e’ve all heard it a
million times before – Fact – what similar properties
“your property is only have sold for will give you a
worth what someone is willing to HUGE clue as to what you can
PAY for it”. And it’s very true. expect for your property. It’s a
But how can you determine what highly powerful indicator because
that dollar value is, quickly and it’s factual. Someone has
for free? This article looks at actually paid that amount for
some simple strategies you can another similar property near
employ in order to find an yours – and no amount of
accurate valuation of your home guesswork, estimates or
or property. evaluations can give you a better
clue as to how much your own
** First – What Have Similar property is worth.
Properties In Your Area Sold For?
And When? Remember though that even similar
properties may fetch different
It’s plain common sense. To prices based on small
discover what prices your real differences. A house that has
estate may fetch now, you should better internal décor will fetch
look at what transactions have a higher sum than one that has
already taken place in your area. been poorly maintained. A house
A few years ago a string of three with a nicer garden may fetch a
properties along the same street premium.
were being offered for sale in my
location – guess what? They all You should also consider the time
sold for about the same price (a at which the property was sold
5% difference between the most and the direction of the real
expensive & cheapest) within a estate market. If the real estate
five month period. market is in a boom and the
property you’re comparing against popular online home sale sites).
your own was sold a year ago, you This can be a good way of finding
would expect to factor in a a ball-park figure for your own
premium when considering your own property.
home-value.
No Two Properties Are The Same –
** Second – Get A Free Valuation How Do You Compare A Property
By An Estate Agent That Has Sold Recently (Or Is For
Sale Now) To Your Own?
If you’re not able to find a
comparable property that has sold It’s clear that what your
in your locality recently then property will finally sell for
consider inviting a real estate depends on a number of factors.
agent along for an evaluation. So how could these factors make
Remember though, estate agents your property fetch more or less
are competing to get your house than that of your neighbour…or
on their books so expect them to the person who lives on the next
state a slightly higher price street? Here are some factors to
than what your property may consider:
really be worth.
(a) Internal décor & garden –
** Third – Are Any Similar it’s a fact that a nicely
Properties In Your Area On Sale? decorated house will fetch a
What Are Their Asking Prices? higher price than a poorly
decorated one. The same goes for
If you live in a busy city you’re a nice landscape – a little bit
almost certain to find a property of a lawn and flowers can add
near you that’s currently on thousands to the value of a
sale. These usually appear in property.
local papers (and often in
(b) Proximity to transport links value to your property.
& amenities – If your home is
closer to train/bus stations, (d) Central Heating – in London,
shops and so on it will have a a property with central heating
higher valuation than a property can fetch a significantly higher
that is further away. In London, price than one without.
a home just a ten minute walk
closer to the underground can Ultimately, real estate
fetch several thousands of pounds evaluation is not a science.
more than the one farther away. Market conditions and individual
circumstances can play an
(c) Features – house features important role in determining
such as fountains, extensions, whether your property sells for
loft conversions and what you believe it should.
conservatories can add a lot of
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Tuks Engineer
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