What is an Estate Agent looking for when valuing a home?

Residential Sales – Selling Your Property

When selling your home, obtaining an accurate valuation from a professional estate agent is crucial.

You may wonder, what is an estate agent valuer looking for when valuing your home?

We’ll delve into the key factors that answer this question and discuss how you can potentially increase your home’s value before you list it on the market.

Market Demand and Comparables

Understanding market demand and comparables are essential for estate agents when valuing a home. They’ll look at the demand for properties similar to yours, known as “comparables” or “comps,” and analyse recent sales data to determine a fair market value. Keep in mind that fluctuations in the property market can impact your home’s value, so staying up-to-date with market trends is essential.

Location, Location, Location

Location is significant in what an estate agent looks for when valuing a home. Estate agents consider the desirability of your neighbourhood, proximity to good schools, transportation links, and local amenities. A prime location can significantly increase your home’s value, while less desirable areas may negatively impact it.

Property Size and Layout

Size and layout are essential factors in what estate agents look for when valuing a home. Agents will measure the square footage and consider the number of bedrooms, bathrooms, and reception rooms. They’ll also evaluate the layout and flow of the property, as this can have a major effect on a home’s appeal to potential buyers.

Condition and Presentation

The overall condition is another critical factor in what an estate agent looks for when valuing a home. A well-maintained home with modern fixtures and fittings will likely be valued higher than a property needing extensive repairs. Estate agents will assess the condition of your home’s interior and exterior, as well as the quality of any recent renovations or extensions.

Unique Features and Potential

When determining what an estate agent looks for when valuing a home, unique features and potential are also considered. Features such as a stunning view, a large garden, or a particularly stylish interior design can increase its value. Estate agents will evaluate the potential for improvement, such as the feasibility of adding an extension or converting a loft or garage. Properties with room for improvement often appeal to buyers who are looking for a project or want to customize a home to suit their needs.

Negative Impacts

Another important factor is on the negative side: Is there anything about this property which would turn off prospective buyers, or what objections might they have to buying your property? 

• Sometimes, these can be as simple as the colour scheme or mould on the walls.
• If it has an unauthorized extension requiring planning permission, many buyers may avoid it. 
• Is it a probate sale being sold before probate is granted, or a rental property being sold with the tenants still there?
• Is it in an area susceptible to flooding? 
• If it is under the airport flight path, that could be a significant factor. 

These introduce uncertainty into the buying process, turning off buyers.

If objections like these cannot be answered, many buyers may walk away thinking, lovely house “but”… Often times that “but” stops them from bidding, thereby undermining the property value.

Conclusion:

By understanding what an estate agent looks for when valuing your home, you can better prepare for a successful sale. Factors like location, size, condition, market demand, and unique features all play a role in the valuation process. Remember, every property is unique, and estate agents will provide tailored advice on maximizing your home’s value. Don’t hesitate to ask for their expert guidance and make suggested improvements before listing your property on the market. We use IntheSpace Interiors for staging or project management on our properties before bringing them to market.

Casey Kennedy Estate Agents can carry out a home valuation for free if you are selling.

Click here to see an article on preparing your home for sale

Click here to see housing market projections for South County Dublin.