If you’re thinking of selling your home, one of the first things you’ll want to find out is how much your property is worth. With so many online property valuation tools, it can be easy to get quickly excited if it’s proposing that your home is worth more than you initially thought. Discover some of the pros and cons of using online valuation tools.
The internet contains a wealth of information for both buyers and sellers, so it is worth taking your time and doing your research, so that you’re not disappointed further down the line.
Pros of online valuations
When beginning your selling journey, online valuation tools can be a great starting point when looking to find your homes market value. Most online valuations are free and you can input the data about your home at a time that suits you, without even having to pick up the phone to speak to someone, or having to leave the comfort of your home. These valuations should however only be used as a ‘guide’ at the outset, to enable you to help guess how much you may be able to afford to spend on a new property. An estate agent will be able to give you a better idea of how much the property you’re looking to sell is likely worth and will also have knowledge of how much other properties in your area have recently sold for, similar to yours.
They can also be a good reference tool for buyers as they’ll be able to be able to view house sold prices of similar properties in the area which they are interested in buying and compare them with properties that are currently on the market.
Cons of online valuations
Website valuation tools calculate the figures based on a different set of formula so each valuation will vary slightly. For this reason, they should only be used as a guide to give you an idea of your homes currently market value. Hiring a professional who has local knowledge will be able to give you a far more accurate valuation.
It’s also important to remember that the figures these online valuation tools are automatically generated using historic sale information and therefore won’t take into consideration if any substantial work had been carried out at the property to add value since the last recorded sale price, which may affect the potential market value. If there is a significant range of types and designs of properties within the same area, this can also affect the valuation provided. There are so many ‘real life’ variables that an auto generated tool cannot take into consideration.
Online valuation tools vs a professional valuer
When carrying out a property valuation, a qualified RICS (Royal Institution of Chartered Surveyors), chartered surveyor will apply their expertise and knowledge of the local area and current property market. They will take into account all the factors which an automated platform can’t, providing you with a far more reliable valuation.
In summary, online valuation tools can be great as a starting point to give you a guide price when at the start of your journey and want to know how much you may be able to use from the sale of your property to put towards your new home. As results vary so much from website to website, don’t solely rely on the first valuation you do and you need to use a professional valuer for the purposes of putting your home on the market and for mortgage/lending purposes if you are looking to buy.
Always listen to the professional advice of a surveyor or a valuer from a local estate agent as this is likely to be a more realistic property value. Your home also may also take longer to sell if your asking price is too high or are unwilling to negotiate.
If selling, you’ll also need a Home Report to be carried out. We are the leading providers of Home Reports across Scotland, carrying out Home Reports at a time convenient to you. We work early mornings, evenings and weekends too and are competitively priced. Give us a call on 0131 608 0175 or email us at email@example.com
Andrew MacKenzie is a qualified Chartered Surveyor with over 20 years’ experience within the Scottish Property market. He specialises in all types of residential valuations including Home Reports, Private Valuation reports and Development Appraisals.
Outstanding service and very quick turnaround from Andrew and the team. Would highly recommend this company for anyone requiring a fast, professional and efficient service.
19:27 03 Oct 23
19:11 09 Jul 23
Thank you Home Report Company, the surveyor who was sent over for our house valuation report was great. It was nice to be able to welcome a well-mannered, friendly and professional person to our home.For those looking for chartered surveyors to carry out a home report or valuation, I highly recommend this company. They have been very helpful, polite and punctual - and made life that little bit easier during a difficult time in our family. Thank you again.
james “TechnixJim” F.
06:43 26 Jun 23
I needed a survey done quick and contacted home report company,Andrew came within 2 days,no messing about and got my survey paperwork next day via email,excellent company,thank you andrew.all the best jim.
18:15 23 Jun 23
I have recently instructed the Home Report Company to complete a survey for me. From my first initial enquiry up until receiving my report I have nothing but high praise. I was given a quote, a prompt appointment was made and the survey completed. Andrew, the surveyor, was very professional and also very smiley and reassuring. He went about the survey with minimal intrusion or fuss and he also liked my dog 😊. Highly recommend.
16:47 09 Jun 23
Andrew Mackenzie from home report company did our home report very professional and polite.This is the second time I have used home report company and mr Mackenzie has done both reports.The price charged was very competitive and by far the cheapest I enquired about, I would definitely recommend the home report company for your home report.
15:34 28 Apr 23
10:58 05 Apr 23
Perfect, exactly what we needed to sell our home, very quick, helpful and at an excellent price! Would highly recommend!
21:36 22 Mar 23
Friendly and professional service. Andrew was very professional and answered any questions I had. I received the completed home report the next day, after first receiving the draft version.
Steve “Steve J” J.
10:47 16 Mar 23
Very friendly and helpful surveyor who produced an honest, factual report. Survey was organised very quickly, was reasonably priced (compared to other quotes) and the report was produced quickly after the survey. No complaints!