What is a property valuation and how long does it take?

Why property valuation matters

Before delving into the process, it's essential to understand why property valuation matters. An accurate valuation is vital for getting the best price for your property. It considers various factors such as:

  • Comparable properties in the local area
  • The condition of your property
  • Current trends in the national housing market

Can I get an online house valuation?

While online estimates are available, having an experienced agent physically assess your property is recommended for accuracy. Online valuations often provide limited information, whereas an agent can evaluate your home comprehensively.

Request an instant valuation to get an idea of your property value here.

How much is an estate agents’ valuation?

With Haybrook, you can obtain a free valuation of your property. Some agencies may charge a fee or require service engagement for a free valuation, other types of valuations, like those by chartered surveyors or mortgage valuation surveys, may incur further costs.

Here are some typical costs associated with property valuations:

  • A chartered surveyors' valuation, often obtained when purchasing a home, typically costs around £250.
  • A HomeBuyer Report usually costs around £400.
  • Lenders conduct mortgage valuation surveys to ensure the property's value matches the purchase price. Costs vary by lender and property size/value, ranging from £150 to £1,500.

What happens at a house valuation?

During a house valuation, an agent will visit your property, walk through it, take measurements, and ask relevant questions about its condition, ownership, and unique features. This process typically lasts around 15-20 minutes but may vary depending on the property's size and unique attributes. Some questions during a valuation might cover:

  • When were the windows last replaced?
  • How old is your boiler?
  • Is the property leasehold? Who owns the leasehold, and how long is left on it?
  • What special features make your house unique?
  • Is it sole or joint ownership?
  • Are there any issues with the home, such as structural or maintenance concerns?

What do estate agents look for?

During a house valuation, agents will assess how your property compares to others in the area, considering factors such as its condition, required refurbishments, and unique features.

They may also inquire about neighbours and local amenities, leveraging their expertise in the local area. Answering questions honestly and to the best of your knowledge can assist agents in evaluating your home's value effectively.

Do estate agents take photographs during a valuation?

Typically, photographs are not taken during the valuation appointment. This can be scheduled later, allowing you time to prepare your property and present it in the best light possible.

For further guidance on preparing your home for viewings, refer to our comprehensive guide here. Avoid rushing to market your house before it's fully prepared. Enhancing your home's value doesn't necessarily require significant expenses!

How to prepare for a valuation?

Preparing your home for a valuation is different to preparing it for a viewing. Minor clutter or unfinished tasks are generally not a concern during valuation, as agents focus on the property's potential rather than its presentation.

Questions to ask during a valuation

Common questions during valuations often revolve around the property's current condition and what improvements, if any, are advisable before selling. You'll want it looking its best for potential buyers, but it's tough to gauge how much to invest in improvements. Common inquiries during house valuations include:

  • Should I tackle any small decorative tasks before selling?
  • Is re-carpeting necessary?
  • What fixtures and fittings do we need to leave behind?

Experienced agents, like those at Haybrook, can provide valuable advice based on local demand and market conditions.

Post-valuation process

After the valuation, your agent will provide you with a valuation figure and guide you through the next steps. Whether you decide to sell or not, Haybrook can assist you through the entire process, ensuring you're informed and supported.

Get a free valuation with Haybrook today

Understanding property valuation is crucial for anyone considering selling their property. With Haybrook, you can expect a thorough valuation process and expert guidance at every step. Contact us today for a free, no-obligation valuation and take the first step towards making informed property decisions.