How to Value a Rural Property for Sale

publication date: Feb 19, 2010
 | 
author/source: Kate Faulkner, Property Expert and Author of Which? Property Books
Download

How to Value a Rural Property for Sale

Valuing a rural property is much more difficult than a busy town or suburb where properties are sold on a regular basis, so there are lots of comparable sale prices.

As a result, you need to try a variety of things, the first being to find a property or two that matches yours as much as possible. Most people that are looking to buy in a village or country location will look up to a 10 or 20 mile radius, so you can do the same.

How to Search for Similar Country Homes that are Sold

Put a search for your village area and your property details. For example:-

1.   Detached house

2.   Four beds

3.   Minimum and maximum price, such as £200,000 to £400,000

4.   Always tick the box ‘Include Under Offer, Sold STC...’ as this will show properties that have SOLD recently rather than ones for sale that could well be over priced.

5.   If this delivers too many properties, then see if the site has an ‘advanced search facility’ so you can narrow down the similar properties or reduce the miles, for example from 10 to 5 miles.

To find out more about pricing a property, take a look at my articles - 'Selling a home valuations vary - which one is right?' and 'How do I know what is a fair price for my home?'

What if your Search for a Rural Property for Sale Fails?

Another way to get an idea of what your property is worth is to check what you paid for it when you bought the property, then to visit Nationwide and Zoopla to see what they value the property at.

These won’t be perfect as they don’t take into consideration the changes you have made to the home and they use a ‘wide’ geographical base, such as ‘East Midlands’ to predict what your home is now worth.

In my village for example, during the credit crunch new builds dropped dramatically in price, but sought after 200 year old cottages like mine, haven’t really suffered too much. More widely, my village is a popular one, so prices here haven’t dropped anything like they have across the whole of the East Midlands.

However, what this exercise does do is give you a figure to work from when talking to agents that are visiting to give you a guide price. If their price is a lot more than you thought, or a lot less, then you can quiz them to find out why. Those that can’t justify their answers are less likely to be pricing you well.

As a guide, if a property is priced fairly, whether the market is good or bad, it’ll sell within 12 weeks, if you are on the market for longer, I’m afraid it’s likely to be the price or a problem with the property. Read my articles 'How do I know what is a fair price for my home?', 'My home has been up for sale for six months with no offers' and 'How to Find the Right Agent when Selling a Rural Home' for further help.

Need an independent valuer to carry this work out for you? Then contact us at enquiries@designsonproperty.co.uk or tel 0845 838 1763.

 


Need help with a property problem? Have a question? Why not call Designs on Property on 01652 641 722 or Contact Us via email.
Kate's Consumer Portal

Propertychecklists.co.uk

FREE Buy to Let eBooks

Download a copy of our
Buy to Let Show eBooks
for FREEsimply click on
the image below

Buy to Let Show - download our Buy to Let eBook for FREE