How to Conduct a Property Value Check

Conducting a property check is vital, especially if you want to sell your current home. In some cases, homeowners are genuinely curious about what the value of their property is and want to know this information in case they ever decide to move homes.

Knowing how to conduct a property value check empowers you with valuable insights. However, if this is your first time conducting a property value check, you might be a little confused. To find out how to conduct a property value check, continue reading.

Understanding Property Valuation

Understanding property valuation is key. Essentially, property valuation is the process of determining the fair market value of a property, considering various factors such as location, size, condition, and comparable sales in the area.

Having your property valued helps you understand how much your property is valued if you ever decide to sell your home one day.

What Factors Influence Property Value?

You might be wondering, how much is my house worth? If you’re interested in finding out the value of your property, some key factors might influence it. The location of your property is a key decipherer regarding the overall value.

The proximity of your home to local amenities, schools, transportation hubs, and employment opportunities significantly impacts property values. Additionally, the size and layout of your property will impact the valuation, too.

Properties that are well-maintained and have fewer damages often command higher prices. Having an extension on your home or big garden spaces is likely to increase your property valuation. As well as location and property size, prevailing interest rates, and economic conditions affect property values.

In a seller’s market, prices tend to rise due to high demand and limited inventory. It’s also beneficial to consider recent sales of similar property types in your area. This is known as comparable sales; it provides insight into the property market where you reside.

Conducting a Property Value Check

Conducting a property valuation can be done in a few different ways. Let’s go through some simple methods for finding out the estimated value of your property.

Utilise Online Platforms

An instant online house valuation provides a hassle-free way of finding out how much your property is worth. It’s best to utilise trusted and reliable online valuation tools to have the best chance of finding out how much your house is valued.

However, using an online valuation tool doesn’t always give you an accurate valuation, but they’re great to use if you just want a general idea of how much your home could be worth. Using a free property valuation tool is useful, but you shouldn’t rely on the answer it gives you.

Research Nearby Sales

Staying up-to-date with recent property sales in your area could help you better understand the value of your property.

House prices differ, regardless of whether they’re located in the same area that you reside in. However, you’ll be able to see what features higher-valued properties close to you have that you don’t, helping you understand what increases property value.

Consider Local Market Trends

As well as keeping up to date with recent house sales in your area, it could be beneficial to stay informed about local market trends and dynamics that might be influencing property values.

For instance, infrastructure developments could affect local market conditions and impact property prices in specific areas.

Attend Open Houses and Viewings

This method of trying to better understand the value of your home isn’t the most effective, but it can be useful.

Attending property viewings in your area allows you to have a firsthand look at comparable properties and their key features. Although house viewings can prove time-consuming, you can see what other properties have that you don’t, which could increase your value.

Seek Professional Advice

When in doubt, the best thing to do is to seek help from professionals, such as a local estate agent. Local agents will have good knowledge of your area and the value of properties close to you.

In comparison to alternative, less trusted methods, professionals can offer an in-person valuation while giving an accurate price estimation. Being given an accurate valuation is key, especially if you want to sell your home soon.

Additional Tips

When you’re valuing your property, it’s important to approach the valuation process with objectivity while remaining realistic. Don’t set your expectations too high or start overestimating and underestimating your property’s value.

If your property requires renovation or improvement and you receive a lower valuation than expected, take time to consider the potential return on investment (ROI) of any upgrades or renovations. It’s also advisable to evaluate your property’s potential for future appreciation based on factors such as planned developments.

All valuations vary for different reasons, so don’t be disheartened if your property’s valuation is a little lower than you’d like. There’s always room for improvement within your home, which might be able to boost the overall value some more.

Are You Looking to Sell Your Property?

If you’re looking to sell your property, we might be able to help. Here at Peninsular Property, we offer a wide range of services, including buying properties. As part of our expert services, we work alongside landlords, providing specialist support, guidance, and advice.

Additionally, we purchase properties on behalf of landlords. Selling your property can be difficult, but at Peninsular Property, we offer a streamlined service. Our property purchases are most successful, and we find great homes for landlords to rent out to tenants across the Wirral and surrounding areas of Merseyside. Our services keep both landlords and tenants happy.

If you’d like to find out more information about our services, please feel free to contact a member of our team today. We’re more than happy to discuss buying your property and go through the process with you. We look forward to hearing from you soon.

Joe Martin-Bindley

Joe is the founder of Peninsular Property and has worked in the industry since 2005. Joe has negotiated on over 9 million pounds worth of property purchases and managed over 1000 properties for clients all over the world. Joe is a landlord himself with a varied property portfolio so is ideally placed to advise clients on their property purchases and investments.