SELLING YOUR HOME: HOME REPORTS AND
VALUATIONS
How much is my property worth?
If you are planning to sell your empty home, you will
need to know how much the property is worth so that
you can set an appropriate asking price.
Getting this right first step can make the difference in
getting a prompt sale and a fair price. A speedy sale
will reduce costs, as it reduces the time period in
which you have to pay any Council Tax, mortgage
repayments, insurance etc.
This guide provides an overview of the different ways
to get a valuation, and of the factors you should
consider when setting an asking price.
Estimates
Free. Good starting point: help you get a rough idea –
do any initial sums/calculations/thinking about the
viability of selling.
Online house price calculators
Online house price calculators can provide an initial,
very rough estimate, of the likely market value of
your property. They don’t take factors such as the
condition of your property into account so may not be
very accurate.
Nationwide House Price Index Calculator
http://www.nationwide.co.uk/about/house-priceindex/house-price-calculator
of the potential sale price. Get at least 3 quotes from
agents – you can use that as a guide.
Professional Valuations
Professional Valuations are more accurate than an
Estate Agent’s estimate. It will provide you with a
better, more accurate figure for setting an asking
price.
Cheaper than a home report so this is useful in cases
where you don’t need a home report, or as a ‘first
section’ of a home report.
Also contains detailed information – useful tool for
persuading buyers – they know that it has been
valued at a certain amount. Assurance that it has
an ‘as claimed.’ And assurance for mortgage
companies so that a buyer can get a mortgage on the
property: professional valuations open up the pool of
potential buyers – without providing that you’re
probably limiting yourself to developers/investors who
are willing to pay for their own assessments.
Home Reports
Homes in Scotland which are marketed for sale are
required to have a Home Report. This is a pack of
three documents: a Single Survey (which includes a
professional valuation), an Energy Report and a
Property Questionnaire.
Home reports aren’t cheap. Prices range from around
£130 - £450.
What House property valuation algorithm
http://www.whathouse.com/value-my-property/
Exceptions
Property Price Advice online valuation
https://www.propertypriceadvice.co.uk/valuation
Estate agent estimates
Bear in mind that estate agents are looking for your
custom, so may provide an estimate at the higher end
If your home is unsafe, unsuitable for habitation or
scheduled for demolition then you do not have to
provide a Home Report. More information is available
at:
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http://www.scotland.gov.uk/Topics/BuiltEnvironment/Housing/BuyingSelling/HomeReport/buyers/advice
www.surveyscotland.com/homereport
DM Hall
http://www.dmhall.co.uk/homebuyers_report
Setting an asking price
Need to take current market conditions into account.
Bear in mind that only 20% of properties are
achieving valuation price.
Need to weigh up facts and decide what the asking
price should be – if your price reflects market
conditions then it is more likely to sell quickly. If it
does not, then it is likely to take longer to sell, or not
sell at all.
Weigh up the costs of holding out for a higher price
vs. setting a price that reflects market conditions.
If you are using an estate agent make sure to ask
them and let them help you make this decision. Part
of their service is to provide advice for your property.
If you can’t afford to sell at a realistic price (e.g. you
would be in negative equity) then you need to look at
other options for the property. Can you rent it out and
use the rent to cover the costs, until it becomes
possible to sell/prices rise etc. You must remember to
be realistic and consider your financial
circumstances.
Saleability – other factors help to sell
Also worth thinking about is what other factors may
help sell your property? For instance clear photos
that reflect the property in its best light are more likely
to catch people’s attention. Small works can attract
buyers to a property, so try and make the best use of
the property i.e. keep the garden tidy, freshly painted
walls.
If the property requires works but you are looking to
sell on immediately, gain some quotes on the works
required. This will allow people to factor in the costs
and can make the prospect of work seem less
daunting.
List of companies/starting points
Online estate agents
http://www.ownmove.com/instant-valuation
http://www.expressestateagency.co.uk
Home Reports
Survey Scotland
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