Instant Online Property Valuations - What You Need To Know
Before embarking on your home move, you have likely searched online, whether for properties, estate agencies or just tips on where to get started. And you will probably have come across instant online property valuations - but can you rely on these figures? Read on to find out...
When it comes to valuing your home, online tools offer a convenient way to get a quick estimate based on historical sales data. From the comfort of your sofa, without the need to tidy up or take time off work for valuation meetings, you can have an estimate of your home's value in less than 60 seconds. This can be particularly empowering if you are in the early stages of considering a move, giving you a sense of control over your property decisions. But can you rely on this figure fully?
The answer is no. Online, instant valuations are great for the initial curiosity, allowing you to start a search with a rough guide for your budget. This means that you can begin planning your move without having to wait for the estate agents to come and give you an in-person valuation.
However, it's important to be cautious about relying entirely on an online valuation. Why? Because they are basing the estimate on limited information. To understand how this can affect your property valuation, it is essential to understand how an online valuation tool calculates a figure for your property. This awareness will help you navigate the potential inaccuracies of online valuations.
Most online valuation tools use information available online from various sources, including Land Registry for recent sold prices, trends in the market in your area and basic information from when you bought the property. Because this is where the information comes from to reach your instant estimate, there is no way of including your home's unique features or any upgrades or changes that you may have made.
Your house is likely different to other properties in your street despite being built in the same year or having the same number of bedrooms. If you have upgraded the interior, added an extension, or made any other changes, an online valuation will not take these into account when estimating your property value. However, the value of your home compared to your neighbours will be different.
Therefore, while an instant online valuation may give you a starting point, it's important to remember that there is no substitute for a thoroughly researched, expert in-person valuation. Seeking a professional's opinion will provide you with a more accurate understanding of your property's worth, giving you confidence in your property decisions.
For the most accurate understanding of your home's worth, seek out a personal valuation from a local professional. A thorough valuation encompasses expert opinion and in-depth knowledge of the market and local area. Evidence can be gathered that is much more up-to-date, and an individual valuation estimate can be made about your property and the unique features that your property has.
If you are curious about the true market value of your home, get in touch with our team for a thoroughly researched expert opinion. If, however, you are just not ready for an in-person appointment, click here for a general ballpark figure to get you started.