Why “free” property valuations don’t pay

When you decide to sell your house, the first critical step is to determine the market value of your home. Without an accurate valuation of your home’s worth, you could find yourself selling for too little or, on the other hand, unable to sell due to the asking price being too high. If you have conducted a recent online search for estate agents and other property buyers in your area, you’ll have noticed that many offer “free” home valuations in order to help you kick-start the process of selling your house.

Usually, these valuations can be completed online, and after filling in a few cursory details pertaining to your current abode, you will receive an estimate within seconds. However, while you may believe that you’re saving money by obtaining free property valuations, the reality is that these house valuations are usually far from accurate, and could thus end up costing you the sale of the house. In fact, it is advised that property sellers seek out professional surveyors in order to attain a true assessment of their home’s market value.

MPG offers professional, affordable property valuations throughout London and the UK. Our assessments are highly accurate and carried out by professional surveyors. Moreover, we charge a significantly lower fee than the “standard” industry price charged by many national home buying companies.

Professional home valuations vs. free online estimations

It’s easy to attain a perfunctory online estimation of your home’s market value. Often, all you need to do in order to get a free valuation is supply some personal details, as well as a few facts about your home, to the website. Within seconds, you’ll receive your estimate. For example, many sites calculate their valuations based on your postcode, the amount you paid for your home, and when you purchased it. But, with a method so simple, the accuracy of the figure is, at best, questionable.

Firstly, this type of method does not take into account the age of the home – is it a newly-built dwelling with modern fittings, or is it an older home constructed decades earlier? Secondly, it does not take into consideration the type of home being valuated. It may be terraced, semi-detached, detached or even a flat. These two factors play a vital role in determining the market value of your home.

There are several other aspects that influence the market value of your home, but which are often ignored in free online assessments or quick, cursory inspections of your home by unqualified surveyors. The suburb in which your home is located will significantly influence its price – and the postcode you provide will not always be an accurate indication of your home’s location, as it may cover a fairly large area.

Other factors affecting your home’s value include its floor size and design, fittings and amenities, and the number of bedrooms, bathrooms and garages it has. It is also interesting to note that the value of a home can change according to the seasons – in fact, prices tend to be higher in spring and summer, making this the best time of year for selling your home.

No such thing as a “typical” house

A free property valuation, be it an online or on-site assessment, is usually based on the myth of the “typical” home: The premise that only a few basic factors will influence the value of a house, because, apart from these elements, every home is “the same”.

However, there is no “average” home upon which a house valuation can be founded, and thus it is essential to have your abode assessed by a professional surveyor who will take into account all the factors mentioned above, as well as any others that may influence your home’s market value.

It may also be a good idea to get a second or third opinion, in order to verify the valuation you receive. MPG offers our clients affordable property valuations that are conducted by highly qualified surveyors, providing the most accurate assessment of a home’s market value. Contact us today to arrange a valuation of your home.