need to request at least one other opinion to
confirm the first valuation, as figures can vary tremendously!
Keep in mind the price you want to achieve
after you own research and don’t be afraid to suggest a
value yourself!
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Ask a property appraiser
how much your house is worth. |
An alternative approach to requesting an estate agent’s
valuation is to ask an independent property appraiser to
value your property. Many independent property appraisers do not
charge for their services and are receive remuneration
by introducing properties to appropriate agents.
The main advantage of asking an independent appraiser to
is that they normally have established connections with
many agents, so they should have a broader knowledge of
which agents could achieve the best price for your home.
An Indpendendent property appraiser will probably have
many years of experience so you could also benefit from
their additional knowledge and expertise.
If
you decide to use a property appraiser,
you
will still normally need to pay a fee to the estate
agent once you’re house is sold.
Land registry information is freely available giving you
historical sale price information for a particular
street or postcode area.
Before you decide on a
price for your house,
it's worth remembering
house prices are driven
my demand. Your house is
worth what someone is
prepared to pay for it
and some key factors
which could set yours
apart from similar
properties include:
Location and house
values.
Is your home located in
a desirable area, or
does your house have an
outstanding view,
private garden or easy
access to local
amenities? Not all homes
are the same just
because they are a
similar size, and
location is probably the
most important factor
when it comes to house
prices and what your
house is worth.
Home improvements
and house prices
So before you ask
yourself "how much is my
house worth, it's
important to bear in
mind that the condition,
layout and size of your
home will help determine
the final selling price.
Has your house had an
extension, is the
interior layout well
designed is it easy to
move from room to room
without any awkward
quirky features or
narrow corridors? If
your home is a period
property has any
additional work been
carried out
sympathetically to
preserve the original
features?
House ceiling price.
Your homes value and
what your house is worth
can depend on similar
properties sold or for
sale in your street.
There may will a ceiling
price which can be
determined by sold
houses sold in your area
and this can be taken as
a maximum value for your
home.
If your home is special, you can largely ignore the ceiling price dictated
by historical house
price data. Advertise
your house at a price
you think you sell it
for, even it appears to
be much higher than
other homes for
sale/sold. If you have
confidence in your home
and it's desirability,
you could set the new
ceiling price!
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