Today you can get an instant valuation of your property in a matter of minutes and without even getting off your couch. It is imperative that you do your own research and analysis of your estate’s worth before any professional consultation. Online Property Valuation is an excellent tool for obtaining an estimate on your property.
Are you planning to move or acquire a property, or you are simply interested in knowing the current worth of your home, you can get an evaluation of yours with the help of our property agents here at estate agents in Sevenoaks.
What are Online Valuations?
Your home is a financial asset, and as such you want to have the best possible deals on that asset. You neither want to lose money due to undervaluing of property, do you want to be disregarded by potential buyers for an overvalued property in the market.
The quickest and most comfortable way of getting a rough estimate of one’s property value is an Online Valuation. The accuracy will not be 100%, but it is a decisive statement on the house value. It makes a great starting point for selling your property and gives you a clearer perspective of what to expect from the sale. It is an indication to plan for your potential mortgage requirements and arrange your finances.
How does an Online Valuation work?
Property Valuations tools take input from various existing collections of property data and put out an automated estimate of that property’s value. The data used in these tools include the latest statistics on market value fluctuations of properties of that locality, and based on that, the tool takes a value of the most identical and comparable one with the one you are questioning about.
The data provided by government sites like HM Land Registry are used for evaluation by these online tools. These statistics are regularly updated which increases the exactness of your property estimation.
HPI – House Price Index -is a National Statistic Index of the UK, that shows changes in the value of properties in – England, Wales, Northern Ireland, and Scotland.
House Evaluation is based on multiple factors – Size, location, condition of the property, and amenities nearby, schools, public transport, security in the neighbourhood, noise et cetera. They may be slightly less accurate than other more advanced valuation indicators. It cannot be said that online valuations are not to be trusted, in fact, some online estimates sometimes might be closer to the in-person approach for property evaluation done by an estate agent. In fact, sometimes estimates vary even between local estate agents.
Advantages of Online Evaluations
Let’s assess the remarkable advantages technology offers us as a buyer and investor, today. The accuracy is not 100% but it’s a great insight towards building your expectation of prices.
- It is free and quick
- It is a great starting point to discover the potential price; your property would generate on sale.
- It can be used as a reference note for buyers to gauge the rates of property in a particular area.
- Satisfy your interest without any effort from the comfort of your homes.
- Only a few inputs like your postcode, address, number of bedrooms and bathrooms, some contact details and within seconds you get an assessment of your house.
The basic approach to put a price on your property is that you start from an online evaluation and then you place your selling point somewhere between the highest and lowest values calculated on your property.
A case study by Schulz and Wersing on Online Valuation, studies the robustness of these mechanisms and is of the view that online tools have the potential to increase the transparency in Housing Markets.
Final Thoughts
In this age of Technology, information can be accessed from anywhere at any time. Why should Housing Markets be any different? The presence of Online Valuation Tools to assess property rates by using complex algorithms is a quick way to start with your buying or selling aspirations in the estate market.
Although an estate agent should always be consulted for a more comprehensive analysis of your property, online valuations do give us a rough idea about the prospective value to be received.