If you’re thinking about selling your home, one of the first things you’ll need to consider is its value. Most homeowners have very little idea what their property is worth. Some just look at listings in the surrounding area and then assume their home is worth the same amount. This may or may not be true, though. After all, that home selling at the end of your street may have had many upgrades so it includes state-of-the-art features like a backyard sauna. By the same token, it could have serious damp problems that would cost thousands to fix. Because you really just don’t know what those listings include, truly understanding home value is important before you list your home.
If you’re asking yourself “What is my house worth,” UK homeowners across the country are doing the same thing, and these tips can help you find that value easily.
The Tips That Can Help
Where do you even begin when you’re trying to value your home? It may be easier than you think.
- Go online and research home sales in your area. Look at the current asking price of the homes. Online real estate agencies like Rightmove and Zoopla provide current listings of similar properties almost anywhere in the nation. You complete the valuation form on their website and submit your postal code. Other sites may ask you for the type of home you have (apartment, condo, or townhome), the number of bedrooms, and the rough price range of your home. The website will then show you a listing of all properties within that price range and how long they have been on sale. In addition, the website will tell you if the home price has been discounted. Some of the properties may also have interior and exterior photos, including a floor plan. This way you can determine which property is most similar to yours.
- Another way to know the price of your home is to visit the UK House Price Index from The Land Registry. This platform carries an extensive list of all recently sold homes in the nation and often offers the most accurate pricing of your home.
- Estate agents can also be helpful in this process. Estate agents collect an enormous amount of data and most know the cost of homes within their area. As a result, you can consult with an estate agent who deals with property in your area and ask him or her how much your home is worth. Speaking to just one agent, though, would be a mistake. Instead, consult with at least 2-3 agents to get a more accurate figure on the valuation of your home. A competent professional will walk through the inside and outside of your home, look at the homes within the neighbourhood and be able to give you the best estimate. Most estate agents don’t charge a fee for just giving you a quote, but they may push you to sign a contract to sell your home with them.
- There are several high-end online agencies like Yopa, Foxtons, Savills, and Purplebricks who charge flat fees that range from £999 to £2,000 to sell your home and give you a rough estimate about the value of your home. Some of them may charge a certain percentage from the final sale of the home.
- You can also pay for a property valuation from a certified professional. You can typically work with an RICS-certified valuator, and have a professional valuation of your home for less than £300.
Why Understanding Your Home Value Matters
Why do you even need to know the value of your home? The first and most obvious reason is if you are considering selling your home, you need to know what price to state on the listings. And if you are planning to buy another home, you need to have a budget. That’s not the only reason to know the value of your home, though. You may also want to better understand whether you should spend money working to improve it or simply sell it for what it’s worth now.
No matter why you’re interested in understanding the value of your home, there’s never been a better time to explore just how valuable it might be.