When selling a property, one of the first things you need to do is get an accurate valuation. It may seem like a fairly straightforward process, but did you know not all valuations can be trusted?
The trouble is, if the valuation isn’t correct, it can lead to all kinds of problems during the selling process. Here we’ll look at why it’s important to receive a proper valuation prior to selling your property.
Why a correct valuation matters
It may not seem like a big deal if the valuation you’re given is slightly over or under the properties actual value. However, it can make a significant difference. If the price is too high, you’ll struggle to find a buyer and your property could end up sitting on the market for years.
On the other hand, if the price is set too low, you’ll miss out on a lot of potential profit. It can also surprisingly put off potential buyers too, as if the price is lower than expected, they’ll assume there’s something wrong with either the property or the area.
Finding the right price is therefore essential if you want to both get the best value from the property and sell it quickly.
Be wary of online valuation tools
You’ll come across quite a lot of online valuation tools which can help to give you a rough idea of your property’s value. However, a lot of these tools don’t take into account important factors which can impact the value of the home. Therefore, you could end up with a higher or lower valuation if numerous factors are left out of the valuation.
If you want to get a rough idea of “how much is my house worth” use a valuation tool from a reliable and trusted estate agent.
Don’t let emotion cloud your judgement
When you’re selling your home, it’s easy to overestimate how much it’s worth. To you, the property may be invaluable, but to a buyer who doesn’t have any emotional connection to the property, they won’t share your over-enthusiastic valuation.
Try to keep your emotions out of the valuation as otherwise you could end up asking much more than a buyer is prepared to pay.
Overall, when selling a property, the right valuation can ensure you sell quickly, while getting the most value. An incorrect valuation however, can cause significant issues that can lengthen the sales process and potentially cost you a lot of profit.