Why online property valuations can be misleading

Whether you’re looking to put your property on the market or just curious to find out how your fabulous new extension has affected its value, the internet has opened up a plethora of online valuation tools that tell you what your home is worth. Whilst these online property valuations are fine to get a ball park figure of how much your home could sell for, there is so much more to an accurate valuation than meets the eye.

Here are just some of the reasons why you can’t rely solely on an online property valuation:

Appearance
A well-maintained and well-presented home that is tastefully decorated inside will fetch a higher sale price, and this can only be fully appreciated by visiting a property. The same applies to an overly cluttered or dirty house; poor décor can often be overlooked. but dirt, clutter and even smells can’t be so easily ignored.

Water and green open spaces
Not only is green space beneficial for recreational and leisure pursuits, they can also have a direct impact on property prices if your property is close to parkland or water.

Schools and colleges
According to research by Rightmove, parents are willing to pay a £52,000 premium to live in the catchment area of an Outstanding-rated state school in the UK, and many buyers are willing to compromise on other factors to get their children into a decent school.

Personal circumstances
The 3ds (divorce, death and debt) are another important consideration, and can sometimes determine how quickly a vendor needs to sell. A good agent will consider your personal circumstances in order to recommend the right asking price.

Robert Reed of Wright Marshall, Tarporley Office commented: “At the end of the day, a home is only worth what someone is willing to pay for it. Online valuation tools are a useful referencing tool, but they can’t cover every variable.

I always recommend getting an opinion of a respected local estate agent like Wright Marshall who can apply their knowledge of the local property market, a full appreciation of your property, as well as your own personal circumstances to work out an accurate property valuation.”

If you would like to find out how much your home is worth, contact your nearest Wright Marshall branch for a free, no obligation valuation.

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