When it comes to buying or selling a property, determining its true value is one of the most critical factors to consider. In the past, people would mostly rely on the opinion of local estate agents to set the asking price. However, the rise of the internet and the abundance of data available online have changed this approach.

One of the best ways to begin assessing the value of a property is to research how much similar local properties have sold for in the past. Online resources such as Rightmove and Zoopla allows you to view average prices of sold properties in any given area, broken down by property type, and even provide information on price trends over the last five years. While past performance is not always indicative of future growth, looking at house price trends can still provide valuable insights into an area's property market.

Should I do an online valuation first?

While there are several websites offering free house valuations, it is essential to recognise that the valuations provided are rough estimates and do not take into account all factors that might impact a property's value such as the current state of the property, modifications, and recent renovations. Moreover, if there haven't been many recent sales in the area, property valuations may not be as accurate due to the scarcity of data on which to base them.

If you do an online valuation on your property, you will need a physical valuation when you decide to sell as the estate agent will be able to see any changes you have made that may alter the property's worth compared to other similar properties in the area.

What are the benefits of using a  local estate agent?

If you want a more accurate picture of your property's value, it is best to seek the advice of a local estate agent. Local estate agents would usually have a more in-depth understanding of the area, the local property market, and the unique features of your property compared to online valuation tools.

The local estate agent may offer a free property valuation if you are looking to sell your home, this will give you a more accurate depiction of what your property is worth when you are looking to put it on the market. With knowledge and experience, a valuer will be able to advise what your house is worth which will help determine the asking price the property should be listed for.

When the valuer comes out to assess your property make sure you ask the relevant questions to gain as much information as possible about your home, this may be beneficial when the conveyancing process starts. It is best to get a realistic valuation rather than going for one as high as possible because it is important that the property listing gains a lot of interest within the first few days/weeks, if the property is overpriced potential buyers may be put off.

In addition to getting as accurate a valuation as possible for a property you want to buy or sell, there are several other ways to improve your property search experience. For example, checking current for-sale properties' listed prices in your area can give you an idea of what to expect, especially if those properties share similar features to yours.

Ultimately, it is crucial to do your research and not take anything at face value when buying or selling a property. By relying on several sources of information, you get a more accurate and informed estimate of what a property is worth.

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