Should you get a second opinion on a valuation?
Getting a professional valuation for your property is an essential step in the selling process. A valuation will give you an estimate on how much your house is worth based on factors including its location, the number of bedrooms your property has, whether it has a garden or a garage, how modern the property is and if it has any extensions or conversions. Once you have a valuation of your property, you’ll know how much to put it on the market for and how to negotiate with potential buyers.
How to get a property valuation
There are plenty of websites and online tools that allow you to work out the approximate value of your property yourself, but for the most accurate valuation, you should seek advice from a professional estate agent or property consultant. By getting someone else to value your property, they will approach it from a completely subjective point of view and base it on the true market value rather than what you, personally, would like buyers to pay for it. In some occasions, valuations will also determine the appropriate Inheritance Tax for a property which is particularly important if you have been left a house after the death of a loved one.
The advantages of a second valuation
It’s usually advisable that you get up to three independent valuations from reputable companies before you go ahead with the sale. This is because valuations between agents can vary widely. There’s nothing stopping you from seeking advice online as, more often than not, these places take their data from the Land Registry and the Registers of Scotland so that results are more accurate. Consider the UK House Price Index which compares the value of properties by country and region, depending on property type. If you’re considering a quick house sale, multiple valuations are vital so that you know the buyer is giving you the fairest price even if you are selling your property at a discounted price.
Contesting a valuation
If you disagree with how much your property has been valued for, you can present the assessor with a case. To make a successful argument, you will need to provide all of the necessary records that have been used to value your property as this will help you to scrutinize the assessor’s decision. Factors such as using the wrong tax authority to work out tax or not including an extra bathroom in your home can make a huge difference to the given valuation. You should also request copies of comparable sales information that the assessor used and examine these alongside the value of similar properties nearby.
At Probate Purchasers, we will give you an accurate valuation of your property if you wish to go through the quick sale process. We guarantee to make an offer on your home and can work quickly to resolve any situation that you may be in. Plus, our services are completely free with no agent fee to pay.