Evaluating your Property
Despite what many may think, the Cornish property market’s boom hasn’t been entirely reliant on sea-view panoramas and gardens sizeable enough to dig ten swimming pools. The way the property market works in the South West is much the same as anywhere else and the elements of your property that we look at when making an evaluation don’t differ either. Despite all this, we think that homes in Cornwall hold an attraction that many locals can attest to. Whether that’s the fresher air, their uniqueness, the chance of being able to spend a sunny afternoon in the garden, or just the relaxation that comes with living down here, there’s truly nowhere else we’d rather be.
Who can Evaluate my Property?
The first question that arises when pondering whether to sell your property often focuses on its worth. For many sellers, asking what their property is worth will be an objective question that, in theory, should yield a conclusive answer. This, however, is rarely the case. Evaluations are usually carried out by estate agents or a surveyor. Both, however, factor in different attributes of your property to determine its value.
A simple internet search will bring you to estimates of your home’s value. While this is the simplest method, it is important to note that the figure that you will find is only an ‘estimate’ and is based predominantly on what other properties in your local area have been sold for. These estimates will also take into account what your property was last sold for, adjusting the estimate in accordance with the time you have been in the property. Both of these factors will contribute towards your property’s valuation but fail to consider the individual characteristics of your home.
A surveyor’s evaluation will be carried out once an offer is agreed with a potential buyer for your property. Having a property evaluated after an offer has been accepted may seem counterintuitive for many sellers, but it is important to remember that an accepted offer is not legally binding until the final contracts have been exchanged. The purpose of a surveyor’s evaluation is to give a second opinion on the offer that the buyer has made, specifically whether the property is worth it or not. A survey will bring to light any potential issues the property has or may have in the future in regard to maintenance, repairs, or structural issues. Depending on what the surveyor finds, the buyer may revise their offer, or worse, retract it entirely. Thus, it is important that you try and conduct repairs and maintenance prior to listing your property if you can.
An estate agent’s evaluation or appraisal will differ greatly from the surveyor’s. An estate agent’s evaluation is to be used a guide when making a decision on the price you wish to list your property for rather than acting as a definitive valuation. While the surveyor will focus on the technical aspects of your property, an estate agent will focus on the bigger picture, factoring in:
- The location
- The property’s size
- Proximity to amenities.
- Proximity to transport links.
- Proximity to schools.
- Any period features.
- The uniqueness of the property.
Aside from these factors, estate agents will also liaise with the seller, taking into account their own thoughts and requirements when it comes to selling their property. The agent can also offer advice on how to best present their home in the initial stages, whether that be some redecoration or some general tidying. At Lillicrap Chilcott, we pride ourselves on being the Cornwall Estate Agent, and have achieved our status as the market leader by having unrivalled local knowledge and keen minds for analysing the property market going forward. Demand and competition for Cornish property is higher than ever before, contributing to a sharp increase in the value of houses in the South West over the past ten years.
While we can speculate on a property by looking at its size, location, and potential, we know that for many buyers, it can often come down to using their gut. They ask themselves how the property makes them feel. So, naturally, when we evaluate properties, we use our gut as well, imagining who could live there in the future, whether it be a family or someone on their own, and how best someone could make that home their own.
If you are thinking of selling your home and would like an evaluation, please don’t hesitate in contacting us.