What Happens During an Estate Agent Home Valuation?
Estimated reading time 6 minutes
When you are preparing to sell your home, it’s a good idea to know what your property’s value is and what it may sell for. This information must be provided by an estate agent who does a home valuation.
If this is your first time selling a property, you may wonder what happens during a home valuation. So, we’ve created this short guide to walk you through the entire process. Let’s get started!
What is a Home Valuation?
The home valuation is the process of an estate agent visiting your property. They work to get an accurate impression of the home’s condition, the layout of the property, and any unique features of the home. With this information, the estate agent can do some research to determine your home’s value.
Once the research is completed, the estate agent will provide you with an estimate of your home’s value and how much you can expect to sell it in the current market.
There are two things to consider with a home valuation:
- It’s best to choose a local estate agent who knows your area. They will have the best insight into property values near your home.
- Avoid using a “desktop valuation” provided by some estate agents. The agent does not visit your property and instead uses your description of the property to determine its value. Once they have an estimate prepared, the agent then sends an email with the home’s expected market value. The problem here is that a desktop valuation is not accurate because the agent didn’t visit the property in person.
So, it’s best to choose a local agent who will visit your home in person. They can provide you with a more accurate home valuation figure. And they’ll do this by walking around your home and considering all the best selling points, as well as any issues that may impact the property’s value.
The goal is to have the most accurate home valuation to determine the right selling price for the current market.
How Does an Estate Agent Determine the Property’s Value?
When an estate agent visits your home, they consider several factors that a homebuyer would look for when purchasing a home, including:
- Home’s location
- Local market value
- The condition of the property
- Major works completed (included extensions, double glazing, insulation, renovated bathrooms or kitchens, the quality of the work, and more)
- Inside the home, they look for standard decorations
- The potential for extensions and other improvements
The asking price of your home is based on a combination of these factors, along with the estate agent’s knowledge of the area and the current market.
How Do I Prepare for a Property Valuation?
You can prepare ahead for a property valuation by ensuring your home is clean, tidy, and in good shape. The better your property’s condition, the higher it can be valued, even in a slow real estate market.
So, you may want to consider a good spring cleaning of the entire home, inside and outside. Inside, ensure all surfaces are uncluttered and clean. Storage spaces and closets also need to be in good order and not cluttered. In addition, ensure everything in the home is in good working condition and in good shape. Outside your home, ensure the yard is mowed, the garden is weeded, and so on.
Also, be sure to remember to point out any improvements that have been made to the home and property since you bought it.
This may also be a great time to ask questions about the selling process, the costs involved in selling a home, and more. You can write these down to ask the estate agent when they’re done conducting the home valuation.
Questions You May Be Asked During a Home Valuation
Each home and location are different; this is the reason an estate agent must make an in-person visit for a home valuation. They need to understand what the location is like, the potential for extensions, and more.
So, one of the first questions you may be asked is why you bought your home and what you love about living there. The agent is looking to see what attracted you to the property in the first place. They may be able to use this information when listing your home and target potential buyers who have the same needs and values as you do.
In addition, the agent may ask if you’re able to easily move and, if so, how quickly you’d be able to move out. They may also ask if you’ve already found a property and if you’ve made an offer that was accepted. This may indicate that you need to move soon. The agent is trying to determine how soon you can move for any new buyer who may need to move quickly.
How Long Does the Home Valuation Take?
In general, a home valuation usually takes about an hour. However, it’s not unusual for a valuation to take longer or shorter, depending on the size of the property.
Do I Have to Pay for a Home Valuation?
The answer to this question depends on why you’re having the home valuation done. Are you looking for an idea of your home’s value? If so, an estate agent may come and do the valuation for free and without any obligation.
However, if you must have a licensed valuer do the property valuation, it will be necessary to pay. In this case, the estate agent is legally bound to provide the correct information.
Do I Need Any Documents for a Home Valuation?
In most cases, the estate agent will not need to see any documents to conduct their home valuation. However, they may request to see the deed for the property.
Otherwise, you won’t need any documents at this point.
Summing It Up
A home valuation is necessary when you’re getting ready to sell your home or if you’d like to learn how much your property is worth.
The process usually takes about an hour (depending on the size of the property), during which the agent may ask you a few questions.
There’s not much you need to do except ensure your home is in great shape before the valuation is done. This helps the estate agent easily see your property’s finest points and work to improve your home’s value!