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How to establish a value for your property (Selling) in Scotland

Using the internet

There are many ways to help establish a comparitive sales value for your property.  There are many price comparison websites that offer free property values - all you need is the post code, street name for the area you are interested in and you will be presented with a list of actual selling prices that were registered through the local authority.

However, these prices often don't describe the condition or size of the property that has been sold or the condition of the property when it was sold.  So, if you are using this mechanism to get a price comparison always ensure you are comparing like with like.

For example: Number 8 Street Name, Town sold for £164,000 on 22 July 2006 and number 8 street name town sold for £195,000 on 30 Sept 2006. It could be that number 8 is a flat within a block of flats and that the first property sold has 2 bedrooms and the second property sold at number 8 Street name had 3 bedrooms.

Always try to check that you are comparing like with like.

Another way to use the internet to establish a current value of your home is to search the local estate agent websites and try to find a similar property to yours that is on the market just now.  If you find a similar property to yours for sale simply phone up the agent and ask what the interest has been in the property, how long has it been on the market and how many notes of interest there has been.

This will help you decide on your price.

Using a Sales Agent

It's always wise to get at least 3 sales agents valuation on a property.  Depending on the specialist knowledge of the individual estate agent you could find a huge disparity in the selling price. It's not uncommon for price differences to be £30,000 + different on a property worth around £200,000.  Your estate agent should be able to substantiate their price by telling you how they arrived at their selling price and where possible they should show you comparative house price sales. 

REMEMBER THIS: An estate agent valuation is not a survey, it is only an estimated selling price based on comparative sales in the area for similar properties. 

Using a Chartered Surveyor

There are hundreds of chartered surveyors that will conduct various levels of survey on your property.  The more detailed the survey the more it will cost.  Some surveyors will offer a valuation service and this is just a simple valuation of your property based on comparative house sales prices and will not cover a detailed structural report that will be required by a mortgage lender. 

Phone around several local surveyors to find out their fees.  Also, ask them if you conduct a level 2 or above survey, would they offer a discounted survey report to potential buyers.  Some firms specialise in this and participating companies offering such schemes usually charge you £50 and any potential buyer requesting a copy of the report £50 with the full cost of the survey only being met by the ultimate buyer of your property.

This option can be attractive at many levels. It helps your buyers understand the real value of your property (most offers are subject to survey so if a buyer knows the approximate survey value then your sale is less likely to fail if the offer is subject to survey and the offer is so high the buyer cannot meet the difference between the survey and the offered price)

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