What are the Factors that affect your home’s value?
Here is our short guide to some leading factors that can have a positive impact on the value of your home.
Location
As we all know that location matters but what makes one popular and another less so? The answer is not so simple. Singles and young couples aim to favor trendy city and town center locations. Younger families wanting more space may make forced compromises because of price. Baby boomers may look for a calm country or coastal location. Amenity-rich market towns seem universally well-known. The commuting gap to the main areas of employment is an important factor. Wherever you are, locations on busy roads, too close to railways, factories, eyesores, or under-flight paths are less popular.
Amenities
Commuters will want to be accessible to main roads or to be within walking distance of railway stations. Young families value local amenities, shops, parks, playgroups, and specifically, good schools. Country lovers want to have views and space but will also look at the distance to the local pub and shop. Being able to walk to restaurants, pubs, doctors, and shops are highly valued.
Kerb Appeal
It is amazing how many potential buyers look at a property from the outside before deciding whether to book a viewing. Homes with beautiful interiors can lose out if they do not have that magic kerb appeal. Architecture plays a part as does the size and positioning of the home on the plot. Don’t underestimate simpler to fix factors, like the state of decoration, general maintenance, tidiness, and gardens. A shabby-looking property puts people off.
Design and Layout
Tastes of course vary, but the majority of buyers prefer traditional styles and layouts. A house with well-proportioned rooms on descent sized plot will generally outsell one on a cramped plot, or with unusual design features and room layouts.
Accommodation
The number of bedrooms is a fundamental factor. Families tend to look for one per child. Empty nesters may want space for visiting friends or family. If you extend to add bedrooms, the increase in value will normally be higher than the cost of building a well-planned addition. Take care though, extensions that use up all of the garden, that don’t match the design or create awkward internal layouts or dark spaces can in the worst case have a negative impact on value. Before proceeding it is worth speaking to a valuer.
Kitchens
Kitchens are now at the heart of the household, they are areas to socialize, relax, eat, and in some cases even to cook! Spacious modern kitchens these days considered essential by most buyers. Even if this is achieved by removing internal walls or through extending, the value increase is likely to outweigh the cost.
Bathrooms
Separate showers with decent water pressure are considered mandatory by most house buyers. Modern designs and certainly no coloring of the sanitary ware are expected. En-suite bathrooms give value and saleability.
Parking
In towns and cities, off-street parking can give a sizeable premium to a home’s value, as well as the convenience it can lower insurance costs. Garages are now not so important; in fact, space may be more valuable as an extra reception room or bedroom. Do not though give up your garage if it is the only off-road parking.
Efficiency
Energy prices are only going to go upwards long term. Increasing energy efficiency is being factored in when buying a new home. Being connected to mains gas is also worthwhile.
Condition
First impressions matter, if on entering a home it is found to be messy, knocked about, or smelly some potential buyers will leave quickly never to be seen again. If they do overcome initial prejudices, any offer they make is likely to be at the lower end of the market’s price range.
Some buyers look for “a project,” they will expect a low buying price to compensate for the work that needs to be done. Selling prices will also be knocked down if work has been done badly or is of an unusual style, the buyer will factor in the cost of undoing this work. There is a very good reason why builders tend to keep neutral light colors.