Why Should You Get your Property Valued?

Kirkland Estate Agents offer property valuation Coatbridge, Uddingston and surrounding areas in Central Scotland. Read on to learn the importance of valuation.

Why is it so important?

Residential property can represent a significant portion of your financial assets. Whether you own one as a homeowner or resident, as an investor or as a landlord, it requires a sizeable commitment (personally and financially) to purchase, maintain and potentially even to sell it.

That is why you should consider more actively monitoring these assets and seek to maximize the benefits or minimize any costs arising from your property. A good place to start is knowing its market value. Let us talk about the benefits of getting a professional valuation of your residential property.

Insurance

Building insurance is a type of home insurance that will compensate you in the event of damage to the structure of your property – walls, ceilings and floors, and sometimes fixtures and fittings too. Apart from when you are taking out a mortgage, this is not legally required in the UK. However it is certainly worth considering financial protection for events like fire, theft, flood and vandalism. A proper valuation will give you a good basis to apply for adequate cover should your property suffer damage.

Taking profit: Is it time to sell?

Scotland has recorded a 10.9% increase in average home prices in 2022. Glasgow average house prices rose 13.6% while Coatbridge grew 9.4%.

Property markets are dynamic and driven by many different economic factors and urban trends. In 2022, the preference for more spacious properties even if they are further away from major urban centres continued, benefiting many commuter towns in Scotland.

The market price of your property will be one important factor in your decision to sell. In a market with opportunity to profit or as part of a rebalancing of your finances, an up-to-date valuation of your property is very important.

Tax considerations

Knowing your property value is also important to assess tax implications. For example, you have a house for sale in Lanarkshire, a second residential property that you have let out and is not used as your main home. When you sell this asset, the difference between the selling price, which presumably would be equal to the market value, and the cost at which you purchased it, less other allowable deductions, will be charged an 18% or 28% capital gains tax. This CGT is borne by you as the seller.

For estate planning purposes, one also has to consider property value in anticipation of inheritance tax. Estate value above £325,000 is subject to a 40% inheritance tax, which you may want to prepare for with funds to be made available to the inheritors.

New Life Stages

Sometimes the decision to sell residential property is not a purely financial one. Perhaps you are retirees who want to move to a smaller, lower maintenance house near some friends. Or you may be a young couple moving off to London for a new job. The motivation may be different but the need to assess your property value is just as relevant.

Market Value and Your Mortgage

There are instances when property values drop after you have purchased one on a mortgage. Sometimes the value of the mortgage even exceeds the market value of your home.

When you have an updated market valuation of your property, you can make informed decisions about what course of action you can take. Can you renegotiate the mortgage or continue renting out the property while waiting for prices to pick up? Depending on whether it is a property for own use, or an investment, your own liquidity situation and personal circumstances, you can explore that options suited to your individual situation and goals

How do I get my property valued?

You can visit Scotland’s Land Information Service to get property information and property transaction prices in the last 6 months. This gives you actual prices at which properties at specific locations sold. Unfortunately, you cannot asses whether these houses are comparable to your property in terms of square footage, age, upkeep and other such details.

To get an up-to-date and property-specific valuation, get in touch with Kirkland Estate Agents. They are in constant communication with both buyers and sellers so they have their fingers on the pulse of local market trends, such as what prices buyers are looking for, what locations and home features are desirable and whether it is a buyer or seller’s market. They can also visit your property to make an assessment and find comparable properties to benchmark your house value.

Property Valuation Coatbridge and Surrounding Areas

Kirkland Estate Agents is a locally owned independent estate agents based in Coatbridge covering central Scotland. We provide a personal and honest service, ranging from property valuation Coatbridge, Glasgow to Uddingston, to listing houses for sale Lanarkshire, to helping you buy your dream home at an affordable price.

You can explore our other page to learn more about our fees and property valuation online. You can also get in touch with us by clicking on the button below.

You can get in touch with us by clicking on the button below.

What Our Clients Say

"Selling our home with Kirkland was the best decision I have made. We managed to achieve an unbelievable price for our property and sold in a matter of days. Gillian has been an absolute joy to deal with, from arranging viewings to giving me advice, she has been on hand to answer any of my questions and could not be more helpful. She has taken care of everything for me, has ensured that I am up to date at all times and is just such a lovely person. I can’t thank her and the rest of the team enough. I would recommend Kirkland to anyone thinking of selling their home."

"Best decision I have made was to go with Kirkland Estate Agents. Their service was first class. I cannot thank them enough. They totally took the stress out of everything and kept me updated every step of the way. our property was sold in super fast time and the offer accepted, exceeded what we first expected. I can't thank Gillian, Ross and Heather enough, they made you feel like nothing was a bother. I'm actually going to miss my daily chats with Gillian. I would highly recommend them to anyone. Thanks so much again for everything."

"I cannot recommend Kirkland Estate Agents enough from start to finish the team have been so supportive. Ross is always contactable and offers advice throughout. Gillian kept in touch throughout all the viewings offering advice and support taking some of the stress out of the process. I cannot thank the team enough and would highly recommend using them."

"just want to say a huge thank you to Ross, Gillian and Wilma , i waiting a long time and done my research for the best company to sell my house, its been a very emotional time these ladies kept me informed from start to finish, their service was above and beyond what I expected, I would recommend Kirkland Estate agents 100%."

"A huge thank you to Gillian & Wilma for making both the purchase and sale process run so professionally. Your customer service, communication and understanding of your clients make everything so much easier and stress free. I would recommend Kirkland Estate Agents to anyone, they truly are first class. Thank you very much Nicola & Jean"

"Thank you to Ross and Gillian at Kirkland’s for helping me sell my home. Within 1 week of it being on the market we had around 20 viewings carried out and closing date set. Very happy with the price we achieved! This business is very well organised and each step of the process has been straightforward. The reason we picked this agent to begin with was for the marketing / professional photos and they did not disappoint. Great service. Would highly recommend."

"We selected Kirkland Estate Agents out of 3 estate agents. The valuation was spot on, there was no hard sell from Ross. We thought their photography set them apart from other estate agents and found out it was done by a professional photographer. We appreciated the fact they are a small, local company who would do their best to sell our house. As a meticulous graphic designer, I valued their swift responses to my photography and copy-related enquiries. This level of service might not have been possible with a large, national firm. Thanks to Wilma and Gillian for facilitating a quick, above-home-report offer in July and ensuring a smooth process. Wilma's solicitor recommendation was also excellent. If I was selling in the area again I would definitely use Kirkland as I found them super helpful and very quick to action everything."

Buy or Sell

Looking for property valuation Coatbridge, Glasgow and anywhere else in Central Scotland in order to sell? Or are you in need of a trusted estate agent to help buy your dream home? Kirklands Estate Agents have you covered.

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