The importance of getting a reliable property valuation

14 February 2023

When it comes to selling your property, getting a reliable property valuation is the first and one of the most important steps in the process.

An accurate market valuation provides you with an informed estimate of your home’s value and will give you a better understanding of what price you should be asking when selling. It also helps to protect both buyers and sellers from making decisions based on inaccurate information. Several factors will influence the value of your property including location, condition and features, as well as the current market conditions and wider economy. 

Getting a property valuation is easy and you will find many websites that offer free instant access to an online valuation. It is important however to note that not all the online tools will give you realistic or reliable results. For the most accurate information, no-one is better placed to assist than your TSPC member solicitor estate agent, armed in many cases with decades of local knowledge and experience of the local property market. With their help, you will get a realistic assessment of your home's worth in no time! 

Your TSPC solicitor will also liaise with local surveyors who are similarly experienced in the local markets and arrange your Home Report and valuation. In the majority of cases final decisions on asking price and market value will be guided by the views of both the selling agent and the surveyor, and a pooling of their knowledge and experience.

Below we have outlined some scenarios that may occur if you don’t get an accurate valuation at the outset.

1. You could lose out on £££ 

If your property is undervalued, you could end up selling yourself short and missing out on thousands of pounds. Selling your home can be an emotional process, but it's also a financial decision. If you don’t take time to get the right advice, you could end up selling quickly, for less than the best price achievable, and that in turn impacts on your purchasing power going forward.

2. It could take a while for your property to sell 

On the other hand, if your property is overvalued, it may stay on the market for longer, attract fewer interests and may be harder to sell. Your asking price should reflect the current market value of your property so that you can attract potential buyers and generate interest. If you set a price that is more than the market will bear, prospective buyers will be put off and be less likely to book a viewing.  In selling a property, sellers don’t want to have to drop their asking price unnecessarily due to an initial overvaluation.

3. There’s an increased risk of the sale falling through 

Mortgage lenders may insist on their own valuation, and if a lender’s property valuation is less than the buyer expects, and that buyer is dependent on mortgage finance to buy, then that may impact on their ability to pay the offer price, or indeed, to proceed at all.

4. You could lose the property you want to purchase 

Most people who sell are also looking to buy. Whilst everyone wants to achieve the best price possible for their property, if your property “sticks” then this will impact on when (or if) you can complete a purchase. Most sellers won’t wait around for your house to sell, particularly if they’re also part of a chain who are relying on them selling in a reasonable timeframe. Ultimately, getting a reliable property valuation right at the start of your transaction can help prevent a whole host of chain-related problems. 

5. The sale process could become more stressful  

Selling a property can be a stressful experience. All the points mentioned above can cause unnecessary worry and take the excitement out of moving home. But, with the right preparation and guidance from your TSPC member solicitor estate agent, you can avoid these pitfalls and make sure that your sale proceeds as smoothly as it can, and be rewarding and exciting.

TSPC Board Member and Residential Property Partner at Thorntons, Ken Thomson, advises: 

“TSPC has been a vital tool for sellers of property in Dundee, Angus and North Fife for over 50 years. Names may change but in reality, many firms who were founder members remain so today. No one is better placed to provide accurate, impartial and objective advice on the property market locally than those who have been immersed in it for the last half century.” 

Speak to a TSPC solicitor estate agent today to find out more or book your property valuation.