An estate agent puts a value on a property by considering multiple factors. It’s not simply about the property itself but also includes what surrounds it. So estate agents don’t just pick a number right off the top of their heads. They all perform property evaluations before deciding on a number.
Agents use their knowledge about the price ceilings of other local properties to come up with an asking price. This is one of the biggest factors in determining a property’s value. It’s impossible to value a 3-bedroom flat for £700,000 if the area has primarily 3-bedroom flats valued at £300,000.
Location is an important factor when you want to put a good price on your property. It’s only reasonable that any buyer would want to pick an apartment with a good physical location.
Simply put, most, if not all, buyers want to live in a good neighbourhood. So while your agent is assessing your property’s value, they consider several things.
For instance, they consider whether the roads are busy, clean and free of litter. They’ll also think about whether it has trees around it. Noise is also a determining factor. So, if you’re in a busy and noisy street, that might negatively affect your property’s value.
Moreover, the convenience of your location from grocery shops, hospitals, malls and other public places is also important. Lastly, buyer demand, or how many buyers are purchasing properties nearby, is also considered to decide on the property’s value.
Having good transportation in and out of your property’s location is vital to having a good property valuation. Estate agents will evaluate how good your location is based on how convenient transport links are. That is especially important when your home’s target market is commuters and young professionals.
How your property looks from the outside is crucial to your agent’s valuation process. Generally, your agent will compare your home to other properties in the area to determine whether it stands out. They may make some recommendations on how you can boost your home’s market potential, especially if the exterior is showing signs of wear and tear.
Your estate agent will take note of your property’s features, such as the number of bedrooms and each room’s measurements. Your estate agent will also look at your home’s potential for future developments, including extensions or loft conversions.
Potential is important since it informs buyers that your property is flexible. If your property’s potential is rather limited, it’ll reduce its appeal to the buyers, and the more appealing your property is, the higher the demand for it will be. That effectively increases its value.
When your estate agent performs property valuation on your home, be sure to have answers prepared for their preliminary questions. They’ll be asking you stuff about your property, as well as what you want out of the sale. They’ll also be considering whether you want the fastest sale or the highest price, so they can cater their priorities as needed.
Getting an estate agent who can properly assess your home’s valuation can be difficult. That’s why at Compare Agents, we give clients the opportunity to instantly compare the service and performance of estate agents near you. If you’re looking for the best agent to sell your home, we’ve got you covered! Compare real estate agents today!