What happens during a property valuation?
Ever wondered what happens during a property valuation? A valuation allows you to find out how much your property is worth and find out more about the proposed marketing plan from your ESPC solicitor estate agent. They can provide you with ESPC data to find out how the property market in your area is operating. Whether you're a prospective seller, or simply curious about the process, understanding what happens during a property valuation is essential for making informed decisions in the ever-evolving property market. In the below videos, we delve into the details of property valuations, shedding light on the intricacies, methodologies, and factors that come into play when assessing the value of a property.
Property Tour
The valuation process begins with a tour of the property and for you to talk through work or improvements that you've made to the property. Whilst looking around the property, the valuer will assess its condition, size, layout, and any unique features. They'll also consider the location and the surrounding area.
What does the valuer consider?
Things that they will consider when carrying out a valuation are:
- The general condition of the property, and house type - whether it is detached, semi-detached, linked, terraced or a flat
- Integrated appliances and fixtures and fittings
- Number of bedrooms
- The general layout of the property
- Garden access
- Direction property faces
- Silicone and grout in bathroom
Will the valuer provide any recommendations?
Yes. The valuer may make recommendations around small enhancements that you can do before putting your property on the market to increase its saleability.
Will the valuer take any measurements during the valuation?
Some appraisers may measure the room dimensions during the valuation to gain a better understanding of the floor plan and provide a more accurate property value estimate.
Valuation Discussion
Once the valuer has had an opportunity to view the property, they will sit down with you and have a chat through any questions that you may have and talk to you about the market conditions during the time that you are selling.
What external factors could affect my property's value?
Something that may affect a property's value at the current time is if there are any other comparable properties for sale in the close vicinity that you may be competing against. Along with this, current market conditions play a role in this. ESPC solicitor estate agents have access to exclusive data and can provide you with comparable sales in the area and for similar house types. This data shows the valuer live, local property data including home report values and sale prices. This helps to provide information about what is achievable and in some cases, what is not.
Will my valuer explain their proposed strategy during the valuation?
Yes. they will talk you through what services they can offer you and how they would market the property based on their experience and data provided to them. Every property is different so will be treated individually.
Valuation Proposal
Following the in-person valuation, the valuer will send you a valuation proposal outlining the valuation that they have come up with and their retrospective costs. These costs will include things such as marketing costs in order to bring you to the market, cost for a home report valuation (this is mandatory in Scotland for home sales), their estate agency fee (this may be fixed or percentage-based) and their conveyancing costs.
Want to find out more about property valuations? Read our blog unlocking all the property valuation secrets.
Ready to find out how much your home is worth?
Arrange a free property valuation today with one or a few of our ESPC solicitor estate agents by completing our quick form. Remember only solicitor estate agents can advertise on ESPC.