Navigating the mystical waters of property valuation

As self-confessed experts in the North London property market jungle (since 1925 darling), and homeowners ourselves, we know all-too-bloomin’ well the wild ride that is selling your home. One of the most important steps in the snakes and ladders game of property is the almighty property valuation. Often a forgotten move, it is the most crucial in finding the sweet spot when it comes to selling up and moving on. Whether you’re a first-time buyer or a seasoned investor, the process of valuing a property can be both daunting and confusing all at once. Like a game of Twister with your in-laws after one too many lunchtime mojitos. Well, that’s where we come in (and put the board games away). You need an expert guide to value your property and navigate the process like a PRO. Who’s got questions? Let’s start at the beginning, shall we…

What do those ‘Estate Agents’ actually do?

Ah, estate agents – those mythical suit-clad beings who float down the high street, offering tidbits of historical facts at each doorway you pass. They are the gatekeepers of the property market, guiding us through the treacherous waters of buying and selling. But what exactly do they do when they’re (not) at home? Well, apart from having an uncanny ability to whip up a cup of tea just like Nanna used to make you, estate agents play a crucial role in the property market. They act as intermediaries between buyers and sellers, helping to negotiate deals, arrange viewings, and provide valuable insights into the local property market.

But what about this valuation malarky?

Now that we have a basic understanding of those mythical creatures in ties that call themselves estate agents, let’s dive into the world of property valuations. Put simply, property valuation is the process of determining the market value of a property. It involves assessing various factors such as location, size, condition, and recent sales in the area. The valuation is usually carried out by a qualified valuer (hello!) who uses their expertise to provide an unbiased estimate of the property’s worth. Not just Uncle Terry down the road, or your friend who has decided she’s an expert since she once sold a caravan on eBay. This value is then used by lenders, buyers, and sellers to make informed decisions in the property market.

Do we have to do one? 

Property valuations are the backbone of the property market. They provide a fair and objective assessment of a property’s value, ensuring that both buyers and sellers are on the same page. For buyers, a valuation helps determine whether a property is priced fairly or if there is room for negotiation. For sellers, a valuation helps set a realistic asking price and attracts serious buyers. Additionally, property valuations are essential for lenders who need to assess the value of a property before approving a mortgage. Simply put, without valuations, the property market would be an (even more) chaotic and unpredictable jungle. Also, by the way, they’re completely free of charge…

Oh, okay! Let’s start the valuation process then!

Fab. Now that we understand the importance of property valuations, and we’re sitting comfortably, let’s take a closer look at the process itself. The valuation process typically starts with a visit to the property by a qualified valuer. They will assess the property’s size, condition, location, and any unique features that may affect its value. The valuer will then compare the property to recent sales in the area to determine its market value. Finally, they will prepare a detailed report outlining their findings and provide an estimated value for the property. This report is then shared with the relevant parties, who can use it to make informed decisions in the property market. It’s also an opportunity to chat with your estate agent about your situation and get invaluable insight into your next move. Downsizing to Cumbria you say? Well we’ve got a cottage for that budget coming up in Stroud Green…

How long will it take? Will I have to get lots of different valuations?

According to our lovely Sales Director Mark, appraisals do not take more than an hour (generally), so there’s no need to panic. Mark will also advise on timescales with the whole process, and when the absolute best time to go to the market will be. Like a property industry soothsayer, he is. He’ll also consult his crystal ball and suggest how you might add or maximise the value of your property. Not only that, he will usually give you three values to cover the vendor’s situation, a quick sale value, a maximum value and an all-important ‘in the middle’ value for someone not looking to move quickly or be aggressive on the price. All whilst wearing a purple velvet cape and sitting in a caravan on Brighton pier. What a star.

How will I survive this Property Valuation Process?

With us? Easily! Firstly, be prepared. Make sure your property is clean, tidy, and presentable before the valuer arrives. Secondly, just be honest Keith! Trying to hide or downplay any issues with your property will only come back to haunt you later. Finally, be open to feedback. Remember that a property valuation is an objective assessment, so take any suggestions or criticisms on board and use them to improve your property’s value and try not to take it to heart when we gently suggest clearing out the Dungeons and Dragons room so people can more easily imagine a home office or nursery (people have no imagination, right!?). 

Whether you’re buying, selling, or simply curious about the property market, don’t forget to share your funny stories and experiences in the comments below. We’d love to hear from you!

Check out more useful guides and insights into property ownership here.

Contact us:

alex@daviesdavies.co.uk – Lettings Director (contact for lettings and property management)

mark@daviesdavies.co.uk – Sales Director (contact for sales, new homes and chartered surveying)

020 3820 2492

Davies & Davies Estate Agents, 85 Stroud Green Road, London, N4 3EG

Article & images by Barefaced Studios