Determining how much your house is worth is an important step, whether you are interested in selling your house, remortgaging or planning strategic improvements and upgrades. It is also essential in setting realistic expectations in terms of the money you can expect to receive upon a sale.
In this article, we will explain how to find out how much your house is worth. We will also discuss what to do if your home currently has lower value than you would like.
Exactly, How Much Is My House Worth?
There are a few good ways to determine the worth of your house – that is, how much people would pay for it on the open market. These include:
- Online Tools. Valuation tools from reputable sites like Rightmove, Zoopla, YOPA and more can give you a general idea of what similar houses sold for in your area. It will not be a true ‘apples to apples’ comparison however. For example, if you have a four bedroom home in X neighbourhood with Y amenities, you must also factor in the age and condition of the house.
- Estate Agents. Estate agents can provide a free valuation, which includes a look at your property and insights from their local market knowledge. This is an accurate way to determine your home’s worth.
- Valuation Professionals. Another very accurate method. Valuation professionals will assess your property and give you a solid sense of its worth.
It is important to recognise that the condition (as well as size, age and other factors) plays a role in value. What House A sold for will not be what House B sells for… and it won’t be what your house sells for. It is all highly dependent on a variety of factors and situations.
What if you do not get the answer for which you were hoping?
Is My House Unsaleable?
Navigating the house sale process under any circumstances is challenging; the experience is full of ups and downs. This is even more true if you are dealing with a situation in which your house has a low level of value and/or it is in poor condition. It can seem impossible to sell.
It is not. Yes, it can be more challenging – but, also yes, you can complete a sale. You may have to rethink your options however. You could put a great deal of time and resources on the line in order to make major improvements and repairs. From faulty roofs and leaky plumbing to unsafe wiring and outdated heating and appliances, though, you could be facing thousands or tens of thousands of pounds (and untold time and hassle) in completing these projects so that your home is suitable for traditional buyers – and their lenders.
That is certainly one option. But what if you do not have the money or the time to complete these tasks? You could:
- Target Property Flippers. These buyers specialise in buying properties in need of rehabilitation, fixing them up and then selling them. They are not deterred by homes that are in less than ideal condition.
- Sell at Auction. Likewise, auction buyers tend to be looking for a bargain. Your house may present some sort of opportunity for them. Meanwhile, for you, it is an opportunity to part ways with a property you no longer want or cannot afford.
- Work with a Cash House Buyer. Reputable cash house buying companies purchase homes in as-is condition. You do not have to spend untold sums of money on repairs and upgrades. You will receive a fair and reasonable offer – usually within 80% – 85% of total market value. At the same time, you do not have to worry about estate agent and solicitors fees, surveys, valuations and the myriad of other hassles and expenses that go into a traditional sale.
For properties that are distressed or otherwise have lower value, there are ways to sell. The key is targeting the types of buyers who have the funding and wherewithal to complete purchases.
The truth – and the encouraging news – is that virtually every property has value. There is a buyer out there who will recognise that and pay you for it.
Take the process one step at a time. Determine your home’s worth, and then figure out the selling option that best works for you.
