What Happens During A Property Valuation?
20th September 2019 posted in Sellers
Whether you plan on selling your home or not, there are valid reasons to have your property valued. No matter the reason, it is likely you’ll have an interest in the process. After all, if someone is coming to your house, and their judgment affects your life, it is perfectly reasonable for you to ask what happens during a property valuation.
After you have arranged the valuation with an estate agent, the agent should attend your property at an agreed time. Given that external factors influence the assessment of your home, most estate agents will have already started their evaluation process. Recent sales prices and critical factors which influence buyer behaviour play a role in the value of a property, and a good agent will provide you with insight into these factors.
How long does a valuation take?
Given there are so many variable factors involved with your home, including its size, its layout and the condition of the property, it would be unwise to place a specific timeframe on the valuation process. However, on average, the valuation process will take around an hour, so vendors should ensure they have a clear calendar for this length of time.
If your home has been valued recently and there are suitable notes, an agent may use these as the basis for their findings, and this could shorten the process. However, given the importance of property valuations, it is often best for the agent to carry out the review afresh and to reach their conclusions.
If you have questions about the process or the impact the valuation has on your next move, feel free to raise them the agent. It is unlikely you will have a question which hasn’t been asked before, and all being well, the agent will answer your problem quickly.
How do I prepare for a property valuation?
Given that someone is coming to your home, you will likely want to clean and declutter the property. This is the natural reaction most people have when welcoming someone to their home, but given this visitor can impact their property ambitions, it makes sense to make a positive impression.
If you are valuing your home to start the sales process, it makes sense to present your home in a manner you would do if it was on the market. You should look to maximise the space of your property while highlighting key features of the property, which would appeal to a likely buyer.
It would be helpful to collect essential documents which the agent needs or which helps them make a more informed judgment on the property. If there are any building plans, maintenance charges or rate information relating to the property, provide the agent with these documents.
Hopefully, you will find the valuation process informative and a useful step in selling your home.
At Hunters Forest Hill, we know selling your home is hard, but we are here to assist you in the process. We also know stepping on to the property ladder is a complicated process. If you aim to buy, sell, let your home or rent property, we are active in New Cross, Peckham, Dulwich and Brockley, in addition to Forest Hill, so get in touch with one of the top three agents in London, and we will be happy to assist you.