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7 questions you should ask your estate agent during property valuation

Asking a real estate agent the right questions is crucial when determining the worth of a property. You can also estimate the prices and compare them with the price stated to you by the estate agent. Online house valuation tools such as Zoopla, Rightmove, Proportunity, etc., come in handy and let you know the prices from the comfort of your home.

Read on to know how you should be dealing with property valuation.

What is Property Valuation?

Property valuation refers to obtaining an estimate of a property’s worth at the time of the valuation. A valuation will assist you in determining a reasonable asking price for your home before you put it on the market, for instance, if you are seeking to sell a property. Similarly, a property valuation is required if you’re buying a home. Make sure the property you intend to purchase is worth the money you intend to invest. 

What should you ask your estate agent while getting a property value estimate?

Understanding the procedure better will help you make decisions in the future and develop effective collaborations with your real estate agent and appraisers.

Below are seven pertinent queries to ask your estate agent to determine the true property value.

  1. Has the property been on the market for a long time?

Ask the estate agent why they think the house isn’t selling if it has been on the market for a long time (more than three months). Are there issues that you haven’t yet recognised that other individuals have? Ask the estate agent directly whether any other parties had made offers in the past and, if so, why they withdrew them. It’s possible that nothing is wrong and that the house is just overpriced. Whatever the problem, a protracted period on the market can lead to the seller agreeing to a lower asking price.

  1. When has the property’s value changed?

On the Land Registry sold prices page, you may easily find out how a property’s value has evolved over the past few years. Take a look, empower yourself with recent sales data, and be prepared to inquire about changes to the property’s worth, especially if there has been a decline.

  1. What were the most recent home sales prices in the neighbourhood?

Ask the realtor about property appraisals in the neighbourhood you’re interested in purchasing a home in, as not all sales prices of properties are published online. This information will help you assess the local housing market and provide you with knowledge of recent sales.

  1. Why is the owner/vendor selling the property?

You could be able to determine the value of the property by asking the agent the reason for the sale or how long the previous resident lived in the property. In addition to guiding your decision-making, the answers to these questions will also give you some negotiation power over the price because they will tell you about the vendor’s position.

  1. What types of significant alterations have been made to the property?

You may find out the value of a property by finding out when it was built, what the original structure was, and if there have been any significant renovations. Ask your agent if they are aware of any problems like mould, rising dampness, or water damage stains on the walls and ceilings, as well as any easements over the land and council restrictions.

  1. Does the vendor accept bids before the auction?

You might also inquire about additional negotiation strategies, depending on the specifics of the deal. If the property is going up for auction, ask if any other purchasers have submitted pre-auction offers and determine whether you have a chance to do the same.

  1. How many contracts have been asked for?

You should try to determine how many other buyers are actively considering the property in order to know where you stand amid the competition. Knowing the number of prospective buyers gives you an idea of the competition you face and how reasonably priced the property is.

Endnotes

Buying or selling a property is a prolonged and complex process involving many economic and documental procedures. Property valuation is one of these procedures; if you have questions to ask during this process, you better write them all down and ask your agent! 

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