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Online property valuation services?

Online property valuation services?

Determining the value of your house is often a difficult task. Not only do you have to deal with multiple estate agents giving different values, determining which of these valuations are true; now you must also try to figure out if online property valuation services are actually of any real use and should they be taken seriously? We are undecided, but let’s first examine the facts about property valuations.

valuation_online_services

Fact: Estate agents lie.

Estate agents really don’t have your best interests at heart when it comes to valuing your home. What they really want to do is get you to sign up to using their services. They will tell you what you want to hear in order to sign you up, and they will even counter offer against competitor estate agents to win you over.

In our opinion estate agent valuations should be taken very lightly. Remember, they are all businesses looking to make a profit, and will try whatever they can to get a commission on your house sale.

Fact: Online tools don’t work.

If you have shopped around on the internet trying to get a free valuation of your property, you will probably have quickly realised that a lot of them are fake! What they often do is ask you to submit your personal details first, and then say they will be in touch with an offer. If this is the case, the likelihood is they are just another estate agent, or they are a cash buying company of some sort. If a cash sale interests you, try this online property valuation service for an ‘indicative offer’ of what you may expect from a cash house buying company.

Other online tools like Zoopla and Nethouseprices do actually give you a figure for your property valuation based on information that you provide – however the accuracy of the valuation they make is questionable.

What they tend to rely on is previous sale information that is available via the land registry. They use this information to build a database, and generate averages for UK house prices. This information is very basic, and they don’t know the exact specifications of your home, so the likelihood of getting an accurate valuation from these types of tools is slim.

RICS Matters.

RICS (Royal Institute of Chartered Surveyors) are the only valuations that really matter. RICS are used by the mortgage companies to evaluate the value of property for lending and are taken serious for lending purposes.

If you genuinely want to get a true market valuation of your property, we suggest that you get in touch with a surveyor. This will cost you, however, it will be accurate and you will know exactly what your home is worth.



2 Comments

  • jeremy scott says:

    Great post. I have been checking constantly on this blog and I’m impressed! Extremely useful information particularly the last part :) I have been thinking about selling my house for some time, and this information is just what I need. Just going to submit for my free valuation now!

  • Cher says:

    Amazing! You know I love your blog!!!

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