WHAT ESTATE AGENTS LOOK FOR WHEN VALUING A PROPERTY
Jul 25, 2016
To obtain the maximum possible price for your property, you should be realistic and willing to listen to your agent! Your chosen agent should be working with your best interests in mind and will know what your property can sell for.
Valuing a property is more than just going online and checking comparable properties and creating an almost median figure. Agents take into account a range of factors which when taken together, become the key to the price of the property. Some of the factors that are taken in consideration consist of the following:
Is the area around your property safe? Is the area well maintained and is it the type of people you want to be surrounded with? Tree lined streets add value to the property, along with traffic calming measures.
For those with children, locating a family home in a catchment of a good school will hold much weight. Properties in the proximity of good schools attract a premium and are integral to the market value.
Transportation is always a critical factor. How close are the motorway links or is public transport readily available in the area? These are all questions that arise during the home buying process. Properties that do not take advantage of good transport links can lack in price. In some cases, future developments of links, like the HS2 can have positive effects.
A south facing property is much sought after, so having a south facing property can increase the value. Is the garden a good size and well maintained and what is the exterior of the property like? When it comes to marketing, first impressions count!
Has the property got potential? Can it in the future be extended? Property with approved planning permission can be a real plus factor and can increase the price. A potential buyer will be put off by the fact that applications of any sort have been refused and therefore will expect a reduction in price. Having all the necessary certificates for any work conducted under the council or any other regulatory body is a plus as well.
What is the internal architecture of the property like? How is the property laid out and what does the space feel like. If you are marketing the property as a family home, it should have a comfy and cosy feel. Are the bedrooms proportionate to the living areas downstairs and are there any potential rooms that can be converted?
What sort of condition is the property in? Old fashioned wallpaper, shabby looking carpets and clutter could all affect the final value of the property. To obtain the best possible price in this category, the property should be nothing less than immaculate.
Is the kitchen the focal point of the property? It should be modern and clean as well as spacious. The kitchen is one of the most important factors considered when buying a property – it can be the deciding factor! Properties with poor kitchens tend to struggle sometimes.
In recent years the number of bathrooms has affected the home buying process and value. The more the bathrooms the more favourable the property. An en-suite is always a value booster.
Does the property have unique features that cannot be seen anywhere else in your immediate vicinity?
An experienced and competent estate agent will take into careful consideration not only these universal points that he/she will be ticking off but will also consider local market trends.
If you are currently in the process of, or thinking about renovating your home ready for it to be put up for sale or to let, give our guide on how to improve the kerb appeal of your property a read.
If you are actively looking to sell, buy, let or rent, contact us today!