Real Estate

What You Need To Know About The Online House Valuation

Online House Valuation has always been the exclusive responsibility of licensed real estate agents. However, today there are many different venues for obtaining a free online house valuation, enabling even first time sellers to obtain instant home valuations without any hassle. In the past, sellers would need to have some prior home value information in order to provide a proper value assessment. Nowadays, anyone can perform their own online home valuation from the comfort of their home. 

How much your property is worth

For many people, the question of how much your property is worth often crops up when looking to sell a property. Naturally, you would be interested in getting the best return for your investment. 

Current market value

When searching for an online house valuation service it is essential to look for one which provides the current market value. This can be vital when selling because many people will offer far lower bids than the current market price. This can be very confusing. Only use local valuations for this purpose if you are certain of the area you are investing in.

Most accurate starting point

Once you have found a service which provides the most accurate starting point, you will need to find out how the valuation is arrived at. The starting point for most valuations is the Home Value Index (HVI). This is an industry standard and is widely used throughout the United Kingdom. However, some locales may use another method. Once you have found an online house valuation service which uses the HVI as their starting point, you will have to look to see what they do to arrive at their value.

Online House Valuation

Historical sales data

An online house valuation will provide you with an exact value based on historical sales data. It will then use recent sales data to estimate how much your home is worth. If you want an exact value, you will need to use a site which provides price comparison features.

One thing to note when using an online house valuation service is that prices provided will be based on current market conditions. There is no way to provide an exact figure as your service will only estimate the current market value.

Accurate results

House valuations are usually carried out by specialist companies who have the expertise to give accurate results. The majority of companies will also have an insurance portfolio of cover for your valuations which will ensure that they will pay out should your property become unsellable. This insurance will usually cover valuation costs up to the date of payment.

What should you expect from an online house valuation? You should first of all receive a questionnaire. This is where you provide details on how many rooms you have, how old the property is and the estimated value. This is also where they give you details on the type of home you are selling. For example, whether it is listed or unlisted and if so, whether you are selling via an agent or directly.

Enquiry form

The next part of the process involves sending them an enquiry form. On this form you state how much you are willing to pay for your property and any questions you may have. These questions are very important and help the online property valuation tool to give you suggestions based on the information that you have supplied. They then carry out research to make sure that your price is fair. This is normally based on the estimated value of your property against the surrounding land registry prices.

Conclusion

In conclusion, the most important thing to remember when going about house valuations is that it is extremely important to conduct an online postcode check before using any online house valuation service. You should also ensure that you contact the company personally to enquire about the postcode ratings for your property. 

Micheal David

Being the first rate version of myself is better than being a second rate version of somebody else.

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