One of the most important components when selling your home is the expert agent valuation. It will inform you of your property’s value and a potential asking price you could set when placing your property on the market. 

In this article, we discuss how your property is viewed and valued in a home valuation, allowing you to gain a better understanding of how an expert agent determines your home's overall value. 

Is a home valuation important? 

Home valuations can affect the entire selling journey of your property, so you need to ensure they are achieved correctly. If an inaccurate valuation is completed and it’s reflected in the asking price, this could delay the sale. 

The first ten days of your property on the market are the most important, as it will receive the most interest during this time. So, with this in mind, it’s crucial to ensure you have an accurate, fair representation of your home’s value in the asking price. 

Knowing your home's true value can provide you with a clear budget for searching for your next home, as well as allowing you to identify the current equity within your property if you were to sell. 

How does an expert agent value your property? 

The expert agent will use their own experience and knowledge of the local market, along with five main physical components, to determine the value of a property. 

• Location 

• Layout 

• Size 

• The property's condition 

• Unique features 

Ultimately, the interior and exterior of your home plays a huge part. If you have a beautiful, private home with incredible characteristics and uniqueness, its value will be higher than that of an average neutral-looking home that is the same size and location.  

Another huge factor is location; this determines the local amenities, schools, opportunities, and jobs the property could provide, adding value. 

When valuing a property, agents use the price of comparable homes that have sold in that area as their main guide. This allows agents to identify what potential buyers are willing to pay, helping to understand the local supply and demand for property. 

A combination of various factors, including your personal circumstances and the current state of the surrounding property market, will determine the value of your home. 

How do you decide which agent to go with? 

Choosing the right agent can be a daunting process, as your home is your most valuable asset, so shop around and speak to a variety of agents. Never choose an agent based on how much they value your home, as some agents will quote you a slightly higher value than they believe simply to get your business.  

It's critical to have a connection with your chosen agent, as you will spend a lot of time with them, and you want to make sure they love and respect your property as much as you do. Trust your gut, don’t rush, and ensure you like the agent you will be working with. 

By working with us, we can offer support from your first home valuation all the way to exchanging contracts and discovering your next dream home. 

Contact us today and allow us to support you throughout your entire selling journey 

Having your offer accepted on a home is an achievement worth celebrating; but the hard work isn’t over yet. In fact, it’s just begun. As soon as a home is sold, it will be listed as ‘SSTC’, so let’s take a look at what this means and what comes next. 

What does SSTC stand for? 

‘SSTC’ means that the home has been ‘sold subject to contract’. The seller has accepted the offer, but the agreement is not yet legally binding. 

While a home is listed as SSTC, the buyer and seller are in the conveyancing process and this label will remain unchanged until the deal becomes legally binding. 

Until the point of exchange of contracts, both the seller and buyer can pull out of the sale without any legal repercussions. 

What does SSTC mean for buyers? 

SSTC means that the seller has accepted your offer and the conveyancing process can be started. Though it is only one of many obstacles to overcome before you arrive at the exchange of contracts, this is nevertheless a major step in the right direction. 

What does SSTC mean for sellers? 

Once the buyer's proof of funds has been confirmed, SSTC will show up next to your post on property portals, unless the buyer asks for it to be taken down and you agree. The ‘For Sale’ sign outside your house will also be changed to a ‘Sold STC’ sign. 

Can someone view a house that is SSTC? 

A home that has been sold subject to contract can still be viewed if the seller agrees to it. However, this could be a risk on the seller’s part as some buyers might choose to withdraw their offer if they find out that the seller is still accepting viewings. 

Can I make an offer on a home listed as SSTC? 

If the home you are interested in is marked as SSTC, you still have the opportunity to submit an offer. The estate agent has a legal obligation to forward all offers that the seller receives - unless the seller specifically asks them not to. The SSTC stage can be challenging for buyers, as it might result in 'gazumping'. 

What is gazumping? 

Gazumping is when a higher offer is accepted on the home you are buying, leading to the sale falling through.  

Timing also plays a big role in gazumping. The seller may accept an offer from a buyer whose schedule fits their needs more closely. Therefore, as a buyer, it’s important to have all your documents at the ready. A mortgage agreement in principle will also speed up the process for both parties. 

How to avoid gazumping another buyer 

You can register your interest in the property with the agent in case the sale falls through while it is SSTC, even if you do not intend to gazump another buyer. You will be informed and able to make your offer as soon as the property returns on the market. 

Thinking about selling your home? Contact us so we can help you

Value-boosting property improvements for landlords 

Increasing your return on investment is in your interests as a landlord. Property improvements can lead to bigger capital returns, and higher rental revenue. Here are some different improvements that could do this without breaking the bank. 

Get to know your target audience 

Targeting your property to young families means improving different parts of your property than that of a student let for example. Family-oriented homes will benefit from improved garden spaces and a bigger kitchen with good seating. Young professionals and students may appreciate smart home technology. It is worth noting that going down the HMO (Home in Multiple Occupancy) route for a student let, requires significant investment, however, could increase your rental revenue significantly. 

Give your property real street appeal 

First impressions do last, and if your property sets the right tone from the beginning, then your tenants, future buyers, and tenants’ neighbours will appreciate it. This will maintain a good reputation for you and your property. A weed-free front lawn, painted fence, gate and front facia guarantee your tenants a nice welcome home and can increase tenant satisfaction.  

Make the most of outdoor spaces 

If your property has a large or small outdoor space, make the most of it. Nice outdoor spaces are becoming expected and add a lot of value because they are highly sought-after. Comfortable seating will make a big impact and work well with low-maintenance gardens. Leaving a little room for your tenant’s creativity so they can add a homely feeling is also important. Adding French doors or slide walls as part of bigger renovations could help increase rent significantly. Conversely, if space is extremely limited, think outside the box. For example, an eggshell chair, a vertical garden, or a matching two-seater dining set can make a big difference.  

Increase the energy efficiency of the property 

Anything that reduces the cost of energy for your tenants will most likely increase the level of demand for your property. LED lighting, better insulation, or a more water-efficient shower head are minor improvements which can have a major impact. Better radiators can help to modernise the appearance of rooms and also increase efficiency. If you want to make bigger, greener investments, solar panels, which can sometimes produce enough electricity to sell back to the local grid, as well as supply your property, could be a worthwhile investment. 

Improve the kitchen or bathroom  

Deciding which is more important largely depends on the condition of each. But improving the property’s kitchen or bathroom will make a big impression. You may decide to complete an entire refurb on both. If your property’s bathroom and kitchen need attention and there is only enough in the budget to refurbish one from scratch, don’t worry. There are lots of less costly things you can do to make improvements. From regrouting and re-caulking between tiles, to repainting, new flooring, and better lighting. These can give a new lease of life with relative ease and will make the property in question highly desirable. 

Create some space 

While most people like a feeling of cosiness, especially during the winter, dinginess is much less in demand. Knocking down walls and opting for an open-plan layout can modernise your property while creating space. More light and more room could equal more rent. It’s important to budget for bigger renovations and have the correct level of paperwork from building control. That said, wall removal is not very high in the cost scale of home improvements. If your property is furnished, create space by choosing furniture and its arrangement that works best with your property’s floor plan. Sourcing furniture on social media or through a charitable organisation could potentially save you thousands. 

Give your property portfolio a boost with a managed letting service by contacting us 

Typically conducted by a letting agent on the landlord’s behalf, tenant referencing involves checking various aspects of the applicant’s background to ensure they are responsible and financially stable. Let’s take a look at why tenant referencing is important, what checks you should carry out, and what your options are if a tenant fails their referencing check. 

Why is tenant referencing important? 

The process is crucial because it helps you, as a landlord, ensure you are renting your properties to reliable and responsible tenants, thereby reducing the risk of future disputes and financial losses. It’s also important because most landlord insurance providers require proper referencing checks to be carried out on all tenants. 

What type of tenant referencing checks are there? 

Credit check 

You should conduct a soft credit check to confirm that the tenant does not have any outstanding debt or a poor credit history. It’s important to remember that you must obtain written permission from the tenant to conduct this check. 

Employment and income verification 

An employment check involves verifying a tenant's employment status and salary to ensure they have a steady source of income that will allow them to keep up with rent payments. Most landlords typically require the tenant's household income to be 2.5 times higher than the rent. 

Previous landlord references 

The tenant’s previous landlord is usually contacted to provide insights into their rental history and behaviour. This usually includes information regarding the tenant's payment history, property maintenance, and any issues during their tenancy. 

Identity and Right to Rent check 

You are legally required to conduct a Right to Rent check to verify that tenants have the legal right to live in the country. This check involves confirming the tenant's immigration status and requesting proof of identity and residency. 

What can cause a reference to fail? 

If any of the above checks are not passed, it could result in the tenant not passing the referencing process. There are a range of reasons these checks could fail, including poor credit history, insufficient income, employment instability, and issues with previous tenancies. 

Another common reason for a reference not passing is tenants providing false information in a section of the referencing process. You may decide not to rent your property to a tenant if their previous behaviour or criminal record raises red flags. 

What happens if a reference fails? 

If a tenant fails the referencing process, there are several courses of action you can take. It may be best to reject the rental application and search for more suitable tenants. If there is only a minor discrepancy in the application, you could ask the tenant to find a guarantor. 

A guarantor is someone who agrees to be responsible for a tenant’s rent and any other liabilities under the tenancy agreement if the tenant fails to meet their obligations. They must be willing to undergo similar tenant referencing checks, including credit checks and employment verification. 

How long does tenant referencing take? 

The tenant referencing process can take anywhere between 48 hours and two weeks to complete, depending on how quickly the tenant, their guarantor, and their previous landlords and current employers take to provide the necessary information. 

What laws are there regarding tenant referencing? 

Tenant referencing is governed by several laws and regulations designed to ensure fairness, transparency, and personal data protection. 

The Data Protection Act 2018 regulates the handling of personal data. You must ensure that all personal data collected during the referencing process is processed lawfully, transparently, and securely. Tenants have the right to know how their data is being used and to request access if necessary. 

The Tenant Fees Act 2019 makes it illegal for landlords or agents to charge tenants for the cost of referencing checks, while the Equality Act 2010 ensures that landlords cannot discriminate against potential tenants based on characteristics such as age, disability, gender, race, or religion. 

How your agent can help 

Letting agents play a crucial role in facilitating the tenant referencing process, making it as smooth and efficient as possible. They can use their expertise and resources to verify tenant details, giving you peace of mind about their reliability. They can conduct all of the required checks on your behalf, saving you a lot of time and stress. 

Contact us for more information about our managed lettings service