Property valuation in Sheffield

The first step when it comes to selling your home is to know its value. To understand your property’s value while selling, remortgaging, or planning long-term investments, it is necessary to undergo a valuation of your property.

This is especially important, as Sheffield’s property market is thriving, and the city’s average house price is £240,000 – an 8% increase compared to the previous year, according to the HM Land Registry.

Property valuation Sheffield involves assessing your home’s condition, location, and unique features in comparison to the current market trends. These valuations provide a reliable estimate of your home’s worth, which can help you set realistic expectations.

In this guide, we will help you go over everything you need to know about property valuation in Sheffield so that you can make informed decisions.

Property Valuation in Sheffield

The process of property valuation Sheffield involves assessing your property’s market worth. During the assessment, the following factors are taken into account: its size, location, condition, and potential for development. For homeowners, it is important to have an accurate valuation, especially if you are planning to sell, remortgage, or if you are dealing with legal matters such as probate or inheritance. Knowing your property’s value can help you set a competitive price and can assist you in making informed decisions in the future.

In Sheffield, property valuations are influenced by several factors, including the local housing market performance. In recent years, there has been consistent growth in Sheffield’s housing market, which makes it an attractive area for both buyers and sellers. There are neighbourhoods that are considered more affluent, such as Ecclesall and Fulwood, but there are also more affordable areas, such as Darnall and Manor Castle.

Getting a property valuation Sheffield usually involves working with estate agents, chartered surveyors, or online platforms. Some services offer free valuations, but typically, those that are paid services, such as RICS surveyors, tend to carry more weight for legal and mortgage purposes.

One good way to get a quick property valuation is via cash home buyers. While there are some cash home buyers who might undercut the market significantly, reputable ones typically only do so by about 15% to 20%. The Property Buying Company is a reputable cash buyer who can provide you with a free valuation, and they can also give you an offer based on that valuation. If you agree to the offer, you can sell your home in as little as seven days.

What is a House Valuation?

A house valuation is the process that determines how much your home is worth in comparison to similar properties on the local market. Several factors impact your home’s worth. The size of the property is usually the primary factor, but location and condition also play significant roles. One factor that many overlook while getting their home valued is unique features. Some unique features, such as modern additions or the property’s history, can even significantly increase the value of your home.

Sometimes, the factors that can raise or lower your property’s worth extend beyond your property itself. This includes aspects such as nearby schools, amenities, local market trends, neighbourhoods, and the overall appeal of your home.

There are numerous reasons why you want to obtain a house valuation. If you are planning to sell, remortgage, or if you are getting insurance for it, knowing how much your home is worth is crucial.

Who Undertakes a House Valuation?

There are various ways to get your home evaluated. Some options are quick, easy, and inexpensive, while others may be more complex and involve paid services that provide more accuracy and credibility.

Estate Agents

The most popular choice for house valuation, by far, is estate agents, especially for those looking to sell their home. Estate agents are individuals who provide free valuations, and in most cases, they will do so based on their expertise in the local market. While evaluating your home, estate agents will assess your property’s condition, location, and comparable sales to give you a competitive asking price.

While estate agents are a great option, it is worth noting that some may overvalue your property in order to secure you as a client. Their input is definitely valuable, but you should consider seeking second opinions as well, even if they are best suited for those who want a quick, no-cost starting point for selling their property.

Chartered Surveyors

The most reputable option for property valuation Sheffield, as well as the one that is a paid service, is chartered surveyors. These are surveyors accredited by the Royal Institution of Chartered Surveyors, also known as RICS. If you require a valuation for legal or financial purposes, they are the best option.

What makes chartered surveyors advantageous is that their valuations are strictly professional. Unlike estate agents, surveyors provide assessments that have no vested interest in the property’s sale. They simply deliver the accurate service you pay for, which is to value your home precisely.

Because their valuations are the most trusted, it should come as no surprise that RICS surveyors adhere to very strict standards to ensure accuracy and reliability. Their reports will include the property's condition, structural integrity, and market value. Their service may come at a cost, but it is undoubtedly the best and most accurate option available, particularly if you are dealing with financial or legal matters.

Online Valuation Tools

When it comes to platforms such as Zoopla, Rightmove, and OnTheMarket can provide you with an instant property valuation Sheffield. However, while this valuation is instant and free, there are more accurate options. Still, if you are seeking a convenient way to gauge your home’s worth, online valuation tools are a good starting point.

Mortgage Lenders

When you approach mortgage lenders for a loan, they will conduct their own valuation of your property to ensure that it aligns with the loan amount you are requesting. The valuations are carried out by surveyors or valuers selected by the mortgage lenders. While these valuations are not inadequate, their focus is not to reflect the market value but to minimise the risk for the bank.

Auction Houses

If you are planning to sell your property at an auction house, that same auction house will provide a valuation to determine an appropriate starting bid. You should not expect a valuation from the auction house to reflect the maximum market value; instead, it should focus on achieving a quick sale. If you are looking for a fast transaction that can often result in a lower sale price while rarely exceeding market value, auction houses are a reasonable choice.

Developers and Investors

Property developers and investors often conduct valuations to assess the potential of a property, or more commonly, the plot of land upon which that property sits. Unlike traditional valuations, these will not concentrate on the state of your home as much as they will focus on redevelopment opportunities, zoning regulations, and any other factors that might impact the future market value of the land.

Cash Buyers

Cash buyers like TPBC will provide a free property valuation. They are an ideal option for those looking to sell their home quickly without any stressful situations. The valuations are based on the property’s current condition and location, but it is important to note that these valuations will typically be about 80% to 85% of the actual market value.

This is because cash home buyers have the funds ready to purchase your home immediately, and with The Property Buying Company, the entire process can be completed in as little as seven days. One of the reasons many prefer this option is that cash home buyers handle all the additional fees, such as those for the legal process. If you want to sell quickly, this is by far the best option.

What is the house valuation process?

Since there are various ways to get your home evaluated, it may differ from the one we are about to describe, but it should still be similar. The house valuation process begins with you scheduling an appointment with a valuer. This valuer can be an estate agent, RICS surveyor, or an individual with expert knowledge.

The initial stage involves providing basic information to the valuer, such as its size, age, condition, location, and unique features. As you provide this information, the valuer may ask for additional details, such as whether there have been recent renovations or upgrades or if there is anything noteworthy, such as the property’s history, that might impact its value.

Then, when the valuer arrives at the property, they will inspect it thoroughly, ensuring that all the information you provide is accurate. You should expect professional valuers to measure the rooms, examine structural integrity, and look for signs of wear and damage. As they do this, be prepared to answer a range of questions, such as those regarding your boiler, windows, maintenance issues, the neighbourhood, and so on.

After providing them with additional information during the assessment, good valuers will compare your property with a similar one that has sold in the area. Local market trends, amenities, transport links, schools, and various other external factors are used to arrive at the final valuation.

The report is usually delivered via email today, although some may send it via post or in person. Once you receive the document with the valuation, you will be able to make informed decisions about your property in the future, especially regarding setting a fair asking price.

Getting a free house valuation in Sheffield

There are several ways you can obtain a free property valuation in Sheffield.

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

RICS stands for the Royal Institution of Chartered Surveyors. The valuation conducted by RICS is a formal property assessment, and it is the most respected one, especially for legal purposes.While their assessment is unbiased, it is a paid service, and you can obtain one by contacting a certified RICS surveyor directly or by asking an estate agent to provide you with one.

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

When it comes to online house valuations, platforms such as Zoopla, Rightmove, and OnTheMarket offer property valuations in Sheffield based on algorithms. This means that you can receive a valuation very quickly, but it does come with the downside of accuracy and the need for more human interaction. These tools are a great way to get an idea of your house valuation, but other options are more precise and carry more weight.

Want a second opinion?

If you are unsure about your property’s valuation and if you are seeking an accurate assessment, then The Property Buying Company is what you need. TPBC is a cash buyer that offers a free, no-obligation valuation. With a dedicated team that has years of experience, you can expect a fair and transparent offer, which you can accept immediately and finalise the sale of your home as quickly as possible without any staging, negotiations, or other stressful events.