What Price to Ask
Before you market your property online with Turtle Homes you will need to decide what price you want to ask for your property. The following guide explains how properties are usually valued and then takes a look at how sellers should approach the current market.
When it comes to the value of a property, there are three things to bear in mind.
- The valuation is simply an estimation of what someone else might pay for it.
- This does not necessarily bear any relation to how much you paid for it, how much money you’ve spent on it since then, and how much you need out of the deal.
- Getting the price wrong can seriously damage your chances of a sale.
How properties are valued
There are three methods of valuing property:
- cost approach
- income approach
- comparables approach
The most generally accepted method of valuation in the residential property market is the is by using comparables. You should be able to gain a rough idea of what your property could be worth by looking at local papers, estate agents’ windows, property websites such as Rightmove and Zoopla and similar house in the area. This method, therefore, incorporates relevant market conditions and activity within a particular location.
Turtle Homes online estate agents are able to reinforce this by providing an in depth best price guide which will give you an indicator of property values in your area. To receive a copy of this, all you need to do is to complete our online valuation form and we will get in touch with you as soon as possible. You should then be able to gauge how much your property should sell for by considering the following criteria:
- the age and type of property,
- the accommodation available,
- the fixtures and features of a property,
- the property’s construction and state of repair,
- the position within the locality and the surrounding amenities available,
- the tenure, tenancies, service charges or any other liabilities.
Before deciding on a price, you may also wish to consider:-
- doing repairs or decorating if this would make it easier to sell the house (see also our preparing to sell your house or property online guide).
- arranging a survey if you think there are any major problems that might affect the value of the house, for example, a roof in bad state of repair.
You should also decide in advance if you are prepared to include any extras in the sale, for example, curtains and carpets. These are known as fittings. A price for these can be included in the asking price or a separate price can be asked in addition. There are some items that you must sell as part of the house unless you make it clear to the buyer that such items are not included in the sale. These are known as fixtures and include such items as fireplaces and a central heating system. However, in some cases it is not always clear whether something is a fixture or a fitting so it would be useful for you to draw up a list of any items you intend to remove or are prepared to sell to avoid problems later.
It is normal practice for a potential buyer to offer a lower price for the house than the seller is asking. You might therefore want to allow for this by setting you price a little higher than the amount you would like to get.
Please feel free to contact us and we will be more than happy to provide you with a comparable report of similar properties in your area