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The Importance Of Getting A Reliable Property Valuation

Uncategorized   |   June 28, 2022   |   declan

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When putting your property on the market, you need to know how much it’s currently worth and getting a professional property valuation is an important part of the selling process. Several factors will influence the value of your property, such as; its location, condition and features, as well as the current market conditions and wider economy. The majority of homeowners don’t know how much their property is worth and they will often underestimate its value. 

 

It is really easy to get a property valuation these days and many websites offer online valuations. However, you need to be careful when you get an instant valuation and not all of the figures you receive will be realistic or reliable. Ideally, you should turn to a local estate agent with knowledge and experience of the property market for your valuation, and below we have looked into some of the main reasons why it’s so important to get a professional property valuation.

 

You could end up losing out on thousands of pounds

 

When your property is undervalued, whilst it might sell quickly, you will be missing out on a lot of money. Not getting the amount of money your house is really worth can be incredibly infuriating and it may even hinder your ability to purchase a new property. If you plan on using the funds from your sale as a deposit for your next home, for example, it’s crucial that you receive reasonable offers from prospective buyers. So, you need to make sure you’re putting your house on the market for the right price. 

 

Your property might be on the market for a very long time

 

On the contrary, if your property is valued too high and you put it on the market for much more than it’s actually worth, it’s unlikely that you will get much interest. Prospective buyers will be put off enquiring about your property if you’re asking for thousands of pounds more than its true value and they won’t book a viewing. Unfortunately, the longer your house is on the market, the harder it will be to sell too and you may have to reduce the price considerably in the future, dropping below the market value. 

 

You risk the sale falling through 

 

Even if a buyer is willing to pay the overvalued asking price you put your property on the market for, this doesn’t mean the sale will be successful. When your buyer needs a mortgage to purchase your house, for example, the mortgage lender will do their own valuation. If the mortgage valuation is much less than the offer received, it’s unlikely that your buyer will be able to get the mortgage they need. This can cause your sale to fall through, resulting in you having to start the whole selling process again. 

 

You could lose the property you’re purchasing

 

If you’ve already found the property you want to purchase but you’re struggling to sell your house due to its market price, there is a chance that you will end up losing out on your dream home. Most sellers won’t want to wait around for your house to sell, especially if they’re buying a new property too and the chain is relying on them selling in a reasonable time frame. Ultimately, getting a reliable property valuation can prevent a whole host of chain-related problems.

 

Your sale process will be much more stressful 

 

Selling a property can be a very stressful process and when your property is undervalued or overvalued, it will make things even more stressful. Everything mentioned above can cause you unnecessary hassle that is easily avoided by getting a realistic valuation and this hassle can take the excitement out of moving home. Anything you can do to make the selling process more straightforward is always recommended, so make sure you’re turning to a trustworthy and experienced estate agent for your valuation. 

 

Trying to find experienced estate agents in Sawbridgeworth?

 

The importance of getting a reliable valuation shouldn’t be underestimated and if you’re looking for an experienced estate agent in Sawbridgeworth to assist you with selling your home, be sure to contact us at Wright & Co. We don’t provide quick and unreliable valuations, we will take our time to do thorough research before providing you with a figure you can trust will be realistic. You can avoid all of the issues mentioned above when you turn to us for assistance with the sale of your property, and the advice and guidance we provide is backed by solid years of experience. There is no better estate agent in Sawbridgeworth to get in touch with.

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