Tepilo looks at the most important considerations when valuing a property, and how research can improve your accuracy.
There is no science to a valuation and once you understand how an estate agent or professional values your home you will be able to see how straightforward it is to value it yourself. The two ways to value are to find out how much a home like yours recently sold for and/or look at what you can buy at the level you think you should be selling for - ie if you think your 2 bedroom flat should be worth £130,000 but there are lots of 3 bedroom houses at a similar level - you are unlikely to achieve your price. Not much science to it really. Nothing that keeping a close eye on the local market and seeing how much other properties are selling for won't tell you.
Recently I had a valuation of £120,000 from one very large national agent and £250,000 from another for the same property (it ended up selling for £208,000). So if it’s all a bit of guesswork you can do a great deal of the same research yourself.
There are an increasing number of online valuation services too, Propertypriceadvice, Zoopla and Nethouseprices are among these, most of which use data on latest sale prices from the Land Registry or sophisticated algorithms to give predicted valuations based on your answers to sets of logical questions.