Financial Advice and Loans News

Since property prices peaked in the UK last October many homeowners have lost track of what their homes are now actually worth. This is because property prices have been falling month on month for almost a year, and with a range of reports claiming that property prices have dropped by varying levels many homeowners may now be confused as to what the true value of their house actually is.

There are many reasons for the falling prices of houses for homeowners, mainly being the current credit crunch, which will new house buyers off the market as there are no cheap mortgages available anymore.

There are a number of reasons why you may be looking to get your property priced. You may be thinking about putting your property on the market and moving on, in which case you clearly need an idea of what you will get for it. You may be thinking about borrowing against the equity in your property, and will need to provide the lender with details on the price of the home. You may simply be curious to find out what your house is not worth of nearly a year of month on month house price falls.

It is vital in the current climate to try and get the most accurate valuation on your home so that you know what the house is worth following nearly a year of home price drops. You can get an estate agent to come out and provide you with a valuation on the property. However, there is a risk that you could end up with a valuation that is either too high or too low depending on whether the estate agent is looking to get increased commission on the sale of the home or whether the estate agent wants to try and get your home sold as quickly as possible.

One way around this is to get valuations from around three surveyors from different local estate agents. You should ensure that you do not mention that you have already had a valuation so that the surveyors cannot base their valuation on one that you have already received. Each estate agent can then advise what they think the home is worth, and if they all come out with the same sort of figure you will know that the valuation is pretty accurate.

In addition to getting estate agents to come out and provide you with valuations on your house it is also a good idea to do a little research yourself. For example you can go online or check the papers and see what similar properties in your area are selling for in order to get a better idea of the value of your house. Armed with this information as well as the valuations from the various estate agents you will have a far more accurate idea with regards to the worth of your property.

Don’t be surprised if the value of your property is considerably lower than you may have anticipated, as house prices have been tumbling and many homeowners may have no idea how much their house value has dropped. If you plan to sell the house you should remember that if you inflate the asking price to way above the value of the property you are unlikely to be able to sell it in the current climate.

If your property does not sell at your desired price and you still have equity in your home, then home owner loans could help to improve your current home removing the need to move. For more information on property prices and finding out your properties worth read the articles on getting on the property ladder