How much is my house worth?
Though the property market is notorious for constantly changing, it is important for any homeowner to understand the value of their own property. Whether you consider your house a home, or simply view your property as an investment, knowing the true value can give you an edge when negotiating a price, should you ever choose to sell.
It can be a little confusing when you see two houses on the same street sell for completely different prices – which can lead to the question, what’s my house worth?
This post will detail how to find out what your house is worth, the factors that affect the value of your property, and how to increase the value of your house.
In this article
- How much is my house worth?
- How to check the value of your home
- Are free online valuation tools accurate?
- How do I increase the value of mu house?
How much is my house worth?
There’s no immediate answer to this question, and house prices can fluctuate due to a number of factors, including the overall economical climate. But it is possible to check the value of your home at any given time, which is particularly important when selling.
Valuing your house essentially means finding out how much it’s actually worth. According to Land Registry data, as of July 2019, the average house price in the UK is £232,710 and the index stands at 122.05. This reveals a 0.6% increase compared to the previous month, and a 0.7% increase compared to the previous year.
Alongside the fluctuation of property prices, there are many other factors that can affect how much your house is worth, ranging from the area, the weather and local amenities, even how much storage space you have!
The following are just some of the factors that affect residential property values:
- Crime rates
- Flood risk and air pollution
- School catchment areas
- Transport links
- Local amenities
- If the house suffers from subsidence
- Size and layout of the house
- Storage space available
- Hidden factors such as damp, boiler maintenance and plumbing problems
How to check the value of your home
If you’re wondering how to value a house, then arranging for a physical valuation is the most accurate way to find out . This involves inviting a valuer, surveyor or agent to your home, who will look at the same factors potential buyers will, such as the topography, the location, the size of your home and the land it’s built on.
These professionals are highly qualified, informed on the current market and are able to provide a correct valuation that you can count on, whether you wish to sell or you’re just interested in the current price of your home.
However, due to this being the most exact method of valuation, sometimes these visits can be costly. But if you wish to sell your house fast, Good Move can help with your valuations for free. With our speedy process, there are no hidden solicitor, valuation or estate agent fees.
Are free online valuation tools accurate?
If you are not planning on selling but wish to know your house price, you may wish to explore free options first – but it’s worth bearing in mind that these valuations can’t really be relied upon to the extent of a proper home valuation. Sometimes the results can be way off, as they can’t properly asses everything about your home in the same way a physical valuation would, and most are based on out-dated data. Therefore, if you want to find out the current value of your house, it’s better to speak to a professional.
Nevertheless, free online tools can provide a basic idea of the value you could be looking at, if you’re simply curious. Here are some common free valuation methods and points to consider about their accuracy:
1. Track house price trends by area:
Your first port of call should be to get a general overview of the market, specifically your local area. Though this data is usually out of date by a month or so, the Land Registry collects data on sales and records near every residence in England in Wales. Its official House Price Index offers average house prices by country and region across a variety of property types.
2. Monitor housing market forecasts:
It is worth taking forecasts with a pinch of salt as nobody truly knows how the property market will evolve. However, websites such as HousePriceCrash use data from the Land Registry, Hometrack and the Financial Times to crunch property trends and prices.
3. Consider the sale price
Though property values will naturally be different now to what they were decades ago, Nationwide’s House Price Index Calculator is useful to at least understand how much property prices have changed. This tool is, of course, limited as it doesn’t account for area or other factors that may impact the value of your home.
4. Free online valuations
There are plenty of online valuations that are free. They are often considered questionable, as many only ask for your postcode and number of bedrooms. Additionally, more cynical property experts have found that free online valuations usually overestimate the value of a house, so if you do use one, be sure to take your results with a pinch of salt.
How do I increase the value of my house?
You may have already had a home valuation, or you might want to increase the value of your house ahead of time. Either way, there are several methods of increasing the value of your property which will mean that your house will be worth even more! Quick fixes and longer projects include the following:
- Check mechanics: Hire an electrician and a plumber and get them to check over your property as loose wiring, faulty plugs and water leaks can all devalue your home.
- Treat any damp: Damp is frustrating as it can be difficult to permanently eradicate. However, it can be treated. Either hire a company to treat your house or do it yourself with mould killer and anti-mould paint.
- Clean your carpets: You don’t need to replace your entire carpet. However, ensuring that it is clean and in good condition can quickly update a home, and can help to increase the current value of your house. Hire a professional carpet cleaner or, if it’s beyond saving, cover it with strategic rugs.
- Add a closet to your bedroom: Did you know that a study can’t be considered a bedroom because it doesn’t have a closet? Adding in a custom closet system and plasterboard will not only increase your room number, but the customisation will also increase your overall property value!
- Consider the garden: A freshly mown lawn and a nice driveway are fairly easy to implement, and they add to the overall appearance of your property. Why not try a spot of gardening yourself? Or, if you are willing to splash the cash, speak to a landscaper.
- Update your kitchen and bathrooms: Don’t let cracks and chips devalue your bathroom; update your suite with clean, modern fittings and be sure to replace dingy tiles and discoloured flooring. The same applies to your kitchen; update your appliances and white goods and ensure the colour choices are cohesive.
- Increase your storage space: Consider adding wire and laminate storage systems to closets, cellars, pantries and bathrooms. It reduces clutter, increases customisation and generally improves the overall appearance of your property.
Whether you need a cash injection or are relocating to your dream home, if you’re looking to sell your property fast and are wondering how long a house sale takes, speak to Good Move. We use RICS certified chartered surveyors to gain a unique insight into the sector, and will provide you with an accurate estimation of how much your house is worth. Contact our team today for a free cash offer.