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1 August 2019

King West

Demystifying the Sale Process

As Chartered Surveyors and Estate Agents, we are often asked by property owners for a “valuation” of their property, when what is required is a “market appraisal” ahead of a possible sale. Confusion can arise as one is very different from the other. This brief article seeks to clarify the position.
Simply, a “valuation” is a formal exercise undertaken by an RICS accredited professional and in line with the RICS Red Book. The Red Book contains mandatory rules and provides best practice guidance for all members undertaking asset valuations worldwide. Examples of a “valuation” requiring Red Book compliance would be for a defined purpose such as;


• A loan or finance
• The Transfer of assets between ownerships
• CGT & IHT Calculations
• Accounting practices
• Personal Pension Plans


Whilst the list above is not exhaustive if your intention is for something less formal and a simple guide to what your property might sell for in the open market, the chances are you require a “market appraisal”.
At King West, we can accommodate your wish for either a formal valuation or a market appraisal as required. We would be delighted to hear from you and answer any questions you might have in the first instance.

Before placing a property for sale on the open market, a major consideration for potential vendors is; what might my property be worth? The well-publicised and ongoing uncertainty surrounding the political climate in the UK coupled with increases in stamp duty have resulted in a very price-sensitive market place. Should anything appear over-priced, viewing levels are impacted. The key to a successful marketing campaign is to be realistic, proactive and importantly the pricing strategy must be right if a result can be achieved within a reasonable time frame.

Having an accurate and up to date market appraisal may affect the length of time your property spends on the market. Further, guide price may also determine whether a sale is even agreed. Many sellers will often ask several estate agents to visit their home with oft differing opinions of market value, put forward. All estimates received should be considered carefully and Vendors would be wise to consider not only which Agent is most successful in selling similar houses to their own, but also which Agent offers the experience and enthusiasm required to complete.
Factors impacting sale price beyond the physical attributes of a property, might include:

Transport links: Commutability, not only to London but to regional centres also, can be key. Road, rail, and air transport links and the ease, with which they may be accessed, feature high on many applicant agendas.
Parking: Does the property have off-street parking? Is there potential to create off-street parking?
Flexibility: Can the property be converted, its use changed, added to or extended?
Education: Schooling, both primary and secondary, is a vital consideration for families considering moving. A variety of choice and equally a lack of it will impact the appeal of a property.

Finish: Whilst beauty is always in the eye of the beholder, potential candidates can struggle to see past outdated decoration, poorly maintained interiors and exteriors or specific tastes. Prior to marketing, this is often something to discuss with your agent.


The often-quoted answer to the question; what is my property worth? – “what somebody will pay for it..” - is unhelpful.

 

At King West we will walk you through the process of achieving the highest price possible and a successful conclusion to your sale. Be it a formal valuation or simple market appraisal, as your partner throughout the process, we are committed to delivering, regardless of scale.

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