The Purpose Of The Free Online Property Valuation

By: Thomas Pretty

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Selling a property is always an emotive issue, especially if it has been a home to your family for many years. There is nothing more emotive however than the valuation process, often the idea of what our property is worth does not relate to the actual value. Thankfully for those of us who want an objective view of a property's worth there are many free online property valuation tools that can supply a figure without the emotion of human delivery. The value produced is always unbiased and hence is the perfect way to obtain a ballpark figure.

When visiting these free online property valuation websites the process of gaining a valuation figure could not be simpler. In the easiest cases it will take around an hour to fill in the various information. After the process has been completed it is possible for the homeowner to get a general figure of what their property could reach on the open market. Additionally; if the homeowner uses these online systems regularly they are able to gain an understanding of their property's worth in line with market changes and fluctuations.

The accuracy of these free online sites however should be taken with a pinch of salt. They rely upon existing date on current market conditions and prices and even though these databases are relatively up to date, the data used is still a few months old. Meaning that if major shifts have occurred in the market the valuation figure is likely to be misguided. In these instances it is usually advisable to obtain a valuation from a surveyor or estate agent; their knowledge and data is far more recent and hence has more relevance in the contemporary market.

In terms of how these free online valuing services work there are a general set of principles that are followed. The user first enters details about the property, such as the number of rooms, the size of the plot, whether it is detached or not and its location in the country. After this information has been submitted the tool then compares the features of the home with thousands of others eventually arriving at a relevant figure. However there are limitations of finding a valuation figure using this method, if a property is particularly distinct then the online model will not be able to give an accurate figure. This is because the comparative process cannot take into account special features such as open fireplaces or especially well styled kitchens.

Fundamentally this is the downside of free online valuing services; as they are automated they cannot take into account the human element that leads people into buying homes. While it was previously stated that emotion should be removed from selling a home, in terms of buying one it is still extremely important. This is why the online figures should always be used as a general figure that can be compared to the figures given by estate agents. As with many situations in life the power of averages cannot be underestimated.

It is hoped that this article has showed the purpose of the free online valuation services on the internet. Simply they are there to give homeowners a better understanding of their home's worth and where to start when trying to devise an asking price for the open market. Even so these are a useful weapon in the seller's armoury, allowing them to evaluate the work of estate agents as well as current market conditions.

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Real estate expert Thomas Pretty highlights the worth of free online property valaution services and how they can be utilised by sellers.

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