Assessing the value of a property can seem like a daunting and difficult task. It doesn't have to be! Here are some tips on how to find out the true value of your property.

Properties are valued by comparing them with similar properties in the area. These properties fall into two categories:

• properties that have recently been sold where the actual price achieved is known.
• and properties that are currently for sale in the same price range and are therefore competing for the same buyers

Before you decide on a price for your property try and find comparable properties that are almost identical to yours in your area. Ask yourself how do they compare to your property? Do you have any extra features? Valuing your property with a property very similar to yours is relatively easy.

Using Adjustment Factors
On the other hand if you are selling a more individual property, you should apply a number of adjustment factors to the comparable properties that are available in your area. Below are some of the most important factors to take into account:

Improvements and Extensions to your property: Generally the full cost of improvements and extensions will not be recovered. The proportion of the original cost that is recovered will depend upon the improvements you have made.

A cost-recovery of up to 100% will usually occur if you have:

• added an extra bedroom in a style that is in keeping with the original property
• redecorated your property in a neutral style that will appeal to most buyers

A cost-recovery of up to 50% will usually occur if you have:

• added a fitted kitchen
• converted your loft
• added a ground floor flat-roofed extension

A cost-recovery of less than 25% will occur if you have:

• landscaped your garden
• added double glazing

Be aware that some improvements can substantially reduce the value of the property, for example:

• extensions that occupy the entire garden
• ugly double glazing on period property.

Repairs: Before selling your property it is sometimes necessary to make repairs. Many buyers underestimate the cost of repairs and some savvy buyers prefer a house in poor condition in order to have the satisfaction of refurbishing it in their own taste.

Location: You will need to take into account the location of your property. A house on a busy road will usually be worth less than an identical house in a quiet street nearby.

New developments: New developments should not be taken into consideration from your comparable evidence as a lot of people love the idea of living in a brand-new house and will pay a premium to do so.

Be prepared to justify your property price
Some buyers will ask you to justify the price that you are asking for your property especially if they they are considering making an offer. As yourself what supporting evidence can you provide (renovations, extensions, comparable property prices in the location etc.) Make sure your arguments are convincing.

For more information on buying a property on your own download our property guide

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