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Before you put your house on the market, itís essential to have an idea of it's value and what price you can expect to sell it for.
Property valuations can vary tremendously so it's wise to do some homework yourself. Nowadays historical house price data is freely available, but it's important not to rely on this alone.
| || How much is my house worth and what price should I ask for it? |
So just how much is my house worth? It's important to remember that house prices and valuations are driven by demand and property is worth what someone is prepared to pay for. There is no scientific formula to determine how much a house is worth, and agents can get it wrong!
Before asking for a professional opinion take some time to do your own research. Use the internet and newspapers to compare your home against similar properties for sale and ones nearby which have recently sold. By the time you finish your homework you should have your own house price in mind.
Once you have a better idea of how much your house is worth, ask an estate agent to give you a professional valuation. Discuss the desirability of your type of home and the demand for similar properties in the area, this will give you an idea of the strength of the property market and the chances of selling quickly.
You'll need to request at least one other opinion to confirm the first valuation, as figures can vary tremendously! Keep in mind the price you want to achieve after you own research and donít be afraid to suggest a value yourself!
| || Ask a property appraiser how much your house is worth. |
An alternative approach to requesting an estate agentís valuation is to ask an independent property appraiser to value your property. Many independent property appraisers do not charge for their services and are receive remuneration by introducing properties to appropriate agents.
The main advantage of asking an independent appraiser to is that they normally have established connections with many agents, so they should have a broader knowledge of which agents could achieve the best price for your home. An Indpendendent property appraiser will probably have many years of experience so you could also benefit from their additional knowledge and expertise.
If you decide to use a property appraiser, you will still normally need to pay a fee to the estate agent once youíre house is sold.
Land registry information is freely available giving you historical sale price information for a particular street or postcode area.
Before you decide on a price for your house, it's worth remembering house prices are driven my demand. Your house is worth what someone is prepared to pay for it and some key factors which could set yours apart from similar properties include:
Location and house values.
Is your home located in a desirable area, or does your house have an outstanding view, private garden or easy access to local amenities? Not all homes are the same just because they are a similar size, and location is probably the most important factor when it comes to house prices and what your house is worth.
Home improvements and house prices
So before you ask yourself "how much is my house worth, it's important to bear in mind that the condition, layout and size of your home will help determine the final selling price.
Has your house had an extension, is the interior layout well designed is it easy to move from room to room without any awkward quirky features or narrow corridors? If your home is a period property has any additional work been carried out sympathetically to preserve the original features?
House ceiling price.
Your homes value and what your house is worth can depend on similar properties sold or for sale in your street. There may will a ceiling price which can be determined by sold houses sold in your area and this can be taken as a maximum value for your home.
If your home is special, you can largely ignore the ceiling price dictated by historical house price data. Advertise your house at a price you think you sell it for, even it appears to be much higher than other homes for sale/sold. If you have confidence in your home and it's desirability, you could set the new ceiling price!