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Know the Basics of Property Valuation in the UK

Know the Basics of Property Valuation in the UK 1


Buying
a house is a tremendous step in every man’s life, but selling your property is
something big too. Whatever the reason for selling, be it moving to a bigger
house or because of work, the initial valuation of your property is of great
importance. It is best to know its value before posting any real estate ads to
make sure you will get the best out of the deal.

Know the Basics of Property Valuation in the UK 2

You
can seek help from real estate companies that are accessible online like woodwardsurveyors.co.uk.
They would assist you when the buyer shows up and negotiate with them on
a fair price and terms of sale. The key is to make sure that both parties are
happy with the outcome of the negotiation.

You can hire surveyors to do the evaluation of your property. As the owner, you must know the real estate market is very turbulent and prone to changes, so the price fluctuates daily. Surveyors need to do a detailed analysis so they can provide an accurate idea of ​​the market price at any moment.

For
example, one of the biggest selling factors of any house is its location. Where
your house is located can make or break the final price. Other criteria include
the age of the property, the size and the number of rooms, and if you are
selling the property furnished. To know why the location is one of the main things
to consider when you buy or sell your property, check here: https://www.thebalance.com/what-location-means-in-real-estate-1798766.

Before
seeking help though, you need to have at least the basic knowledge of how
property valuation is done.

Real Time Evaluation

Surveyor
all around UK can give you an estimate of the value of your property, which can
apply to future owners if they want to take a mortgage, for example. This
estimate can be some of kind of guarantee and ensures that they won’t receive a
lesser amount than the real value of the property. At any moment, the lender
(bank or some financial institution) may request an additional evaluation of
your object, if needed.

DUST Elements

The
acronym DUST stands for the elements that surveyors use in the evaluation of
your property. To get you the fair price following the market rules, they have
to consider demand, utility, scarcity, and transferability
of your real estate.

The
demand is the number of people who is interested in buying your
property. Utility is the possibility for some real estate to
satisfy the purpose potential buyers. Scarcity refers to the limitation
of real estate offers by some criteria. And the last, but not least, is transferability
of the property. This term refers to the process of changing ownership after
all legal requirements and regulations have been met.

If
you want to get a general idea on where the current status of your house, then
you can ask yourself the following questions:

•Do
you think someone would buy your house? Why do you think they would want it?

•Can
they use your property for anything else? Residential? Business? Both?

•Are
your neighbors are selling their houses too? Do you know how many similar
properties are in the market for sale?

•Can
you get a loan on the property? Is there a title that can be transferred? Is it
insured?

Know the Basics of Property Valuation in the UK 3

Methods of Valuation

Surveyors
mostly use several methods for the valuation of your property. Although all of
them, more or less, should give similar estimates, the most helpful approach is
to make comparisons. On this
page
, find out what other methods surveyors in the UK use.

This
is directly related to current happenings in the market. They compare prices of
similar estates and get the average value of your property. Details decide
whether your price will vary up or down.

No
matter how many beautiful memories you have, it’s the time to be objective when
selling. Valuation of your home is a significant process, so the best advice is
to hire a professional surveyor to do it. This would take a lot of stress off
your shoulders.

About The Author

Know the Basics of Property Valuation in the UK 4

vipul

Hi! I’m Vipul, a professional blogger and online advertiser based out in New Delhi, India. Always in a quest for new ways to make money, I detail out all possible opportunities that can help anyone to earn good bucks. You can connect with me on Twitter, Linkedin & Facebook





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