Unlocking the Secrets of A Property Valuation: A Guide for Sellers
When considering selling a residential property in Scotland, whether it's your own home or a rental property, the initial step is to determine the potential selling price.
Typically, people choose to request a visit from a knowledgeable solicitor estate agent in their local area to obtain an accurate valuation or pre-sale appraisal. Larger firms usually have a team of skilled valuers who conduct thorough research and visit the property in question to perform the valuation. This professional assessment helps sellers get a clear understanding of their property's potential market value before proceeding with the sale process.
What is a property valuation?
A property valuation entails a valuer personally visiting your property, carefully assessing its condition, layout, and any distinctive features, and subsequently providing you with a well-researched estimate of its potential selling price in the present market conditions.
Some estate agents might offer a 'desktop' valuation, where they won't physically visit the property. Instead, they'll rely on your description and local market conditions to email you an estimated market value. However, this method is unlikely to be as precise as having a valuer conduct an in-person visit.
Opting for a valuation by a valuer who physically inspects your property is the most accurate approach.
How do I prepare my property for a valuation?
To make the most of your valuation appointment, a little preparation can go a long way. Giving your property a thorough spring clean can have a significant impact, allowing the valuer to see the property's true potential without any distractions. Remember to pay attention to the exterior as well, as first impressions matter!
If you have any queries about the selling process, associated costs, or questions related to purchasing your next property, jot them down. Your valuer should be able to address these during the valuation appointment or take the time to find out the answers for you.
While walking around with the valuer, it's beneficial to inform them about any improvements or alterations you've made to the property since you purchased it.
What questions should I ask during a property valuation?
When meeting with the valuer, there are several questions you may want to ask to gain a better understanding of their firm, their approach to work, and how they will handle the marketing of your property.
- What are your selling fees and other costs associated with marketing my property? It's essential to have a clear understanding of the financial implications involved in selling your property through their services.
- How is your selling fee structured? Is it a percentage of the final sale price or a fixed amount? Different solicitor estate agents may have varying fee structures.
- When will these fees be charged? Some firms may require partial payment upfront before the property goes on the market, with the remaining fee payable upon successful sale. Clarify the payment schedule to avoid any surprises.
- How will you market my property? Enquire about their marketing strategies and how they plan to attract potential buyers.
- Can you share some examples of recent sales in the area? Knowing about their recent successes will give you insight into their expertise in the local market.
By asking these questions, you can make an informed decision when choosing a solicitor estate agent to market your property and ensure a smoother selling process.
Who should I contact to come and value my property?
Whether you're selling your home in Edinburgh, the Lothians, Fife, the Scottish Borders or Dumfries & Galloway, arrange a free property valuation with one or a number of our expert member solicitor estate agents.
By filling in our quick and simple form you can book a number of free property valuations with our member solicitor estate agents in just a couple of minutes. They will be in touch to visit your home and carry out the bespoke valuation at a time that suits you.
Is a property valuation free?
Yes! A valuation with an ESPC solicitor estate agent is completely free with no-obligation.
How is my property valuation calculated?
In addition to assessing the property's condition and size, the valuer takes into account various factors. These include the prevailing local property market conditions, historical selling data in the area, nearby amenities, and a comparison with similar properties currently listed for sale in the market at the time of valuation.
What is the difference between an instant valuation online and a solicitor estate agent valuation?
Some websites offer instant valuation tools that provide ballpark estimations by simply entering the property address and basic details. These tools usually calculate the valuation based on averages derived from recent sales in the same area, often using data from neighbouring properties or homes located across the street. While these instant valuations can give you a rough idea of your property's worth, it's important to remember that they are not as accurate as valuations conducted by professional appraisers or solicitor estate agents who take a more comprehensive approach and the individuality of your property into account.
How long does a valuation take?
The valuation appointment is typically scheduled to last around an hour depending on the property size, although it can be completed much faster if necessary.
How do I choose the right solicitor estate agent?
Sellers often seek valuations from multiple local expert solicitor estate agents. While it may be enticing to choose the highest valuation, caution is necessary as some agents might compete for business by offering inflated figures. It is crucial for sellers to ensure that the valuation provided is well-supported by thorough research and data on comparable sales.
How can I increase the value of my property?
There are a number of big and small ways you can increase the value of your property. We’ve detailed some in our recent blog post.
I'm ready to find out how much your property is worth
Arrange a free property valuation with one or a number of our expert member solicitor estate agents now.
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