Property Valuations Explained: Find the Most Accurate Method for Your Needs 🎯
If you are at the very early stage of planning to move, just thinking about it, is it too early to arrange a valuation of your home? Read this article to learn about the various valuation options available to you and how accurate they are.
Once you've made the decision to sell, the first step in any house sale is usually the valuation. Knowing the value of your home will allow you to set your budget for the new property you want to buy and determine how much equity you have tied up in the property.
There are a few ways to have your home valued, meaning that you can have an up-to-date valuation without waiting until you are ready to have a formal valuation appointment. Each of the three options has a different level of accuracy but also a differing level of commitment from you, so you don't necessarily have to be ready to sell up before you start your research into the potential value of your home.
Online -
Starting with the online property valuation. There is literally no commitment needed and no time invested by you. You can have an online valuation of your property at any time, as often as you like. Based on the price that you paid when you bought the property, other properties in your area that have sold since, and the property market at the moment, the algorithm will be able to estimate the value of your home. There is no limit to how frequently you can do this, and you can be sat in your PJs, enjoying a glass of wine whilst you do it. However, there are limitations with the software; it will not know how your home is presented or if you have made improvements since you bought the property. Therefore, the accuracy of this option is limited. That being said, it is a great starting point.
Virtual -
The virtual valuation, a service that has become more prevalent since the Pandemic, offers a personal touch. The valuation appointment can be carried out easily based on photographs, videos, and the agent's unrivalled local knowledge. The agent, being from your area, has a deep understanding of the street and the town overall. You can still be in your PJs (if you like), and there's no need to worry too much about cleaning and presenting the property to a visitor because the valuation is still remote. The key difference here is that a real person will be making an assessment; it's not left up to automation and algorithms. This personal touch can provide reassurance, even though the agent can't see the home with their own eyes, there will be some limitations, but it's a great stepping stone towards a full property valuation.
In-person -
The gold standard is an in-person valuation appointment, which will give you an accurate, researched property valuation. This is the best way to go if you are ready to put your home on the market for sale. It's a process that instills confidence and security, knowing that you're getting the most accurate valuation possible.
As with everything, each option has pros and cons, but essentially, there is a valuation option available for every homeowner, regardless of what stage they are at in their home-selling journey.
If you are interested in learning more about the different valuation appointments available to you, contact our team of property-selling experts.
