What does an Estate Agent look for when valuing a property for sale?

You’ve come to a point in life where you want to move from your current home. This could be to relocate to a new area, the need to increase the size of your home as your family grows or that you need to downsize to something more manageable. Whatever the reason you will soon be putting your property on the market and, for obvious reasons, you’ll want to ensure that you get your property sold as quickly as possible and for the best price. You will most likely be calling on the services of an estate agent and the first stage in that process is to get a valuation, but what does an estate agent look at when valuing your property? In this article we take a look at how an estate agent will value your property.

The Basics

There are certain elements that have a bearing on the value of a property and these apply to every property:

• Location
  • County, town and area within that town
• Size of the property, a 4 bedroom home is worth more than a 2 bedroom flat in the same area. Also, a property with more square foot, i.e. a large garden and/or large rooms will sell for more than a property with the same number of rooms but which is smaller.
• Local prices as your property will be compared to other similar properties in the local area and their recent selling price.

The Detailed

Clearly not every property of the same size, in the same area is the same and your estate agent will also take into account the unique aspects of your property which might well make it worth more and be more attractive to potential buyers. Such things include:

• Condition of the property – a well-maintained, high-quality property will attract a higher selling price than a property which needs significant work.
• Structural improvements such as extensions and the quality of the work. Two properties might have a similar sized extension but one property has a much better quality of fixtures and fittings. This will be worth more on the open market.
• Internal finish – if you have top quality flooring, e.g. hardwood flooring vs laminate or other high quality fixtures and fittings, the attractiveness and price of your property will be higher.
• EPC rating – the energy efficiency of your home can affect the value of your home.

In essence what your estate agent is looking for is location, size and quality. It is always best to have the agent come round physically for a valuation to ensure that they get the best view of your property, a good agent will also make suggestions as to what needs to be done, if anything, to improve your valuation.

We at Lovelle are your expert estate agents for the Lincolnshire, Hull and East Riding area. Our network of offices are owned and managed by local people who have detailed and expert knowledge of the area and housing market. Why not pop in to one of our offices and talk to a friendly local expert or contact us via our website and we will call you back.