When you're looking to move on and have a property to sell, getting an idea of how much your home might be worth is the most logical starting point. Without an idea of how much your property is worth, it's impossible to find out whether you may have built up equity, how much and what you might be able to afford to purchase in the future.
Whether you're simply curious about your home's current value or contemplating a move, using an online valuation tool can often lead to questions. Below we answer 10 of the most frequently asked questions we receive about obtaining a property valuation online.
1. How accurate is the Move Home Faster online house valuation tool?
The tool provides a quick estimate based on a variety of data from the land registry and takes into account recent local property sales data, but it's important to consider it as a rough guide rather than a precise figure. Learn more about Factors That Can Influence Your Property Valuation here.
2. What information do I need to input for the valuation?
You'll need to provide basic details such as your home address, number of bedrooms, and a few other bits of key information about your property. Don't worry though, It's nothing you'll need to look up or spend time working out and it all takes less than a couple of minutes!
3. Is the online valuation tool free to use?
Yes, our online home valuation tool is completely free to use and when you receive your valuation, there's no obligation to do anything at all.
4. How long does it take to get the valuation result?
It takes around a minute to receive your estimated property valuation, which makes it a great starting point for understanding what your home could be worth, without the need to schedule and wait for a home visit.
5. Can I trust the land registry information used by the tool?
Yes, the tool relies on land registry data for your area to ensure accuracy in the valuation process.
6. Does the tool consider recent property upgrades or renovations?
The tool primarily uses sales data, which means that any major upgrades, such as the building of an extension that has added extra rooms or significantly increased space, may not be fully reflected. Likewise, extensive work that might have been carried out on the property may not be reflected, which is one of the reasons we recommend using an online valuation tool as a starting point.
7. Can I use the tool for any type of property, including flats and apartments?
Yes, the tool is designed to provide valuations for various types of residential properties, including flats and apartments.
8. How often is the valuation tool updated with new data?
The tool regularly updates its database with the latest land registry information to ensure valuations are based on current data.
9. What's the difference between an online valuation and a professional valuation?
An online valuation provides a quick estimate based on key data points, while a professional appraisal involves an in-person assessment by a qualified appraiser for a more detailed and accurate value. Your in-person valuation will take into account things like the state of repair of your property, modernisation, upgrades, extension work, and so on.
10. Can I use the online valuation for mortgage or insurance purposes?
The online valuation can give you an idea of what your property is worth and as such can allow you to start working out some rough estimates of what you might be able to afford or need to borrow moving forward. However, you will need to get a professional in-person valuation further down the line, and this is the figure that is required by mortgage lenders and/or insurance providers.
Remember, while the fast online valuation tool is a useful starting point, we advise you to regard it as an estimate. The value of your property may differ based on a wide variety of additional factors, but an online valuation does give you a great starting point to help you with the initial planning process.
If you still have additional questions, why not take a look at our home valuation FAQs page or get in touch with us here.