How Much Is My Property Worth? 5 Tips To Improve Property Value In London

london property value

 

If you are a property owner in London, you would know that property prices are not fixed. This fluidity is why you need an accurate valuation to know what your property is worth. If you do not know how to get a correct valuation, you might not be able to answer how much your property is worth.

This article discusses how you can get an accurate property valuation in London and what you can do to improve the value of your property.

First, we will look into what property valuation is and why you need it.

 

What Is Property Valuation?

 

Property valuation is the process of getting an estimate of the worth of a property at the time of the valuation. In other words, property valuation helps you arrive at a fair market price for your property.

If you want to sell a property, an accurate valuation will help you fix a reasonable asking price before putting it on the market.

Even without selling, a property valuation can help you arrive at what the market-related rent will be if you put it up for rent. This knowledge will give you an idea of the yield on the property.

As a property buyer, a valuation will let you estimate how much you need to budget for the purchase. Without a property valuation, you won't know what the fair price is. Lenders might also request a valuation before approving your loan application.

A property valuation will also let you know how much to budget for renovation after buying.

Carrying out a property valuation can be a daunting task, as it involves lots of factors. It is easy to get overwhelmed, which is why you should allow a competent property management company to handle your valuation. It will save you a lot of stress, and you will get the best service.

We will now look at what the valuation process looks like.

What Happens During A Property Valuation?

When a valuator comes to evaluate your property, they will look at it from a buyer's perspective. There are several factors the valuator will consider before arriving at a final figure. The factors include the location and size of the plot of land, topography, zoning, development prospects, etc.

Do not be surprised that the value of your neighbours' properties will affect your own, as current prices in the same area tend to guide buyers' pricing.

The valuator will also inspect your property both internally and externally. They will note the size of the buildings, number and type of rooms and bathrooms, whether there is a garage and how many cars it can take, outbuildings, gardens, etc.

Inside, the valuator will note the finishing and other fixtures like heating and plumbing systems. The property's condition also matters as the valuator will consider if there are dry rot, sagging beams, or rising dampness that could be damaging the building.

To complete the valuation, the valuator may take several photos of the key features of the building.

This process might take some time as every part of the building will be covered thoroughly. The valuator may also need you to be on hand to answer some questions. Co-operate as much as possible and do not hide anything or provide misleading answers so the process could be smooth. Also, feel free to ask any questions you might have about the procedure. Be friendly as much as possible.

To prepare for the valuation, here are the things you can do:

Make the property presentable by cleaning and decluttering. You do not have to do a complete renovation, but tidying up will create and maximize the sense of space and make the key features of your property stand out.

Prepare all relevant paperwork for the property. This will save time as you won't have to look for them when requested by the valuator. The documents you need may include the building plan, lease information, maintenance charges, property valuation history, etc.

If you have any questions, write them down so you do not forget or skip any. The more you know about the process, the better.

To find the cost of property valuation in London, you can search online. Some property valuation website allows you to get a free valuation after entering key features of your property.

How To Increase The Value Of Your Property

You can increase the value of your property either to fetch higher sales prices or to make it more comfortable for you to live in. below are five steps to improve your property:

Create An Excellent First Impression

What potential buyers see first goes a long way in whether they will like your property. This is why you should keep your property exterior neat and inviting. If there is a garden or flowerbed, make sure they are well-tended. Fix peeling wail paints or missing cladding, maintain the walkway and create a live-in atmosphere around the place.

Carry Out Major Repairs

Your buyers will not like to spend a lot of money fixing the house after purchasing it from you. This is why you should take care of any structural problems like rising damp, leaking roof, rotting roof timber, cracking walls, etc. It might involve some expenses, but it is worth it.

Add More Rooms To Your Property

You can do this by splitting your property into flats, for example. Doing this could add up to 30 percent to your property value. However, you must confirm if apartments are sought after in your area.

Some homeowners convert their lofts or garage to an extra bedroom without needing building approval. This can add more than £20,000-£200,000 to your property.

Outbuildings can also increase the value of your property, especially if it is a home office.

Install Modern Amenities

Old homes often have amenities like central heating and plumbing systems from older eras. They might not be as efficient or cost-effective as modern ones. Install or add newer radiators, boilers, etc.

Upgrade the bathrooms (make them en suite) and kitchen with modern appliances. Add garden furniture or pots.

Fix Broken Items Around The Property

You can add value to your property by carrying out simple repairs around the property. Put a coat of paint on the walls, fix loose or missing tiles, and repair broken windows and cracks in the ceiling. Make sure electrical fixtures like sockets, light fixtures, etc.

 

Conclusion

If you are looking to purchase or sell a property in the UK, or how you can increase the value of your property, please feel free to contact us or visit our website at TRPE- The Real Property Experts. We have properties for sale in every area in the UK and our expert team members can help you every step of the way.

 

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