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What factors are taken into account when your property is valued?
February, 2020

What factors are taken into account when your property is valued?

Whether you’re thinking about selling your home, or you are simply interested in finding out what your property is worth, getting your house valued is a great way to see where you stand pre-sale, and gain a true insight into the estimated market value.

Before any property is released onto the market, a formal property valuation is undertaken by a professional and qualified valuer. This is because a property valuation tells mortgage lenders whether or not the market value is a suitable security for the amount being loaned.

Here are some of the factors that are taken into account when your property is valued:

Property description

First and foremost, the valuer will create a thorough description of your property, which will include numerous details including:

  • The number of bedrooms
  • The land size
  • The general condition of the property
  • Comparable sales
  • Any issues that have come up during a general inspection.

Property size

One of the main aspects of a property valuation is to identify the available floor space. Measurements are taken and documented, and these will have a significant influence on the value of the property.

The property’s condition

Although close attention is given to the overall condition of a property, the valuer tends to focus on the kitchen and bathroom in particular – two spaces that have the most influence on the market value of the majority of properties.

These spaces are the most costly to replace, so if they’re not up to scratch, it will be reflected in the overall value of your home. With this in mind, if your kitchen or bathroom are dated, tired, or damaged, it can pay to renovate them before you look to sell your property.

How much value does an extension add?

Many people ask the question, will an extension add value to my home? The more space your property offers, the more it will be worth. So, if you’re thinking of extending your home to create a larger kitchen or you want to add an extra bedroom, you’re likely to generate a healthy return on investment.

Local zoning

Your local amenities can also have a significant impact on the value of your property.  The valuer will look at facilities such as public transport links, local shopping centres, schools, parks, and hospitals. Each of these will have an impact on your property’s value.

Parking

Parking is extremely important for many buyers, so a driveway or an off-road parking spot will instantly boost the value of your property.

Finally, if you have any incomplete renovations, make sure you complete these projects before you book a valuation of your property. Work that still needs completing can have a significant impact on the market value of your home.

My house valuation

If you’re looking to get your house valued, you’ve certainly landed in the right place. Get in touch with ShineRocks today to book your property valuation.

 

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