How much is your property worth?
Much like the weather, we Brits love to talk about property prices. Whether the market is rising or falling, we like to talk about property prices. Whether we are thinking of selling or not, we love to keep abreast of what our homes are worth.
The bottom line is, of course, that it is worth whatever someone is prepared to pay for it. Our job as estate agents is to make an informed assessment of exactly that.
We have an online valuation tool on our website which gives homeowners a guide, a range within which we would expect the property to sell. Whilst this is a start, and works well for a road of identical houses, it doesn’t take into account the individual properties we have in our area of Surrey.
So we highly recommend that property owners request a more accurate market appraisal which, at henshaws, we provide free of charge. We will come to your property and take a detailed look at the individual characteristics and features of your home, tapping into our local knowledge and experience.
There are several factors that we take into account when valuing a property:
We consult our own internal database of properties we have sold, finding similar size homes, in a similar location, and record when they sold, and what they sold for. This will give us a guide based on real examples of comparable properties.
We also keep abreast of what else is on the market or recently sold through other agents.
As TV’s Kirsty and Phil remind us, location plays a big part in the value of a property. Not just which part of the country it is in, but also whether it is in a favoured town or village, and within that, a favoured street.
Factors such as proximity to a good school will impact the value of a family home, much the same as proximity to the village centre with shops and doctor’s surgery, will impact the value of a bungalow that may appeal to elder residents.
Those commuting for work seek accessibility to road and rail links and are prepared to pay a premium for the convenience of the location, and those with dogs will be looking for open spaces.
A good local agent will know which of these, and other, variables to apply when valuing a property.
A fully refurbished house, with new kitchens and bathrooms, new flooring and a landscaped garden will most likely be valued more highly than a neighbouring property, identical but requiring a full upgrade. Of course most properties fall somewhere between these two extremes, with homes that have a normal level of wear and tear. We have buyers actively seeking all of these options, the ones who just want to move into a newly finished home, those who want to add their own style and value, and those who will be happy just giving the property a lick of paint and a new carpet!
One of the more superficial influences on valuation is presentation. A clean, tidy and clutter free property is generally more attractive to buyers than one that has been neglected, that gives the appearance of insufficient storage due to all the clutter on surfaces, or maybe smells of wet dog!
Once asking price range, location and condition preferences have been met, the desirability of a property is very much down to an emotional response from the viewer, and will affect the level of offer they would be prepared to make.
So valuing a property for sale is not a precise science, but more a judgement call based on experience. So valuing a property for sale is not a precise science, but more a judgement call based on experience.
We at henshaws have been selling property in the Horsley, Effingham and Bookham areas for over thirty years and we like to think we know a little bit about the local market. So why not call us now for a free, no obligation appraisal of your home.
Call our Bookham office on 01372 450255
Call our Horsley office on 01483 285757
modern agency, traditional values