Property valuation is an art and not a science. Valuation is based on experience, research, comparisons and gut feel too.
We use various websites to assist with our property valuation including:
Answers to the above questions will help you find the best comparison properties.
Start by comparing the most similar properties within 1/4 of a mile. You should make a spreadsheet to compare the 3 most comparable properties within the shortest distance to your property. You should add a column to advise the strengths and weaknesses between comparable properties which have been used in your valuation.
Your property is a 2 bedroom mid terrace house with double glazing and gas central heating. The property benefits from a single story rear extension.
You estimate that the property is late victorian built before 1900 and you estimate that the condition is 3 based on the aforesaid scale.
You have an average sized garden and no parking.
You live at number 1 Data street.
You start by researching properties which have sold on Data street within the last 6 months.
Another similar property sold which you've rated in 5 condition
The sale completed within the last 6 months at a price of £100,000
Your property is in slightly better condition than 1 data street
You estimate that you would need to spend £10,000 on the other property to make this most comparable to number 1
Therefore your property should be worth £110,000-120,000 assuming that there have been no market fluctuations. You can find out the answer to this question by speaking to local estate agents and asking how they consider the property market now compared to 6 months ago.
Is the market:
Look further. Are there any properties on the surrounding roads which you consider similar. Usually with terrace houses many of the immediate roads which are parallel or perpendicular, have similar average house prices.
Finally call local estate agents and enquire with them over the phone about what they have sold similar properties for within the last 3 months which should hopefully be a comparable market unless there have been any significant changes in the economy during this time ie a recession.
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