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How Do I Evaluate The Value Of My Property

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  • 05-10-2022
How Do I Evaluate The Value Of My Property

How do I evaluate the value of my property? Kent Property Witness offer RICS expert witness surveyor services for Tonbridge and Kent. Find out more about a real estate valuation and how to discover how much your house is worth. 

Real Estate Valuation

Understanding property values and receiving an accurate valuation of your home from a local estate agent is essential for both commercial and residential properties.

A more accurate valuation of your home and surrounding house prices can give you an idea of the housing market forecasts for the near future, investment analysis, property insurance and much more. The value of your home will help you whether you're looking to sell or not.

Refinances of mortgages, insurance premiums, home equity lines of credit and property taxes all require home value: so having this figure to hand can save you a lot of time and money. If this is your first-time purchase, you need to make sure you're not paying more than you need to, which typically happens with new homeowners. 

his article will guide you through the beginnings of the property valuation process, ensuring you grasp how the current market value of your real estate can fluctuate over time. If you're looking for property price advice, you're in the right place. 


How much is my house worth?

When looking for online tools to establish a sales price, you can find different estimated values everywhere: this is one of the biggest qualms homeowners have with online valuation tools. While house prices have risen, with homeowners taking advantage and selling, there are three main types of valuation you must consider. 

Fair market value:

The fair market value is one of the first places you should start when doing your own research into house worth. Fair market establishes home value with neighbouring and comparable properties in the local area, ensuring the current value matches that of prospective buyers and their desires.

A good starting point is working with estate agents who can conduct research and online valuations into similar properties (same number of bathrooms, bedrooms, square footage etc.) and provide an instant estimate of what buyers have been willing to pay. 

Appraised value:

While a surveyor's valuation will consider the fair market value, among other factors, the appraised value calculates the location, size, and condition of the home and any renovations you've had completed.

This figure is what mortgage lenders look at when buyers are looking to borrow or homeowners to refinance.

A professional appraisal is required for up to date valuations on the home's equity: especially when looking to sell or generate income with the property. 

How Do I Evaluate The Value Of My Property? RICS expert witness surveyor services for Tonbridge and Kent.

Assessed value:  

Finally, the assessed value of your property is calculated using various factors. The fair market value and appraised value may be considered, although local tax assessors will determine the value using property taxes, any home improvements and any tax exemptions.

The costs spent on improving the home will be taken into account, as services like these are valuable and can spark more interest in the buying community. A comparative market analysis will still be conducted as the tax assessments, and assessed value will not provide a realistic representation of how much you could sell the property for. 

Methods of estimating our house value

If you're looking to sell quicker or have a better understanding of the current market and receive a rough estimate on your home for better financial decisions, there are a few things you can do.

Remember to get all your questions answered; you should work with the professionals, as they will calculate and estimate the price of your assets in the eyes of a potential buyer.

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The best thing you can do is look at other properties around your own, conducting research into how much they sold for. Recent sales for a property based nearby your own will help you start to evaluate your home.

Of course, two properties in the same area can and regularly are sold for varying prices, which is why you should consider the property types, number of bedrooms, recent home improvements and more. Properties face depreciation daily, and home sellers can begin their journey by looking outward to their neighbours.

Several websites give you access to detailed information about individual properties around you, allowing you to read specific data previously only attainable by mortgage lenders and estate agents. The land registry and registers of Scotland are the first providers of such information: so you can trust the valuations and data.

Even sites such as Rightmove and Zoopla let you see recent sales by location. All you must do is simply enter the postcode or area you're looking for, and you can view houses sold throughout your neighbourhood for free. You can also filter by property type, meaning you can look explicitly at flats or houses. 

The housing market fluctuates, and properties are regularly transferred between hands. The UK House Price Index provides average prices for house sales by each country and region: all of which can be found on public records by the Land Registry. 

While using an appointed representative to scan through the many pages may help ease the workload, you can discover a great deal about your neighbourhood statistics and help evaluate your property's current value by using such price trend sites. 

Furthermore, you can utilise the Government's local area reports to determine how marital status, religion and other factors affect house price trends. These do have a part to play in the neighbourhood and success of buying and selling. 

Many websites have tools to estimate and calculate your property's value, and using them is recommended as a first step. However, you should only use such sites and companies as an estimation and conduct further research yourself.

Utilising the land registry and a professional survey will give you a more accurate representation: but using websites like Zoopla, Mouseprice, and Property Price Advice can help you find a range of quotes using previous sale prices, asking prices, market climate and property characteristics

 Remember, these are ballpark figures and don't always take into consideration renovations and other factors. Determining what you can trust is tricky, but always consider getting a visit from a professional consultant or surveyor. 

Understanding how your home's value has changed over time will affect the price now. There are many online tools designed to estimate how the property has changed in price since you bought it, even if you don't know a recent sale price.

Since you bought it, nearby schools may have increased or decreased in number, the road traffic noise may have increased, or anti-social behaviour on your street has been reported multiple times. Such factors have a negative impact on the price of your home, so you should do your research before panic selling.

Of course, other things like broadband coverage, crime rate, nearby health care and how much next door sold for all impact the asking price. Fitness fans can use online gym searchers to find local sports centres and gyms, ensuring the location is ideal for many people.

Taking time to see how the neighbouring properties are faring and how the local area has changed since you bought the property will help you understand the housing market a little more. 

As you can hopefully realise, many things affect the price point of a house or flat, with the flood risk being one of the most important to monitor. Flooding has a significant impact on insurance premiums and the success and health of a property. Online tools show you the Government's flood risk maps, with detailed reports on areas of vulnerability.

These are crucial to future buyers, so if you're looking to sell or buy, make sure to check such sites beforehand. Don't forget to consider recorded crimes in the area too, and if your home is at risk of both: consider doing something to make it appear more protected. This can save you money in the long run and boost house price estimates. 

The housing market is similar to the stock market, with highs and lows to be expected. While the cost of every house has specific circumstances to increase or decrease value, the housing market has been rising by over 10% over the last year.

While this sounds good, first-time buyers are having a hard time getting their foot onto the property ladder, with financial times calling for more renters and rental properties.

However, many sites have been designed to monitor the housing market for a crash. The future of the UK housing market isn't 100% sure for anyone: and a crash will happen. Using sites like, you can monitor statistics from the Land Registry, Financial Times and other sources to determine when the housing prices will be at their lowest. 

The best thing you can do to find out how the market is currently is to look for the asking prices of nearby properties. Using Rightmove, Zoopla and Onthemarket (alongside other sites), you can discover the range of asking prices for flats and houses in your local area.

Combining this information with the sales knowledge you've accumulated from previous steps, you can see how different the asking price and the sales price are.

After all, the asking price is the top cost the seller wants, not what they'll necessarily get. Different mortgage schemes are available for support, with information on shared ownership, help to buy and more: which can help you understand the market from the buyer's point of view and the true value of your home.

Many things have a significant impact on the cost of a property, and wrapping your head around the housing market can takes an entire lifetime and years of studying.

This is why our advice is to work with professionals. Our team of Chartered Surveyors and Property Consultants can help estimate the price of your property and when the best time to sell would be, guiding you through the otherwise confusing process. 

Are you looking for advice about property valuation  for Tonbridge and Kent? 

Contact us and give us a call about any information or advice about property valuation.