An Englishman’s home is his castle, it was once remarked, but every now and then it comes time to move to a new castle. It might be that your current castle isn’t located conveniently for us, or maybe it’s just getting a little cramped within those walls. Whatever our reasons, the desire to sell our homes is a perfectly natural outcome of a life lived.
At Agent Online, we help countless people sell their homes quickly at a fixed fee every single year. Even though we’re an online estate agent, we still do things the tried and true way, by coming to your property and completing a free property valuation, taking professional photographs, acquiring accurate floorplans and building a compelling advert for your property.
However, clients often ask us what actually determines the value of their property? In this guide, we’ll share with you the five factors which help to determine your home’s value.
‘Location, location, location’. It’s a mantra that every estate agent and home buyer recognises, and that’s for good reason – the location of a property has a gigantic effect on its value and desirability for potential buyers.
There are countless aspects which go into making a location desirable for potential buyers, from its proximity to good schools to links to major motorways and cities. You’ll also notice that factors relating to crime, relative wealth, local job prospects and shopping all come to play a factor too.
In some cases, the location of your property is more important than the structures built atop it as buyers look to knock down and build new properties on the land.
- Size and layout
The size and layout of your property will have a huge impact on the eventual valuation it enjoys on the open market. Much of this is common sense, with larger homes with more bedrooms generally enjoying higher valuations on the open market, compared to smaller properties in the same area.
However, you’ll also find that certain types of buildings, bungalows especially, enjoy a specific type of demand which can raise the value of your property in certain areas.
The old notion of the ‘fixer upper’ might be appealing to some, but to many it’s nothing more than a pain in the backside. As such, the condition of your property is going to have an impact on its value.
Recently renovated and blessed with high end fixings? That’s going to bring higher sums than a property which hasn’t been touched over the last two decades. The age of your property will also likely play a role.
- Negative elements
There are a great deal of small, negative things which can drag the value of your property down. We’re talking about things like bad neighbours, illegal home improvements, location on or close to a flood plain, disputed lands or lease holdings, along with many other aspects.
- Opportunity for development, or lack thereof
Many buyers are on the lookout for property which they can adapt, develop and turn into their dream home. As such, the value of your property will be somewhat dependent on how forthcoming permission for development would be.
Take a good luck at the homes in your area, speak to your neighbours and discover what kind of changes are possible within your own home – it could help push the needle closer to a sale and bring your higher valuations.