How Much Is My House Worth In Nottingham

Do you have a house in Nottingham that you are considering selling? Your first point of call may be to try and find out exactly how much your property is worth before you go ahead and sell it. You may have an idea of the price but it’s always a good idea to get a few valuations to set your expectations before going ahead.

In this article we will explore exactly what a house valuation is, how you find out the value of your house, whether it’s worth getting and more. Valuations can be a tricky subject, and different sale methods will also hold different perceived values of your property so it can all be quite confusing – but don’t worry, with more than 50 years of combined experience in the industry, we’ll explain everything clearly.

What Is a House Valuation?

It may seem self-explanatory, but it’s the process of estimating the value of a house, however, there is a keyword there that people often forget – estimating.

When your house gets assessed for its value several factors affect it, which include but isn’t limited too the location, size, type of property, potential for development and condition. There are also external factors that affect it, such as the market conditions, future housing predictions and even the Government.

There are varying levels of “valuations” that can be done, from desktops to professional RICs surveyors.

Desktop Valuations

This is when an experienced underwriter uses the information that can be found online, about the property & often the explanation of the condition from the owner to assess a property's value. You could perceive this as being less accurate, but if you are able to provide an unbiased and accurate description of the condition of the property, it should be pretty close.

Mortgage companies often employ this method to find out the value of your home for their loan-to-value (LTV) figures.

Estate Agents

If you are looking to sell your home with an estate agent, they will often come and visit the property to assess it and provide a valuation themselves. Typically being locally based they will have a good knowledge of the market conditions and can provide an accurate valuation, however, what you need to be aware of is that they are trying to win your business – so estate agent valuations can be inflated in order to do so.

If you are going to go down this route for a valuation, we would recommend getting multiple estate agents. They will also often ask you what you think the value is, don’t answer it and let them provide you with a figure to try and avoid them just marketing it at the figure you want.

Regional Managers

This is a common way for Auctions and some house buying companies, such as ourselves to value your Nottingham property. They will send a member of their team who have experience in the local area and knowledge of the market, they will then assess your property in person and be able to value it far more accurately.

Surveyors

If you’ve ever sold a house in Nottingham or any area of the UK, you may be familiar with surveyors, or RICs accredited surveyors to be more precise. They visit your property and conduct a survey in line with a strict home survey standard, as part of this survey towards the end they will typically value your property if it’s possible to do so – this is seen as a very accurate valuation, and ones that banks often use when lending on a property.

How Do I Find Out The Valuation of My House?

If you’re looking at listing your Nottingham house for sale, how exactly do you find out its value? Well, the options above such as getting a desktop valuation, survey or using an estate agent for example might seem a little bit further down the line, as typically they require some commitment.

If you’re just interested in finding out the initial valuation of a property, there are a few ways that you can go about it.

Doing Your Own Research (Sold House Prices)

You know your property better than anyone, and this is by far the best way to get a true reflection of your property value – however, as a word of warning, it can be very hard to remove your bias from the research, everyone tends to think that their property is worth more than it is because it has value to them – you love the kitchen you put in, that new bathroom is perfect and the living room is designed exactly how you’ve wanted it, but that’s not necessarily true for a perspective buyer which you need to keep in mind.

So with that being said, where do you start?

1. The first port of call is to go to Rightmove sold house prices, there are also other options such as the Zoopla equivalent or Land Registry, but Rightmove is typically the easiest to use.

2. Type in your Nottingham Postcode (NG).

3. Use the filter to look at properties within ¼ miles, over the last year with the same property type and tenure (freehold/leasehold).

4. Start looking through the sold properties, the closer to your location the better. You also want to find a property in a similar condition, of a similar size & sold as recent as possible.

5. We would advise picking out 3-5 properties, and this should provide you with a range of your property's general value.

Why are we using sold house prices? Well, when a property is listed, generally speaking, this isn’t the price that it will actually achieve as people tend to offer lower, which makes sold house prices far more accurate.

Another issue may be if you can’t find similar properties, and if that’s the case you can open up the distance slightly, but the further away that you get the less accurate the property price will be to your own.

Using Online Estimates

There are a few tools online that can provide you with a valuation for your property, the most frequently used one that we come across is Zoopla Home Value & On The Market Valuation, but they both make you sign up to view the not so “instant” online value.

These are ok to give you a really rough idea of the valuation of a property, but you really need to take it with a pinch of salt. These tools will help provide an initial ballpark figure, but they don’t really take into account factors that can’t really be automated like the quality of any renovations, they provide you with more so of an average of the area for your house type.

Is It Worth Getting a Property Valuation?

Yes, 100%! You should always keep an eye on your Nottingham properties value, just so you generally know how the trend of the area is going. This is even more important if you are potentially looking at selling your property, being forearmed is forewarned!

We always advise people to do their own research and determine what they value their property at before speaking to us, or even an estate agent. Estate agents for instance, naturally want to win your business and have you list the property with them, so they often will tell you to list it at the price you want to hear – so you favour them when it comes to making a decision. If you get no interest at that price, you’re already locked into a contract with them, and they will simply suggest that you lower the price to increase interest.

Are Zoopla & Online Estimates Accurate?

We’ve touched on this in previous sections of this post, but no, these valuations are not and never can be accurate – but that doesn’t always mean that they are a bad thing. The nature of these tools is that they gather data on recent house sales and the current market within the local so it does give you a good idea, but it doesn’t take into account several other factors with one major one being the condition, it can also be heavily skewed by any outliers of similar properties sold at a price that is not representative of the market value.

Although they aren’t accurate, and if you are interested in selling your Nottinghamshire property then you should do far more research, they do offer a good place to start. They will give you an idea of the rough price for you to use as a basis for further research.

Get a Free Property Valuations On Your Nottingham Home!

Are you looking to sell your Nottingham property? Then why not let us provide you with a cash offer? As part of our process of looking to purchase your home, we will value your property through our underwriting team and furthermore, if you are interested in our offer we will look to send a Regional Manager to your property to assess it in further detail.

After we’ve conducted that process, we will provide you with a cash offer which will allow you to sell your property to us quickly, in fact in as little as 7 days, so why not give it a go?

Should I Sell Now, Or Wait?

Is now the right time to sell your property in Nottingham? That depends on your current situation. Similarly to a lot of the UK, the general trend over time is that property is rising in value year on year, with the exception of a few dips here and there – Nottingham is no exception to the rule, but it’s not realistic in every occasion to just stay put.

If you are looking to sell, anytime is a good one. Generally speaking, Spring is the best time to put your house on the market as the market tends to move a lot quicker but summer is traditionally slower. Outside factors can also impact sales times, such as changes in interest rates or movement in the economic climate.

So, to answer your question – well it’s a hard one to answer! It depends on you personally, sell when you are ready!