Property values are often changing.
They can even change between the time you put them up for sale and when they sell.
Some websites offer free valuation tools that simply require your postcode.
But aren’t always the most accurate.
Read on for an overview on what you should consider to work out how much your house is worth.
Overview of main factors for property value
The main factors that influence how much a property is worth are:
- Type of property
- Location
- Property size
- Economic conditions (local and national)
- Property age
- Condition.
Each house has a combination of these factors.
For example, houses in cities are worth more than houses in the countryside. But the latter kind are often larger – and larger properties sell for more than smaller ones.
But all things being equal, older, larger, detached houses in good condition in cities under good market conditions are worth the most.
Getting a valuation
A valuation is the easiest way to get an idea of your property’s value.
However, there are different kinds of valuation. Each has it’s own accuracy and implications.
1. Use an estate agent
Estate agents can value your home for free.
However, some estate agents don’t give accurate valuations.
Many exaggerate so that you are more likely to hire them to sell it.
2. Use an online estate agent or property buyer
Online estate agents or property buyers often use desktop research to value properties.
The often use the Land Registry and comparisons to recently sold similar properties nearby.
This enables them to cross-check valuations.
3. Use a conveyancer
You can contact an independent property valuer (i.e., conveyancer) to get an accurate estimation of your house’s worth.
In most cases, they will inspect your property in-person before giving you their professional opinion.
Can I get a free valuation on my house?
Yes, there are plenty ways you can get a valuation on your UK property for free.
Most estate agencies offer this service free-of-charge.
Cash house buyers do, too (their valuation may be slightly below the typical market rate).
There are plenty of online calculators that you can use for free, too.
These give immediate valuations, but they often aren’t as accurate as human valuations.
How much are properties worth in the UK?
The value of your house will usually vary for as each year passes, and may also do so based on the seasons. For example, average house prices increased in a recent twelve month period to:
- £304,000 (4.1% increase) in England
- £214,000 (4.8% increase) in Wales
- £185,000 (3.0% increase) in Scotland
- £172,000 (5.0% increase) in Northern Ireland.
Ways to increase the value of a house
There are several steps you can take to increase your property’s value.
Add an extension or outbuilding
Extensions and outbuildings increase house’s sizes. This in turn increases value.
Adding a playroom, conservatory or bedroom can increase your house’s worth.
Loft extensions and granny annexes are good examples of this.
Improve exterior’s appearance
You may be able to increase your house’s value by improving the exterior (it’s curb appeal).
This can include tasks such as:
- Cleaning your driveway (or paying for a new one)
- Gardening
- Painting the outside of the house
And more.
Fix issues
You may want to fix problems with your property, such as:
- Broken windows
- Rising damp
- Structural cracks
- Fading paint
- Damaged roof.
But before paying for this work, you should confirm that it is worthwhile, and will add more value onto your property than it costs to do them.
After all, not all small fixes are worth doing.
Why it’s important to know your house’s worth
The value of your property can be influential on the opportunities that are available to you.
Plenty of people downsize in later life to pay off their mortgage. Or use the funds from a house sale to fund their retirement.
Understanding your house’s value can enable you to budget accurately.
You should also be conscious of local market trends and economic conditions.
The time of year you sell at also makes a difference.
It is also important to get more than one expert to value your house. This can stop you being ‘led astray’ by an estate agent who exaggerates the valuation.
Are probate properties and tenanted houses more or less valuable?
The following two conditions could significantly reduce your property’s value:
- Tenants living in-situ
- It’s in an unlivable condition.
These types of properties are considered less desirable for potential buyers. This is primarily because they may be unable to live there themselves.
If you want to sell your house fast in any condition, We Buy Any Home can help. Contact us today.
