What factors can make or break your home's property value?
When you think about selling your home, there is often a big question on your mind – how much is my home worth? There are a number of factors that are considered when it comes to assessing property values: location, condition, features, and many other aspects of a home all play a role. Understanding the different components that can affect the valuation of your property is key to making sure you get the most out of your home’s worth. In this current price-sensitive market you need to ensure that you property is priced correctly if you are wanting a successful sale.
The Surrey property market
We only have to look at what happened last year and how one decision, the mini-budget, instantly impacted on the economy and, as a result, the housing market. According to Rightmove in their April House Price Index, the mini-budget saw ‘sales agreed initially plunging by 21% the following month as mortgage interest rates rapidly accelerated.’ Over the last few weeks, we have shared up-to-date research on what is happening in the market and how it is showing some signs of stability. It is good to understand the property market so you can have a rough idea of what is happening locally.
The location of your home
Location can have a major effect on the valuation of your home. If you are in a desirable area or on a street that is in high demand, this could increase the value of your home. Many buyers wish to have easy access to amenities such as shops, transport routes, parks, schools and restaurants, whilst others seek privacy and space. Additionally, the availability of jobs and other job opportunities in the area can affect property values. Ultimately, the valuation of your home can be greatly affected by its location and it is the one thing you can’t change.
The size and condition of your home
The size and condition of your home can have a major impact on its value. The size of your home will of course impact on the property price, a two bed will not be the same as a four in the same location. When assessing the size and condition of your home, buyers will consider factors such as the number of bedrooms, bathrooms, and other living areas; the quality of the interior finishes, such as carpets and countertops; and the condition of the exterior.
Properties that are outdated or in need of repair tend to be valued lower, which is why it’s important to invest in repairs and renovations as necessary – especially if you’re hoping to get the best price possible for your property. Homebuyers also tend to appreciate luxury touches, like updated appliances, energy-efficient features, and smart home technology. Investing in such amenities can help make your home more attractive to buyers and, therefore, fetch a better price.
Make sure you take the necessary steps to ensure your home is in good shape and has the features desired by potential buyers.
The potential of your home
When assessing the potential of your home, the estate agent may consider several factors. This includes whether your home has the potential for growth, such as the opportunity to extend. Should your property have space for an extension or a loft conversion it will appeal to buyers who are looking for a long term home. the potential of the garden and outdoor spaces should not be overlooked. There are some homes that have an extremely large garden or additional land; this could also offer a buyer the opportunity to use the property for a small holding or another venture.
The character and features
The character and features of a home can significantly affect its value. Potential buyers are drawn to homes with charm, character, and special features. Many homebuyers are looking for something that stands out from the competition, so having unique features can help increase the value of your home. You can make improvements to your home to add value and boost the appeal. Updates like modernising kitchens and bathrooms, updating the decor and adding landscaping to your gardens can all add to the overall value of your home.
If you’re thinking of selling your home, remember there are several factors that determine your property’s value. For a clear understanding of the value of your home, contact our team today for a valuation on 01932 221331.