How to get a property valuation in Lincoln

Whether you are planning to sell, remortgage, or simply wish to know the value of your property in Lincoln, it is important to understand the worth of your home.

In 2024, the average house price in Lincoln was approximately £243,000, which represents a 4.2% increase compared to the previous year, according to the Office for National Statistics. As the market evolves, obtaining an accurate property valuation ensures you will make informed decisions.

Property valuation involves assessing the value of your home based on its condition, location, and current market trends. It essentially serves as a foundation for setting an asking price if you are selling or determining equity if you are remortgaging.

In Lincoln, there are various ways to obtain professional valuations, such as through estate agents, surveyors, and online platforms. If you wish to learn everything about property valuation in Lincoln, this guide will assist you in gaining a better understanding.

Property valuation Lincoln

Property valuations in Lincoln can provide homeowners with an accurate estimate of their home’s worth. This valuation is determined by several factors, such as the home’s location, size, condition, and state in the Lincoln housing market.

These professional valuations are offered by estate agents or surveyors who are experts in using market data, local knowledge, and property-specific details in order to give a fair value to your home. Estate agents are known to provide valuations for free, but they may sometimes be inaccurate as they will try to win you over as their client. On the other hand, there are experienced surveyors who will charge you for their services.

Of course, there is another option, such as cash house buyers like The Property Buying Company, who will give you a valuation quickly and without any fees. However, cash home buyers will often offer you somewhere between 80% to 85% of your home’s market value in their offer, which is understandable as they are the ideal option for selling your home quickly.

What is a house valuation?

A house valuation is a process that estimates how much your home is worth compared to the market value. The process involves assessing your home’s features, such as its location, size, condition, and unique attributes, while also being compared to similar properties in the area. While many think that valuations serve only for the purpose of selling, there are more purposes to it.

Another reason why you might want to get a house valuation is for remortgaging or probate. Whether you are selling or curious about your property’s worth, the fastest and easiest way to get a property valuation in Lincoln is to ask a reputable cash buyer like The Property Buying Company.

Who undertakes a house valuation?

Estate Agents

One of the most popular choices when it comes to property valuations is estate agents, especially for those who are planning to sell their home in a traditional manner. Estate agents utilise their local knowledge to access comparable property sales in order to provide an estimate of your home’s value. While hiring an estate agent to manage the sale of your home is a paid service, they can offer a free valuation as part of this service.

The downside of these free valuations is that they are usually informal, and they are intended solely to set the asking price. While they are a good starting point, they can sometimes be overly optimistic about your home’s value to secure your business. Nonetheless, estate agents are the ideal choice if you are in no rush to sell your home and are seeking a quick, no-cost valuation.

Accredited Surveyors

Accredited surveyors, better known as chartered surveyors, are professionals who have received their accreditation from the Royal Institution of Chartered Surveyors (RICS). They provide a formal property valuation, which is typically for legal or financial purposes such as probate, divorce settlements, or remortgaging.

A RICS valuation involves a detailed assessment of your property’s condition, size, and location. Unlike estate agent valuations, the valuations from RICS are based on strict standards. Their services may incur a cost, but they are highly credible and recognised by all, including lenders and solicitors.

Online Valuation Platforms

Today, there are many valuation platforms that you can find online. Platforms like Zoopla, Rightmove, and OnTheMarket are excellent if you are seeking instant valuations that are driven by an algorithm. While these tools are convenient, they lack that personal touch, which would give you a better understanding of some of the unique features that your property might possess. Still, they are great as a starting point for understanding your home’s value.

Mortgage Lenders

While not the ideal option, as it is usually in favour of mortgage lenders, it is still a way to obtain a property valuation. Mortgage lenders will conduct their own property valuations so they can ascertain if your home aligns with the loan that you are requesting. The valuations are usually carried out by a surveyor that the lenders send, and it is a quick but limited valuation of your home.

Auction Houses

While they do not do this all the time, auction houses will frequently provide property valuations to determine a starting bid for your home. These valuations will focus on sale potential rather than market value, which can be advantageous for those seeking a swift transaction. When your property is valued by an auction house, you can expect them to consider the condition of your home and its demand in the local market.

Property Developers

For properties that possess some form of redevelopment potential, property developers may offer valuations. These valuations concentrate on the future potential of the site rather than its current condition. That being said, property developers take into account zoning laws, location, and market demand to ascertain how much they are prepared to pay.

Solicitors

If you are dealing with a probate or need a legal assessment, solicitors may undertake property valuations as part of the process. The reason solicitors carry out these valuations is for inheritance tax purposes or the division of assets. While not always the case, solicitors will often collaborate with chartered surveyors to provide an official report.

Cash Home Buyers

Companies like The Property Buying Company offer free, no-obligation valuations for homeowners. This option is particularly useful if you are seeking a quick sale, as cash buyers will provide you with a fast offer.

The only thing you should keep in mind when receiving an offer from cash home buyers is that it is likely to be below market value. This undercutting aspect arises from the benefits of convenience and speed, which often makes it an appealing option for those who need to sell quickly due to a deadline.

What is the house valuation process?

The house valuation process is a meticulous assessment that enables a professional valuer to ascertain how your property’s value aligns with market value. When a valuer visits to examine your property, they will view it from a buyer's perspective. Consequently, some of the features they observe will influence the final price.

It is quite a straightforward process, commencing with an inspection of the property. The individual who comes to value your property will walk through each area and provide you with the opportunity to highlight some interesting features about your home. While traversing different areas, they will measure rooms, note structural details, and document any issues. You should be prepared to answer some questions, such as:

●     How old is your boiler?

●     What is the condition of the roof? Was it inspected recently or repaired?

●     What kind of heating system does your property have?

●     What makes your property special compared to others in this area?

●     Are there any maintenance or structural issues?

●     What is motivating you to sell this home?

Valuers who conduct property valuations in Lincoln often possess expert knowledge of the local market, and they can access data on recent sales that are comparable to your property. This enables them to compare your home with others, which is why it is important to emphasise your unique features to them during the valuation process. Inform them about details that make your home special, such as modern upgrades, historical characteristics, and recent refurbishments, as these all can enhance your property's value.

Another aspect that the valuers may inquire about is the external factors related to your property. This could pertain to local schools, the proximity of shops, public transport, and other highlights of your neighbourhood. Answering these questions honestly is crucial, and the downsides, such as noisy or troublesome neighbours, are also something that you should mention.

While ensuring your house is in good condition is advisable, you do not need to have it in a spotless state as you would for a house viewing when it comes to valuation. Valuers are trained to look beyond the clutter and focus on your home’s key features.

The entire inspection process typically takes about 15-20 minutes, but if you are selling a larger property with numerous unique features, it may take longer. Once the inspection is complete, the valuer will compile their findings into a detailed report. You will then receive this report either in physical form or via email, and you will see the estimated market value of your home along with the key factors that influenced its valuation.

Getting a free house valuation in Lincoln

There are multiple ways that you can obtain a free house valuation in Lincoln:

What is a RICS valuation & how do I get one?

RICS stands for the Royal Institution of Chartered Surveyors, and they are the most recognised by banks, lenders, and legal institutions when it comes to making valuations. The process they undertake is very in-depth, which is why it is valued so highly.

To obtain an RICS valuation, you can search for a chartered surveyor through the RICS website, or you could consult with local firms in Lincoln that offer this service. You should note that this service is a paid valuation, but its credibility makes it worthwhile.

Zoopla & other Online House Valuations in Lincoln: What To Expect

Zoopla, Rightmove, and other online valuation websites are excellent for obtaining a quick and easy estimate of your home’s value. As these tools utilise algorithms that analyse the market, they often do not take unique features of your property into account, so you should only use them as a means to get an idea of your property value.

To obtain a reliable valuation, it is advisable to use online house valuations as a starting point and then seek an in-person assessment from a local expert. This way, you can be more confident about the value of your home in the local market.

Want a second opinion?

Obtaining a second opinion on your property's valuation can provide you with the confidence you need when determining an asking price or negotiating a sale. The Property Buying Company can offer you a quick and free estimate with no obligations. We take everything into account, such as your home's location, condition, and all unique features that could increase the value if it were assessed by an estate agent, RICS, or other experts. If you are seeking a swift and straightforward sale or simply an estimate of your home's worth, contact TPBC now.