Most couple’s biggest asset will be the family home. You need to have an idea of the value of the property before you start talking about how you’ll split your finances when you divorce/separate. Lots of couples tend to rush into making assumptions about how much their property/properties are worth, which isn't helpful in the long run. Here are three ways to get your property/properties valued:
Option one – online research
This is a free way to find a guide valuation figure. You can still consider the options below, but this is a decent place to help you start discussions with your ex.
Use data from sites like Nethouseprices, Zoopla, Rightmove, or online valuation sites like Mouseprice and Property Price Advice to give a valuation of your property – these sites take past sale prices from the Land Registry and use their own algorithms to work out the current property value. Accuracy may depend on how recently your property was last sold.
You can also use these sites to search for similar properties on your road/in your area that are currently being marketed or have recently sold. Make sure you cross-reference the important parts, for example, the total square footage, condition, number of bedrooms/bathrooms etc. so you don't over/underestimate your property’s value.
Get figures from a few places so that you can work out an average valuation.
Option two – estate agent valuations
Speak to your local estate agents and ask them to give a market valuation of your property. It’s important to ask them what they think an achievable sale price is, not what price they would put the property on the market for. Get three or more valuations from local estate agents and then work out the average value. The property market has peaks and troughs, and your local agents will have a firm grip on the current climate. However, estate agents will have different pricing strategies, which is why getting multiple valuations is essential.
Option three – RICS valuation
Pay for a survey to be completed by a RICS professional. This option is the most expensive route but also the most thorough and bespoke option. You can find RICS professionals here.
> It's important to do your homework before you start planning for the future
> You need to know what you have before you decide how you'll divide it
> Dedicating some planning time will ultimately save you time, money and hassle in the long run
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