When you’re selling your house you need to think carefully about how much to market it for. Set the asking price too high and you could be waiting a long time to find a buyer. Set it too low and you’ll end up with less to spend on your next property.
That’s where a valuation comes in. Before you put your house on the market, you should get two or three estate agents to value your home to help you decide how much you could realistically sell it for.
Thinking of selling?
Get the ball rolling with an in-person valuation of your home. It’s free and there’s no obligation to sell if you change your mind.
Understanding house valuation
House valuation is not an exact science and it’s likely that every estate agent will come up with a different value. Many factors are considered and how much value each one adds or takes away from the overall price is often subjective.
Things that affect a house valuation
Here are the main aspects taken into account so you can get a better understanding of your home’s valuation.
Location
The phrase location, location, location may be a cliché but it’s true – it really is the most important variable determining a home’s value. It’s something that can’t be changed about a property so has to be right from the start.
A house in a desirable area or street is worth more than an identical house in a less popular one. Its position is also a factor as this affects how much sun the garden gets and the light in the property.
Type of property
Flat in a converted house or apartment. Terraced, semi-detached or detached house. Period or modern property. These all come into play. Freehold properties are also generally worth more than leasehold ones.
The extent to which these factors affect the value depends on the type of buyers that tend to house hunt in the area. Families are more likely to want houses, for example.
Size
It goes without saying that the bigger the property the more it’s worth. The sizes of certain areas, such as the living spaces, are particularly important, as well as the size of the plot your house stands on.
The number of bedrooms and bathrooms also has a significant impact.
Condition
If potential buyers see lots of repairs and other work they would have to do if they bought your home they’ll be willing to pay less for it. This also gives the impression that the property has been poorly maintained and could have other hidden issues.
A home that has been decorated or updated relatively recently is generally worth more as this improves the overall condition. Energy efficiency factors, such as insulation, can also play a part.
Updates and renovations
Extensions, loft conversions and other improvements, such as a new kitchen or bathroom, all add value. Kitchens have a particular impact – the style, layout and usability are all considerations.
Bear in mind that some renovations add more value than others and won’t always add the amount you spent on them. You can find out more in our guide to improvements that add the most value. The standard of the work and fixtures and fittings is important too.
Character and features
Some people are specifically looking for a home with character. Period features such as original fireplaces, coving, windows and parquet flooring are all likely to boost the valuation of a property.
Local amenities
Good transport links and schools, shopping, health and leisure facilities nearby and green spaces are aspects that increase the value of your property. On the other hand, lots of traffic, which adds to pollution and noise, can reduce it.
The valuation of a house likely to appeal to families is particularly impacted by its proximity to good schools, which can add tens of thousands to the asking price.
Potential
Buyers often want a home they can extend and improve to make it their own, or to buy a bigger property in need of work than they would be able to afford if it was already done, so potential for renovation can boost value.
Couples wanting to start a family may be willing to buy a home that suits two people if there’s scope to increase its size as their family grows.
The property market
A property is only worth what buyers are willing to pay. The local property market and wider economy at the time have a big impact on this. Prices are higher when there aren’t enough suitable homes on the market to meet demand and lower if there’s a glut.
How your home compares to others currently on the market and those that have recently sold is also considered.
Parking
As the number of cars on the road has grown, parking has become a real issue in some areas, particularly in cities. Off-street parking in the form of a driveway or garage is desirable as are dedicated parking spaces when it comes to flats.
On-street parking with residents-only periods could add value where parking would be a problem without it. On the other hand, some buyers could be put off by having to pay for a resident parking permit.
Common mistakes when selling your home
How to get your home ready to sell
More house valuation FAQs
How long does a house valuation take?
Depending on the size of your property, it could take between 15 minutes and an hour.
How much does a house valuation cost?
Estate agents carry out valuations for free as it’s a way for them to get business from people selling.
Can I influence my home's valuation?
You may be able to boost the valuation of your home by carrying out any necessary repairs beforehand, making sure it’s clean and tidy, getting rid of clutter and sprucing up the outside.
How can I get a house valuation without selling?
There’s no obligation to sell your home with an estate agent when they carry out a valuation so you can still ask them for one if you’re not selling.
Other options are to use websites like Zoopla to see how much similar properties in your area have sold for or the asking prices of homes currently on the market to get an idea of your property’s value or pay a surveyor to value your home.
Research sold house prices
Find out what a home last sold for or check house prices in a city, street or postcode.
