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  • Things To Do Before Bank Property Valuation

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Dated:
Dec 12, 2022
Read Time:
Topic:
Development

Things To Do Before Bank Property Valuation

No one knows when the property market will peak or when it will start to drop again. So, if you're thinking of selling shortly, how do you know how much your home is worth and what you need to do to get top dollar? Bank property valuation in the UK can be a tricky business - so here's our list of tips to make sure everything goes as smoothly as possible.

What is bank property evaluation?

Bank property evaluation is the process of estimating the value of a property to grant a loan. The value determined by the bank may be different from the property's market value.

How to get a higher house valuation?

It is no secret that banks place great importance on property valuations.

After all, the property's value is used as collateral for the loan, and therefore the bank wants to be sure that they are lending you an amount of money that is commensurate with the asset's value.

You can do many things as a borrower to ensure that you get a higher valuation from the bank and, consequently, a larger loan amount.

1) Get a property valuation from a professional

The first step is to get a valuation from a professional. It is important to note that the banks will usually appoint their valuer to assess the property's value, but this does not mean you cannot have your valuation.

It is highly recommended that you get your valuation done, as this will give you a better idea of what the property is worth.

It is also important to remember that banks are not always accurate in their valuations. There have been instances where borrowers have been offered a loan significantly less than the value of their property.

2) Choose the right bank valuer

Once you have your valuation, you can start looking for a bank valuer. Again, it is important to choose a valuer that is experienced and that you feel comfortable with.

You should also ensure that the valuer is registered with RICS.

3) Present your property in the best light possible

Once you have chosen a bank valuer, you must ensure that your property is presented in the best light possible.

This means ensuring that the property is clean and tidy and that any repairs or maintenance issues are addressed before the valuation occurs.

4) Be prepared to negotiate

Finally, you need to be prepared to negotiate with the bank valuer. If you feel that the valuation is too low, you should try to negotiate a higher value.

If you successfully negotiate a higher valuation, you will then be able to borrow a larger amount of money from the bank.

What are the things to do before bank property valuation?

Property valuation is the process of appraising or estimating the value of a property. The purpose of this process is to estimate the property's value for various purposes, such as sale price, mortgage lending, insurance, taxation, or investment. A property valuation report will typically include an estimate of the property's value and an analysis of the factors influencing the value. There are a few things that you can do to prepare for bank property valuation:

1. Get an estimate of your property's value:

You can ask a real estate agent or property valuation company for an estimate. This will give you an idea of your property's worth on the open market.

2. Make sure your property is in good condition:

Banks will look at your property to see if it is in good condition. If any repairs need to be made, it is best to do them before the bank comes to value your property.

3. Have all your documents in order:

When the bank comes to value your property, they will ask for certain documents. Make sure you have all of these ready so the process can go smoothly.

4. Know what you want to use the loan for:

Banks will ask you what you plan on using the loan for. It is important to have a clear idea before the valuation to tell the bank what you need the money for.

5. Have a realistic idea of your property's value:

Don't expect the bank to give you the same value you would get on the open market. The bank usually gives you a mortgage valuation lower than the offer because they are taking on more risk by lending you money.

What do estate agents look at when valuing a house?

Many things! Here's a list of some factors about house valuation that they check when valuing the property and that affects how much your home is worth.

● Look at recent sales of similar properties in your area.

● Look at the current market conditions. Is it a buyer's or seller's market?

● Look at the trends in your area. Is it a popular place to live?

● Look at the condition of your property. Is it in need of repair?

● Look at the size of your property. Is it a large or small home?

● Look at the location of your property. Is it in a desirable area?

● Look at the amenities near your property. Are there schools, hospitals, parks, etc., nearby?

● Look at the potential for growth in your area. Is it a desirable place to live?

● Look at the competition in your area. Are there any other homes for sale?

● Look at your circumstances. Are you in a hurry to sell?

These are just some factors that estate agents look at when valuing a property. But, of course, the most important thing is to get an accurate valuation to make an informed decision about selling your home.

Conclusion

If you're planning on putting your house on the market soon, consider all the tips mentioned above! This article tells you everything you need to know about the bank valuation of property to get the best price for your home. Selling a house can be stressful enough - so arm yourself with this information and breeze through the process! Following these tips will prepare you well for your bank property valuation.

TRPE- The Real Property Experts is here to make your real estate search as easy and painless as possible. They have years of experience finding properties for people, so you'll be able to! In addition, the experts at TRPE can help with any aspect, from looking online or negotiating contracts - they're even expert decorators who will guide every step until YOU feel like part of our family already!!

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