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Using the internet when moving house
You can find property websites offering everything from home removal quotes, to resources enabling you to be your own estate agent. There is a wealth of information out there that is yours for the taking.
One thing you may have come across are websites claiming to give you a house valuation online using its past sale prices and that of other similar homes in the nearby area. These estimates can have their benefits, but it’s important to understand their limitations too.
The benefits of online valuations
A starting point
One advantage that online property valuations can give you is that you can have a rough idea of your home’s market value instantly, without having to contact anyone to get an estimate.
At the very beginning of your selling process, this can help you to guess how much you can afford to spend on your next property until you get confirmation from your mortgage provider and a professional valuation from an estate agent.
A useful reference tool
Getting a house valuation online can also be beneficial for buyers, who will be able to view the sale prices of similar properties in their desired postcode and compare them with properties that are currently for sale.
Convenience
Online valuations are convenient as they are easily accessible. If you are only at the beginning of your property search it can be a great place to start.
The issues with online valuations
Lack of consistency and accuracy
Each website’s valuation tool uses its own standard set of formulae to generate an automated figure that your home could theoretically sell for. Due to the formula varying from website to website, each valuation you get can be wildly different from the last.
This means that, although they can be helpful to give you a general idea of your home’s market value, they are unlikely to be as reliable as getting the professional opinion of a human being with years of experience of local properties.
They can’t cover every variable
Online valuation tools cannot cover every variable. The property may have had major renovations since it was last sold that are not accounted for in the estimated price.
Computer-generated valuations vs. Professional valuations
When valuing a property, an experienced
chartered surveyor will apply their knowledge of the local property market. They will be able to consider many additional factors to work out your property’s value – especially if you have had major work carried out on your home since you purchased it.
Online valuation tools are handy for guidance
Online valuations are a starting point, but you will need to take care before you proceed – get professional confirmation of any figure you have seen when using an online tool. Never rely solely on the predictions of valuation tools that can be found on websites across the internet.
Listen to professional advice
Remember that the true monetary value of your home is the figure that it eventually sells for, so any valuation given is somewhat speculative until you have an offer on the table. If you set your asking price too high and are unwilling to negotiate, you may be in for a long wait if you are hoping to attract a buyer any time soon.
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Online house valuation FAQs
Are online house valuations accurate?
Getting a house valuation online is a good starting point to begin to understand how much your property might be worth, but it its not as accurate as getting a professional property valuation. It does not consider factors such as any renovations done to the property since it’s last sale.
Can I get a house valuation without selling?
Yes, you can get a house valuation even if you are not intending to sell your property. There may be other reasons you need a valuation such as for remortgaging.