Whether you’re planning on selling up or staying put, it’s always useful to know how to value your house without needing to rely on a professional.
The property market is always fluctuating and there are many factors that affect a house’s value. You might think you know roughly what your property would fetch based on what you originally bought it for, but the true figure may surprise you.
On the other hand, if you bought your house many years ago and have since carried out various alterations, you probably won’t have any idea how much your house is worth. Remember, the value of property tends to rise with inflation, and some alterations add value better than others.
Many people turn to estate agents to give them a valuation, even if it’s just to satisfy their curiosity and they have no intention of selling. But if you’re in doubt about your estate agent’s valuation, you don’t have to go with their opinion – in fact, you don’t really need them to value your house at all. It’s very easy to do yourself if you know how. Besides, if you’ve chosen to sell your house privately, you will have little choice but to decide on your own sale price.
The idea of valuing your house yourself might seem a little daunting, but it’s easy if you know how to arrive at an approximate figure and understand which factors to add into the equation.
Keep reading to find out how to value your house.
How to Value Your House
There are various tools you can use to help you value your house independently. All of the tools listed below are free. Remember, there are many factors that affect the value of a house, so while tools like these are a good first port of call, you should always look at the bigger picture.
Look at data from HM Land Registry
HM Land Registry keeps a record of every house sale in the UK, making it a useful tool in helping to value your house. Get to grips with the local housing market and current trends using Land Registry’s Price Index to look at the prices of recently sold property in the area. Look at houses that are similar to yours and this will give you an approximate figure for how much you could expect to sell your property for.
Get an approximate valuation with Zoopla
Zoopla has a useful online valuation tool that is easy to use and free. Simply enter your postcode and house name or number to view an approximate value based on local sale data.
Value your house based on the previous sale price
Nationwide offers a handy house price calculator that can be used to value your property based on how much you originally bought it for and when. Simply enter the sale price, date of purchase and region and you will get an approximate figure, plus it’s even more accurate if you have a mortgage with them.
Bear in mind, this tool does not take any other factors that could affect your property’s value into consideration, such as renovations or local developments.
Factors that Affect the Value of Your House
Tools like those listed above are incredibly useful because they can help you get a ballpark figure for how much your property is worth, taking local house prices, market trends and historical sale data into account.
However, there are numerous other factors that affect the value of a house. Using online valuation tools alone won’t necessarily provide an accurate value and you could struggle to sell the property if you’re not asking for a realistic price.
Here are the main factors that could affect the value of your property:
The value of property varies from region to region, and that’s why tools like the price index are useful. However, when independently valuing your property, you need to think about more than just the region your property is in.
Here are some desirable characteristics that add value to property:
- Close proximity to amenities (supermarkets, shops, restaurants, a thriving high street)
- Good local transport options (airports, trains stations, bus stops)
- Green spaces
- Excellent schools
- Local job opportunities
- Low crime rates
- Low environmental risks (flooding, noise/air pollution)
Condition of the property
If your house is in good condition, has been well cared for and is decorated to a high standard, this will increase its value. If a potential buyer needs to spend money on renovating and improving the house, your asking price will need to reflect this.
These characteristics will boost your property’s value:
- Kerb appeal
- High quality and thoughtful decoration
- Well-kept garden and driveway
- Plumbing and electrics that work efficiently
- A modern boiler
- Good ventilation and no damp
It’s not just the location and general condition of a property that affects its value. Here are the other factors that should be added into the equation:
- Storage space
- Number of good-sized bedrooms
- Cost of utilities
- Internet speed and mobile signal
How do You Know if Your Valuation is Correct?
Has your house been on the market for a while and you still haven’t found a buyer? Are you advertising the property in a variety of high-exposure places with stunning photos and a well-written description? The answer to why you still haven’t found a buyer could be your asking price.
The bottom line is, if your house is overvalued, you will struggle to find a buyer. You need to be realistic about what your house can and should sell for. An overambitious asking price will prevent your property from getting noticed and taken seriously. Remember, most buyers do their research too – they know how much a house like yours is worth.
Get a Cash Offer for Your Property
If you need to sell your house fast, using an estate agent or selling privately probably won’t find you the buyer you need fast enough. Instead, you could consider selling to a fast property buyer like Zoom.
Our expert in-house team will respond to any enquiry within 24 hours, meaning you could have the cash in your bank in as little as 7 days.
Give our friendly team a call on 0333 880 436 or complete our online enquiry form.