When choosing an estate agent, it is important to pick one that has made a realistic valuation of your property. It is natural to want to go with the estate agent who made the highest valuation but consider whether it is a realistic valuation by comparing it with other similar properties on the market in the same area.
Estate agents use various factors when making a valuation. Familiarise yourself with these factors ahead of speaking with prospective estate agents so that you can ask the right questions when discussing their valuation and to help you assess how realistic it is. Read more details in our full article, how much is my house worth?
Here’s a summary of what estate agents look out for when they evaluate a property
Where your property is located is key and will be the first factor that will help an estate agent make a valuation. Things they consider is whether the property is in a sought after school catchment area. Parents looking for houses will be very aware of which schools they want to be able to send their children to and are likely to go through OFSTED reports to make sure they only look at properties within the catchment area of their preferred school.
Estate agents will look at whether the property is located close to good transport links including rail links, bus routes and access to main roads.
2. Condition of property
Estate agents will consider the general decorative order of the property inside. Small details can make a difference such as peeling paint, worn carpets and even general clutter. Properties that are in good decorative order and in a tidy state will be valued higher as they will be more appealing to buyers.
As well as inside, estate agents will also look at how the property is presented from the outside.
If a property has outside space, estate agents will look at whether it is well kept. A neat and pretty garden can add value whereas an unkempt garden can reduce the value. The size of a garden also affects the value. A large garden could add value if it allows space for future property extensions.
4. A Modern Kitchen
Buyers pay particular attention to kitchens. Estate agents will make a higher valuation if a property has a modern kitchen than for those with an outdated unmodernised kitchen.
5. Property size
Estate agents will consider the number of bedrooms and bathrooms and whether there is potential to change uses of rooms to suit different family sizes and dynamics.
They will also look at how much living space there is and if it has something that sets it apart from other properties on the market.
6. Potential for modification
Estate agents will look at whether a property has the potential for expansion or modification as this makes it easier to sell. If there is potential to modify a property, then it will appeal to a wider market.
If a property already has planning permission for an extension, this will also need to be considered in the valuation.
If you are trying to sell a property, you will sell it quicker if it is priced correctly. Knowing what estate agents consider when making a valuation will help you choose the right estate agent.
If you are selling a property to buy a new one then the next step is to get advice about available mortgages. Visit 360financialservices.co.uk for Free mortgage advice available across the UK!