Have you been wondering – how much is my house worth? It is a question that plagues homeowners, potential buyers, and tenants alike since real estate is one the greatest investments an individual makes in their life. Knowing the value of your property can help you mitigate unforeseen financial risks and allow you to use your resources in the best possible manner. In fact, not knowing how much an apartment or piece of land is worth can result in losses of thousands of pounds for an average citizen.

Now you might think, can’t we already find how much a house is worth by paying some heed to the word on the street? The truth is, such estimates are more often than not inaccurate and can result in false expectations. Besides, when a price is based on opinion rather than a formal evaluation, it fluctuates uncontrollably. So instead of putting yourself through all the confusion, get a property evaluation to become a more responsible homeowner/renter. 

Reasons Why You Should Get a Property Valuation

Here are some reasons why you should get a property valuation done before a big transaction or for general recording.

Find the Best Price

If you decide to sell, rent, or lease your property, a flat valuation report will undoubtedly help you come up with fair prices that you can quote. Having the valuation report on hand also ensures that your buyers do not press you for lower-than-affordable prices, causing you to lose money. It also helps you understand the asking prices for similar properties and lure in more buyers by proposing competitive rates. This could be a boon for people trying to make a quick sale.

Even on the other end of the spectrum, valuing a house before you sign a lease on it can save you from getting financially exploited.

Get a Health Report for Your Property

People are often very emotionally attached to their homes. Its flaws and shortcomings are invisible to the owner, but wouldn’t be so to a tenant or a buyer. A comprehensive property valuation report can tell you the major issues with your house that might be pulling its price down. Fixing a leaking pipe or damp wall might not cost you as much, but it can do wonders for the market value of a house. Even as a renter, it helps you ask for a reasonable price in case a flat has fundamental defects.

For example, some properties’ selling prices can skyrocket if minor improvements are made to them. They may not be highly valued in the same state. A property evaluator will recommend specific renovations to increase the property’s value and ensure higher profit.

Know Your Options

With rapid commercialisation and urbanisation, the value of a home goes beyond its structure – the land it stands on could be worth a lot more. A property valuation can help you assess the demand for your house properly. You may find corporate investors trying to pay a high price for it or trying to convert it into a business space.

Even for properties that haven’t been used in a while, this could be a golden opportunity to make money out of an asset that has been sitting empty for years. 

Use It as Collateral

One of the most widely-used collaterals to draw out a loan is real estate. You may want to start a new venture or are stuck in a financial rut, your home could be your saviour during the tough times. Getting your property valued can help you find the best ways to leverage your holdings.

Conclusion

According to the Office for National Statistics, land makes up 60% of the UK’s total net worth – making it worth more than a trillion pounds. Thus, to value such an important asset, you need to get in touch with market experts and have an end-to-end property valuation performed. 

Before purchasing or selling a house, knowing the true value of a space can help you do a fair cost-benefit analysis and understand the longevity of the capital investment. Economic downturns and inflation cannot be calculated to the nip, but a property valuation lets you stay largely immune to these forces as you understand how and when to roll with the real estate market.