The property market can be overwhelming, filled with jargon and complicated processes guaranteed to befuddle first-time sellers and seasoned veterans alike. Our detailed Property Selling Guide aims to demystify the industry to give you the tools to confidently sell your home (and for the price you want, too).
If you’re thinking about selling your home or rental property in Scotland, your first step is to get it valued, which will give you an estimate of how much it’s likely to sell for. Here we’ll explore key points, including, what a property valuation is, what’s involved, the costs, and how to prepare for your valuation and get the most out of your appointment.
What Is a Property Valuation?
A property valuation is an assessment of your home’s worth and is determined by a number of factors that help estimate how much it’s likely to sell for on the market. A valuation appointment involves a professional valuer visiting your property to gauge its condition. After that, they’ll provide an estimation based on the property’s condition and current market conditions. When making their assessment, the valuer will consider everything from your home’s general wear and tear to room layout, size, age and storage.
They will also consider how much properties in your area have previously sold for, what amenities are available, the area’s history and local market conditions before collating the information to provide a thoroughly researched benchmark.
Some valuers may offer surface-level or ‘desktop’ valuations instead, which involve estimating your property’s value based on the information you send via email. It’s worth noting, however, that a valuation is likely to be more accurate when conducted in person, rather than through email or remote means. For an estimation you can trust, an in-person valuation carried out by a professional is the only way to find out exactly how much your home is worth.
What’s the Difference Between a Property Valuation & Mortgage Lender Valuation?
Property valuations and mortgage lender valuations are two different assessments with individual goals.
Mortgage Lender Valuation – The lender performs a mortgage valuation to confirm a property’s value before processing the mortgage. This also helps to ensure that the property is suitable security for the loan applied for. For example, if you’re buying a property priced at £500,000, but the home is valued at £400,000, the mortgage lender will only loan you £400,000. In this case, you’d need to find a new lender or source the extra money elsewhere.
Property Valuation – Performed by an estate agent, surveyor or independent valuer, a property valuation determines the market value of your home based on the factors previously discussed. For those looking to sell, it’s usually the first step in the process to discover how much you could gain.
How Much Does a Property Valuation Cost?
Most solicitor estate agents provide property valuations completely free. There are, however, independent valuation companies that require a cost. Researching what’s best for you when considering your options is essential, but most sellers opt for a free valuation from a professional estate agent with knowledge and experience in the local market.
How Can I Prepare for My Property Valuation?
To get the most from your valuation appointment and increase your chances of a higher estimate, get your property in tip-top condition. A thorough cleaning (inside and out) can make a world of difference and allows the valuer to fully appreciate your home.
While the valuation is underway, it’s an excellent time to ask any questions you may have about the process and what comes next. Spend some time considering what you’d like to know, and be sure to make use of the valuer while they’re around – they’ll always be happy to help.
Lastly, highlight any alterations and improvements you’ve made to the property since you bought it. Even the smallest renovations can add a serious markup to your property. Read our 10 ways to add value to your home blog for more price-boosting ideas.
How to Arrange a Property Valuation
Now that you’ve discovered everything you need to know about property valuations, it’s time to organise one. At MOV8, our solicitor estate agents offer free, professional property valuations paired with expert local market knowledge to help you get the most out of your property.
Click here to instantly book your valuation today.
So, You’ve Had Your Home Valued. What’s Next?
If you’ve had your home valued and you’re ready to start selling, it’s time to appoint an agent and get your home on the market. Check out the next page in our Detailed Property Selling Guide for more information on finding the right estate agent for you.
Thinking of Selling Your Property?
Fill in our free online home valuation form here
Call us on 0345 646 0208 (Option 1)
or email [email protected] to organise a free valuation of your home or to get a full, transparent breakdown of the costs of selling your home.
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