How to Check the Value of My House?
Whether you are moving your home, renewing your home insurance or remortgaging it always helps to know the value of your home. Usually, people ask how much is my house worth UK but the answer to the question is not that simple. There are various factors that influence the value of your home. Not to mention property prices change over time.
While there are a number of online tools that can provide a rough estimate of the value of your home, they are not accurate enough to make the final decision about the value of your home.
So, what you need to know?
A better understanding of the factors affecting the value of your property is important. These factors are taken into account before determining the final value of your house. Online estate agents offer you a number of tools to calculate the value of your home. Most of these tools use algorithms that are based on the answers you give to some questions they ask.
Major factors contributing to the value of your home:
Location-it’s a no brainer, depending on the location of your property the value varies
Size and layout-the better the layout and bigger the size, the more value you can expect
Amount of storage space-in the UK, availability of storage space plays is a crucial factor that affects the overall price of the property
Crime rates-a major concern of the movers, areas with low crime rate have higher property prices
Flood risk-water causes serious damage to a home
Local amenities like transport link and school area
Other than these obvious ones, there are some hidden factors such as damp, leaks, wiring, state of boiler and plumbing that can add to the overall house cost.
Local property rates
A much more practical approach to finding the right value of your home is to research the similar houses for sale in your area. Their value can give you a good indication of how much your house is worth. You can also get an idea of how well the property market in your area is performing by looking at how quickly the houses sell and at what price.
Online tools to find the price of your house
How much is my house worth UK search usually ends up taking you to one of the several online house evaluation tools like Zoopla, YOPA, Mouseprice and Land Registry.
The first step involves entering the postcode and some related essential information about the property like age, tenure and property type. Then you will be a asked a few questions about the features of the property that will help algorithms have a better evaluation of the property. Some of the online property evaluation tools might also ask a few short questions to provide an instant estimate.
Bonus Tip-How to add more value to your home
If you have enough funds to invest in your home before you put it up for sale, there are a few changes that can add substantial value to your house.
One of the best ways to boost the overall value of your home is to work on home extension. It can be an extra bedroom or living space or garden. If you don’t have enough space outdoors for an extension, consider a loft conversion. People are able to get 10% to 20% more value for their property after successful loft conversion. Putting up solar panels and energy-efficient heating and air conditioning attracts some buyers. A new kitchen or bathroom and renovation outside like a well-kept lawn or garden adds a lot of value.
Although keep in mind that you will need planning and permission from the authorities before building anything new. Also, when insuring the home, you will find that the value is different from the actual rebuild cost. This is because the rebuild cost is calculated as the amount of money you will need to rebuild your entire home from scratch. But the newly built structure like a re-done loft or an extension is ruled under different rules when insuring the property.
We hope you have got the answer to how much is my house worth UK. Be proactive about the market price of your home and try to get more by adding a little more value to the house.