Thinking of selling? There are steps you can take to maximise your chances of finding a buyer. One, is to be realistic with the pricing of your property. For enquiries on the legal side of selling or buying please email email@example.com#Forsale#HouseValuation
0 131 August, 2019
What is a property valuation?
Property valuation is a term that’s used rather loosely and can refer to informal appraisals and estimates. However, the most common use of the phrase refers to a formal process whereby a qualified profession will provide a detailed report including the estimated value of a property, as well as the reasoning behind that value.
To decide on this figure a valuer will consider the following: - Location and aspect.
- Building structure and condition.
- Features of the home.
- Land size and quality, and more.
Formal valuations are usually requested by banks and lenders before they approve a mortgage to buy a new home,or refinance an existing mortgage.
They do this to ensure that if you default on your loan the finance provider will have adequate security to recoup their losses and for that reason the valuations are often more conservative than market appraisals.
WHAT IS A PROPERTY WORTH? If you ask most homeowners this question, their response is often far greater than the market. If we were to ask you today this question, what would you say? How did you determine the value? 🤔
Establishing a value for anything is about supply and demand and a comparison to what is available and the desire of someone to rent or buy it. Valuing a rental property is exactly the same. In determining the worth of a rental property we conduct a CMA (Comparative Market Analysis). We will research what properties are available in the local market via Internet rental portal listing sites as well as the properties we have available internally and actual properties leased data.
❌ THE PRICE TRAP… ❌
Managing and renting properties is not a guessing game. We want to find the best possible tenant in the quickest possible time in the real time rental climate. If we were to value the rent under the market you could be at a financial loss – or if we overvalue the weekly rent it could lead to reduced interest from tenant, an extended vacancy period and financial loss. We want to get it right for you and with data that is accurate.
""How much will my property rent for?"", ""What is it worth?"" ""Should I increase the weekly rent? and if so, by how much?"" These are questions that we hear and provide appraisals and advice on every day.
How much will my property rent for? Supply and demand determines the achievable rent of a property. When the demand of tenants is high and there are limited properties for rent, the weekly rent achievable can increase. The best way to determine the rent is by conducting a Comparative Market Analysis (CMA) on what other similar properties are renting for in the area. This research can be undertaken by looking at public rent websites.
⤵ ARTICLE CONTINUES IN COMMENTS ⤵
1 1318 August, 2019
Still celebrating the next night later...🤭🍷 Our valuation on the house was fab!!
Still feel so lucky to live here. I was starting to fall out of love with the house because of all the money we've spent on it, and the unfinished bits we never seem to get done. But after yesterday, we are super happy and feel like all of the hard work, blood, sweat and tears has been so worth it 🥰 We are now on a mission to get everything finished.....then I can plan my extension (maybe in ten years time) 🤭😂🤣 #cottagerenovation #housevaluation#1600cottage
Popular #Cambridgeshire village…
Blending 17th-century character with modern styling, this four bedroom cottage in #Ashley , is a sizeable and beautifully presented home.
Inside, the property retains much of its original charm, but has benefited from a number of improvements and extensions to offer three reception rooms, including a modern, fitted kitchen/breakfast room. Upstairs, the bedrooms are served by two bathrooms, with the master further benefitting from extensive built-in wardrobes.
Outside, the front grounds are predominantly enclosed by mature hedging and trees, with the wonderfully landscaped rear grounds being predominantly lawned with a raised decking area, a paved terrace and a tranquil rockery water feature.
Further benefits include a parking area and a double carport.
Guide Price: £799,950
See more: http://ow.ly/SXlZ50vvt3l (link in bio)
Call David Burr’s Newmarket Office: 01638 669035
A historically important, Grade II listed village house, Westley Hall has undergone a meticulous programme of restoration by the current owners over the last 18 years.
Arranged over four floors, the house provides almost 6,000 square feet of accommodation and retains much of its original elegance whilst being well suited to modern living with versatile accommodation that would suit a range of different lifestyles.
Outside, the exceptional gardens are cleverly landscaped to take into account the large specimen trees which create an almost park-like setting. There’s also a particularly impressive feature pond, a large orangery, a large outbuilding/former coach house and extensive parking.
Guide Price: £1,450,000
See more: http://ow.ly/UQWC50vlG2F (link in bio)
Call David Burr’s Bury St Edmunds Office: 01284 725525
A detached house with an elegant Georgian style façade, located commandingly and centrally on the famous village green. The property offers light versatile accommodation with splendid views over the green and the National Trust grounds of Melford Hall beyond.
Further benefits include a garage, ample parking and walled south-west facing garden. Fantastic potential to extend into the roof space, subject to planning.
No onward chain.
Guide Price: £795,000
See more: http://ow.ly/aaOk50viw7L (link in bio)
Call David Burr’s Long Melford Office: 01787 883144