How much is my property worth?
I’m sure we’ve all been there - sat in the living room with our partner discussing local house prices and pitching guesstimates on our own home. If it’s not because you’re necessarily thinking of selling it’s probably because a similar property down the road has just been put on the market or has recently sold.
However, if it is because you are genuinely thinking of selling (check out our handy selling guide if so), then you should probably consider booking a property appraisal with a local estate agent to get an accurate and realistic figure. A property appraisal is usually offered for free by most estate agents as part of the services they offer, and it allows potential vendors just like you to get a feel for the current market.
What’s involved with a property appraisal?
Any estate agent can carry out a property appraisal for you to inform you of their professional opinion on its current market value. The report will take into account things such as the location, size, features, condition, buyer demand, prices of similar recently sold properties in the area etc. You may want to consider receiving a property appraisal from several estate agents to gain a ballpark figure, and should the price valuation between agents be slight then you’ll have a really good idea of what the property is likely to be worth at that moment in time.
If you do obtain property appraisals from several agents and find the valuations very quite significantly, you should bear in mind that any agent estimating a noticeably higher price may be simply trying to win your business, while a noticeably low valuation may be an agent trying to secure what they know can be a quick sale.
There are online tools such as Zoopla that can be used to seek out market valuations of a specific property, and while they can sometimes offer pretty accurate estimates, they can also be fairly wide of the mark in other cases as they don’t always take every outside influence into account, so it’s always worth speaking to an estate agent who can actually visit the property and provide feedback that’s unique to your property.
Preparing for a property appraisal
Before booking an appraisal with a local estate agent there’s no harm in carrying out a free online appraisal or two of your own to give yourself a rough idea, perhaps attend any open homes that may be in your neighbourhood as well. This homework will provide you with some relevant local knowledge so you can evaluate the information the agent gives you during and after the appraisal.
The estate agent should be thoroughly inspecting your property and objectively comparing it to other similar properties that they have recently sold or still have listed on the market. To that end, some homeowners are unsure as to whether it is worth carrying out significant work before selling a home, such as renovating the bathroom or kitchen, or adding an extension to some free space. In most cases, this sort of investment is certainly worth it, but there may also be cases where a lick of paint and a deep clean alone can help maximise your chances of securing the best price possible. This is something you can discuss with your estate agent in more detail if you’re yet to reach a decision.
Are you thinking about selling your home in Cardiff, or keen to get a better understanding of its current market value? If so, book a free property valuation with us and one of our sales experts can provide you with some useful feedback. Contact us here at CPS Homes today by calling 02920 668585, e-mail enquiries@cpshomes.co.uk or pop into one of our three Cardiff branches for a chat.
The information contained within this article was correct at the date of publishing and is not guaranteed to remain correct in the present day.
