While hunting a house, it is essential to be savvy. From checking potential structural problems to evaluating the building in the middle of legal disputes, there are a myriad of things that you must look out for. What about asking the price of the property you considered? The seller has to arrange a valuation.
It is a good idea to invest in a valuation or survey before making an offer. Numerous organizations offer free property valuation for the following:
- buyers
- sellers
- re-mortgagers
- simply curious
The team at property valuers why you arrange a valuation when planning on purchasing a property.
Valuation when buying a house
What does valuation mean when you are buying a house? A valuation provides trained property specialists to gauge as accurately as possible the fair market home value. A surveyor or valuer takes the following into account for calculating the following:
- The previous property’s sale price
- Current and recent sale prices of the same properties around the area
- The property’s condition
- Whether or not refurbishment or modernization is required
- There are bedrooms, reception rooms, and bathrooms
- The property’s room sizes
- Attached land, including the quality and size
- Potential for extension, including any granted planning permission
- Land registry information (sold prices and property title)
- Whether the property is leasehold or freehold
- The accessibility and proximity of the property to transport local attractions and schools
- Any exceptional legal disputes
- The property’s desirability
- Potential problems with the structure of the property
You can contact any range of valuation specialists before you make an offer of a house.
How does valuation help a buyer?
You may decide to arrange a valuation for the property you consider. The main benefit of this is revealing whether or not its recent asking price is accurate and fair. A valuation or survey helps realize the property has been overpriced. If you want more, you can make an offer below the asking price using the valuation results to support the action.
When the seller is aware they ask too much for their home, they agree to a lower offer as it is less possible that more savvy buyers are willing to pay the price. Alternatively, an accurate valuation helps flag up any potential issues with a property. The structural issues and other problems are expensive to fix. It needs to be factored into your budget when buying a house.
When it turns out that a property is sold at its market value, you must try to find out why. There may be a legal or physical issue that needs to be resolved. When getting the property valued, you may find out what the problem is. Alternatively, it simply confirms that you will get a great deal.
Is it good for a mortgage?
An accurate valuation helps apply for a mortgage. The property’s value in question informs the offer you are likely to make. In turn, it is factored into any mortgage pre-approval or offer you receive. In this way, it is easy to understand what to afford.
