The real estate business is the most complicated sector that involves too many processes before reaching the endpoint. The UK’s real estate is the second largest in Europe, where people from different parts of the globe are seen investing in residential and commercial properties.
Despite the drop and boom in the economy over the years, the real estate business will continue to soar, bringing in more sales in the coming years. With technology dominating every business, real estate has also entered the internet age, making it easier for people to hunt for properties. The property specifications are listed in online property portals, which makes the job of sellers, buyers and estate agents easier to market their homes.
Estate agents in Rainham, Wigmore, Twydall, Gillingham and other neighbouring villages usually help with estimating the property valuation at the time of buying or selling. As everything has moved into the online world, online property valuation has gained speed and is becoming popular among everyone in the UK.
Property valuation is the method used to assess the total value of a property based on numerous factors. This is usually done by a professional who inspects the property thoroughly and drafts a report based on their findings and examination. A valuation can be done either by an expert surveyor or assisted by an estate agent to set a price tag for a household.
Why is property valuation done?
Buying or selling a property is a huge responsibility and must be done with utmost care and focus. Despite comparing the property prices in the neighbourhood or through other means, it becomes challenging for the homeowners to set a price on their property. Property valuation can be executed by a surveyor or an estate agent. Estate agents will make a rough estimation that might occasionally be higher than the original value. This might cause an inaccuracy that would affect or delay the whole deal. However, a surveyor is an experienced professional who would give an unbiased assessment of a property.
ONLINE PROPERTY VALUATION
With almost everything that has gone digital currently, people can avail most services online saving more time, effort and money. Property valuation is the legal documentation of the real value of the property considering the existing facts and details. Instead of coming up with random prices by oneself, a free online valuation will be of more value. When this estimation is legally presented, it restrains the buyers from bargaining or complaining of overpricing a property. Online valuation is of two types:
An estate agent or the surveyor works online for the buyer or the seller for free. They create a document consisting of the property details and its true worth. These evaluations are not required legally. However, on a precautionary note, owners hold these documents for future purposes like property transfer, selling, income tax, capital taxes and more.
Property websites are delivering free online valuation tools where an initial estimation can be received based on the current market trends within no time. A series of information about the property and other details must be filled in this website so that the online valuation gets done. This method is effortless to understand and does not require any external guidance.
HOW IS IT DONE?
Valuations are done based on the property’s present status and condition. Whatever is available at that moment will be covered in the valuation report as there are chances for renovations and refurbishments in the future. When it comes to online property valuation, there are multiple tools linked with this evaluator to get an approximate cost of the property. Property prices are also influenced by the underlying demand and supply in that region.
Services like instant online valuation will, however, require very minimal details to start with:
- Postcode
- Property type
- Purchase year and price
- Number of bedrooms
- To buy or sell the property
A detailed report will be created and sent within 24 hours to the prospect. The main criteria implied to know the property worth are:
- Location and required amenities in the vicinity
- Size and age of the property
- Availability of parking and outer space
- Current conditions of the house
- Sold and asking prices in the neighbourhood.
- Property’s demographic details
- New changes were done to the property like loft or garage conversions, windows and doors.
- Risk factors that come along in the neighbourhood.
- Existing market trends.
ACCURACY LEVELS OF ONLINE VALUATION
People and technology have evolved together over the years. The transition from manual operation to online methods has eased out the process in multi-folds. To provide the most accurate report for the property, they ask a series of questions which includes property spec, age and property type. Based on the properties for sale in neighbouring areas, and the trends, they draft reports which are accurate most of the time. The slight changes that might occur might be due to the change in their complex algorithm. To maintain the accuracy levels and provide the updated property prices, these tools and the valuation methods are compared with the land registry data.
HOW IS THIS METHOD BETTER THAN OTHERS?
There was a time when the homeowners and the surveyors had to fix a schedule, inspect the place thoroughly and wait for about a week or more for the detailed report on the approximate property value. This service will be done for free or at a fixed price. Getting a free estimation that comes with detailed documentation about the property value is definitely worth the catch. Most websites offer free reports where the information they provide are almost accurate. Going for online property valuation saves more time and money and provides a clear idea of what the buyer or the seller can expect out of the property. The accuracy is necessary for investors, mortgage lenders and more. The basics can be covered with an online report. If there are any flaws in the valuation after comparing the neighbouring prices, people can approach expert surveyors who perform valuation manually and obtain the most accurate results.
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