How do I 'value' my property?
Firstly we should point out that only surveyors value property. What your local estate agent would provide is a market appraisal - what they feel it is worth in the current local market. This is based typically on what's currently for sale (your competition) and how buoyant the market is, but isn't an exact science - estate agent market appraisals have been known to vary wildly, even by as much as tens of thousands of pounds.
However, the properties in the streets and area surrounding your home provide you with the ideal guide to what you should be asking. These are already up for sale and have therefore considered the current market when deciding the asking price. Many of these prices will have been determined by local estate agents anyway. However, by considering a number of local prices for similar properties, you are benefitting from the overall picture of the area and the competition, rather than just two or three appraisals of your own home.
The internet provides a huge resource for determining the asking price for your home. Visit the large national websites such as Fish4Homes.co.uk and Home.co.uk and search for property in your area. Look at the asking prices of similar properties and then look at the main features, compared to yours. Do they have double glazing and central heating? Do they have a conservatory or garage etc?
If your house has a garage when most in the street don't then have a look at two other similar properties, one with and one without a garage. What is the difference in the asking price? This should provide you with a guide as to what a garage is worth locally. You can also view multiple photos of most properties online so you can compare standards of decor etc.
Everything in the paragraph above can also be done by visiting local estate agents and seeing what they have for sale in the streets surrounding you. You could do this in addition to using the internet if there are local agents that you can't find online. Some private sale websites openly suggest inviting a local estate agent out to value your home, even though you have no intention of using them. We feel this is unprofessional and would never recommend such actions.
Remember - estate agent 'valuations' can vary significantly, by as much as tens of thousands of pounds*, so how accurate would their assessment be. Such variations won't help you determine an accurate asking price for your home, so you're probably better off doing it yourself.
There are also a number of free online resources that tell you exactly how much local property has sold for. Try www.ourproperty.co.uk by clicking on the banner below:
When viewing the sale prices of local property on these websites please check the sale dates - the information usually covers sales over the last few years and you will obviously need to be looking for the latest information.
Next page - Where to advertise my private property sale?
Return to - 'Sell my own home' Guide
* Source - numerous editions of Channel 4's Property Ladder TV series
Please note. The information contained within the MyKeys.co.uk 'Guide to selling my own home privately' is for guidance only.
For the legal aspects of selling your own home please contact your solicitor.