The value of your property matters. Thus, before beginning the process of selling your property, you need to establish its value first. That is, get an accurate valuation and from it, determine the potential price for which you can sell your price. Remember, when you go wrong with the value of your property then you might end up selling it for less than its worth. So just how do you value your property to ensure it reflects its worth?
Well, if you are not going to involve a financial lender at any stage of the sale process, you can consider going for estate agent valuations. That is, you engage at least three estate agents all of whom should give you a free valuation of your property after which you can select the estate agent you will work with.
Even then, you need to keep in mind that the majority of estate agents do not conduct a detailed valuation hence they only suggest or indicate a rental or sale price that is appropriate for marketing your home. This is largely based on a number of factors that are influenced by the forces of demand and supply as well as the sale price of comparable properties within your area.
The Valuers Code
Professional estate valuers are bound by a code that guides their work hence they can be able to explain how they arrived at the value they have placed on your property. The code that is set by the Royal Institution of Chartered Surveyors (RICS) is based on the criteria below:
- Accommodation available
- Type and age of the property
- Features and fixtures
- Position within the locality as well as surrounding amenities
- Tenancies, tenure, service charges or any other liabilities
- State of repair and construction
Overall, if you are depending on estate agents for a valuation of your property, you need to find out the parameters they are using. While the estate agent can provide you a valuation of your property at no cost, you can get a detailed on from professional surveyors.
Keep in mind that estate agents are always focused on winning your business hence the need to go for at least three valuations before settling on one. Ensure that the property is not overpriced because this will discourage potential buyers. Consequently, your property may become stale making it difficult to sell. In extreme cases, you may find it very difficult to sell the property.