What happens at a home valuation?

If you’re thinking about selling your home, one of the most important steps is arranging a home valuation. This process gives you a clear understanding of how much your property is worth in the current market.

A professional valuation can help you set a realistic asking price, avoid overpricing or underpricing, and attract serious buyers. It also provides insight into how your property compares to similar homes in your area. Whether you’re selling for the first time or are a seasoned seller, understanding what happens during a home valuation is key to making the most of the process and ensuring a successful sale.

What Is a home valuation appointment?

A home valuation involves a professional valuer visiting your property to assess its condition, layout, and unique features. Based on this assessment and current market trends, they provide an estimate of your property's likely selling price. While some agents offer 'desktop' valuations without a physical visit, an in-person assessment typically yields a more accurate valuation.

Preparing for the Valuation

To ensure a smooth valuation process:

• Clean and Declutter: A tidy home allows the valuer to assess the property without distractions.
• Enhance Curb Appeal: First impressions matter; ensure the exterior is well-presented.
• Document Improvements: Inform the valuer of any renovations or upgrades, as these can influence the valuation.
• Prepare Questions: List any queries about the selling process to discuss during the appointment.

How Is the Valuation Calculated?

Valuers consider several factors when determining your property's value:

• Location: Proximity to amenities, schools, and transport links.
• Property Size and Layout: Square footage and functional design.
• Condition: Overall state of repair and any necessary improvements.
• Market Trends: Recent sale prices of comparable properties in the area.

This comprehensive analysis ensures the valuation reflects current market conditions.

Duration of the Valuation

A typical valuation appointment lasts between 30 minutes to an hour, depending on the property's size and complexity. This timeframe allows the valuer to conduct a thorough assessment and address any questions you may have.

Choosing the Right Agent

It's advisable to obtain valuations from multiple local estate agents. While it might be tempting to select the agent offering the highest valuation, ensure their estimate is supported by market data and comparable sales. An inflated valuation can lead to prolonged time on the market. Consider the agent's experience, marketing strategy, and fees when making your decision.

Understanding the Home Report

In Scotland, sellers are legally required to provide a Home Report, which includes:

• Single Survey: Details the property's condition and market valuation.
• Energy Performance Certificate (EPC): Rates the property's energy efficiency.
• Property Questionnaire: Offers additional information from the seller.

The Home Report significantly influences the selling price, as buyers often base their offers on its valuation. Discuss the Home Report process with your chosen agent to understand its implications fully.

Arranging a Home Valuation

To initiate the selling process, contact local estate agents to schedule a valuation. Many offer free, no-obligation valuations and can guide you through the subsequent steps, including preparing the Home Report and marketing your property. If you're looking for professional advice and support, ESPC can provide expert guidance and help you navigate the selling process with confidence.