Professional estate agents usually take into considerations several factors when valuing a home, having valuated countless homes within their housing profession, they know what to look for. Read on some of the primary aspects, which lead to the ultimate value of a property.
What influences property valuations?
Proximity to local amenities such as shopping centres, hospitals, and schools enhances the cost considerably. The type of business and quality of schools can sometimes also affect the price.
The Housing Market Itself
Transport infrastructure projects or close by property developments can have a significant impact on housing markets, and an estate agent will definitely cost them into his\her valuation.
Valuation considerations don’t at your boundary property. How the street appears to potential buyers is essential. Is it well-maintained, litter-free, and tree-lined? If so, then your house is going to be worth a little more than a similar one lacking in more or one of these areas.
Insecurity in the neighbourhood and your property’s proximity to very noisy venues like clubs and pubs can also reduce the property’s value.
Commuting and Transport Links
Having a great transport link is crucial if more or one of the family members has to commute to and from work, or if they have friends and family outside the area and do not own a vehicle.
Therefore, a house near a transport network typically cost more than those that are far from the train station or road.
What About the Property itself?
We’ve focussed very heavily on factors outside of the property itself, but what within the property will influence its valuation?
Is the house suitable for an independent individual, a couple, or a family – these are all essential factors estate agents will consider as they indicate who the home should be marketed to. Besides, space is also vital; how many bedrooms does it potentially have\have, could there be room to extend?
The more bathrooms your home has, the better; this is becoming a popular request. An en suite or downstairs bathroom are desirable factors.
Flexibility & potential for renovation
Size is vital; however, so is the flexibility of the property being valued. Can rooms be easily transformed from bedrooms to studies? Are there rooms for changes? Does the house have planning permission in place? All of the above points and more can significantly affect the valuation.
A modern kitchen
The kitchen is the ‘heart of the home’. That’s why many buyers put a modern, spacious kitchen high on the list of ‘must-haves’ when on the search for a home. So, the estate agent will definitely take it into account when he comes in for a valuation.
If you are considering how you can increase your home’s value, upgrading it to modern prior selling is a wise decision that can’t be taken lightly – modern kitchens are an incredible selling point.
Garden & outdoor space
Poorly maintained, small gardens could instantly put potential buyers off, whereas a well-kept, reasonable sized garden will add value to your home. A south-facing garden is also desirable. If your property does not have a beautiful garden, is there a balcony or an attractive back yard?
Décor and presentation
The decoration and cleanliness of a home play a crucial role in its value, ripped wallpaper, stained carpets, or anything that is less immaculate will bring the figure down. You also need to make sure that all rooms are well lit and get rid of the clutter.
While you may be focusing on perfecting your interior, you should know that the outside of your home is just as important. The well-known expression ‘first impression count’ also applies in a property.
Therefore, the property needs to simply stand out, be well maintained and have a tidy and clean front garden.
Stand out feature
Does your home have an X factor, something that makes it different from the rest? Perhaps it has a gorgeous log burner or a beautiful periodic wooden beam.
During valuation, a professional estate agent has to consider similar properties’ value in your area to ensure that they aren’t under or over-valuing.
In summary, valuing a property is not a random, simple process. So, ensure you choose an experienced estate agent with great local knowledge. Also, be wary of over or under-valuations – these can often be the hugest contributors to super slow rates.
If you live in Wales or England and would like a free valuation, simply visit Propertypriceadvice.co.uk/home-improvements – so quick and straightforward.