What Affects Your Property Valuation?

Many homeowners tend to overestimate the value of their property. This is natural enough and perfectly understandable; after all, the creation of an emotional link with a property is bound to affect perceived valuation figures.

The problem for estate agents and qualified surveyors is that despite having greater knowledge of the property market their valuation reports are still held in contempt by many homeowners. Unfortunately the situation of homeowners being unhappy with property valuation figures is only set to continue; the current economic downturn has seriously affected the property markets and will understandably drive down valuation figures.

The current reports are that property is fundamentally worth less now than it was ten or twelve months ago. This is especially true for flats and apartments where the large construction effort has not achieved the desired result; ultimately there are now too many of this type of property on the market, subsequently valuation figures will be considerably less.

In the past this had not been the case; up until this point the housing market has been steadily increasing and property prices climbing beyond comprehension. As with any capitalist system however the boom bust cycle is an unfortunate certainty that has meant lower house prices as a result of falling demand for property.

Property valuation figures are understandably affected by economic circumstances; the reason they have fallen recently is due to the fact that there is now less demand for property. The drop in demand has been caused by what the media like to term the 'credit crunch'. Essentially through rather unscrupulous lending taking place in the USA the world's system of giving credit and lending has been seriously restricted.

The result is that buyers cannot achieve mortgages and hence cannot buy property. This has meant fewer buyers and subsequently less demand; the result of lower demand is that prices must fall in order to achieve a sale.

There are however ways for homeowners to increase the valuation figures they receive. Ultimately it is about presenting the property effectively so that it not only entices buyers but equally impresses estate agents. This can be done in a number of ways but fundamentally it is important for homeowners to ensure the facade of the house is impeccable, often this is termed as 'curb appeal'. Additionally there are interior strategies that if followed can result in higher valuation figures.

Often property experts will advise homeowners to invest money in the kitchen. Most buyers regard the kitchen to be the most important room in the house, hence it is advisable to ensure that it is decorated to a high standard and contains quality materials and design features.

Equally important is the bathroom, this is also regarded by many to be a highly important room and should once again be decorated to a high standard. By focussing upon these two rooms and putting effort into the rest of the property it should be possible to achieve a decent valuation figure.

Ultimately achieving a good valuation figure for a property requires a multi-faceted approach that incorporates redecorating, presentation and an element of salesmanship. While there may be problems in the economic world at the moment this does not mean that pursuing the highest possible sales figure should be abandoned.

At times such as these it is even more important to present properties in their best possible light in order to achieve a decent eventual sale figure.

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