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Looking to move house in 2024? You’ll need a property valuation

By: Kelly Bellerson
Latest News

The average UK home is now worth 18% more than four years ago. That’s roughly £41,000 more than the average value of a UK home before March 2020.

Let’s face it, moving can be a stressful experience. Whether you’re upgrading to a larger space, downsizing, or relocating, there’s a lot to consider when you choose to move house.

But what if we told you that there’s something you could do to make the move a little easier? This is how a property valuation can help…

What is a property valuation?

In case you’re unsure, a property valuation is an assessment of your home’s worth, undertaken to determine its market value.

The valuation is carried out by chartered building surveyors who employ a systematic approach to evaluate various aspects of the property.

This process involves a thorough inspection of the building’s structural integrity, condition, and overall state, considering factors such as age, maintenance, and any potential defects.

Additionally, the surveyor takes into account the property’s location, surrounding amenities, and prevailing market conditions.

After the assessment has been carried out, the surveyor will provide you with a valuation report which is an informed and unbiased estimate of the property’s value, which can help property owners, buyers, lenders, and other stakeholders in making well-informed decisions relating to financing, investment, or property transactions.

The insights provided by the property valuation are crucial for understanding the true worth of your home in the market context.

Understanding the market value

One of the primary benefits of having a property valuation is gaining a comprehensive understanding of the current market value of your home.

Chartered building surveyors will assess various factors, including the property’s location, size, condition, and recent sales of comparable homes in the area.

This knowledge then allows you to set realistic expectations for your property’s worth, helping you make informed decisions about the next steps in your moving process.

Going into 2024, the latest statistics show that the number of house hunters has risen 10% in comparison to the same time last year, and its good news if you are looking to move too.

The average UK home is now worth 18% more than they were four years ago. That’s roughly £41,000 more than the average value of the UK home before March 2020.

This is why getting a property valuation can help. Not only do you get an accurate account of your home’s worth, but you could also get a lot more for your property than you originally thought.

Setting a realistic price

This brings us nicely on to the topic of setting a realistic price. Overestimating or underestimating the value of your property can have significant consequences.

If the price is too high, potential buyers may be put off, leading to a prolonged selling process; but pricing too low may result in getting a lot less for your property than it’s worth.

A property valuation ensures that the listing price aligns with the market; and a well-calibrated listing price can attract the right audience, streamline the selling process, and contribute to a smoother transition to a new home.

Negotiation advantage

When you have a property valuation in hand, you have a much better negotiation stance when it comes to other real estate transactions.

Sellers can strategically set an asking price that aligns with the property’s true value, and a well-documented valuation report can serve as a powerful tool for justifying the chosen price to potential buyers.

This will enable you to confidently negotiate with potential buyers and effectively navigate the purchase of your new home.

Financial planning for the move

Looking beyond the immediate selling process, a property valuation can assist you in effective financial planning for your move.

Knowing the current market value helps estimate potential proceeds from the sale, allowing you to budget for the purchase of a new home, moving expenses, and other associated costs.

This is great for minimising financial uncertainties and ensures a more seamless transition to your new living space.

Why a property valuation is important in 2024

It’s always important to get a property valuation as it provides a key insight into the current market value of your property, and with market rates and house prices shifting (along with a general election) this year it’s more important than ever.

So, whether you’re considering selling your home, refinancing a mortgage, or obtaining insurance, an accurate valuation serves as a reliable foundation.

Not only does it help you make important financial decisions, especially now during a time of economic and political instability, but knowing the true value of a property ensures that you’re able to set a realistic selling price, maximising return on investment.

Additionally, it allows you to negotiate favourable terms with lenders during refinancing, potentially leading to lower interest rates.

Ultimately, an up-to-date valuation is instrumental in obtaining the right insurance coverage, protecting yourself from potential financial losses in the event of unforeseen circumstances.

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