The ultimate guide for understanding your property value - and improving it!
When putting your property up for sale, there are some key questions that you need to consider. This guide is all about making the selling process stress free, by keeping you in the know.
As well as simply calculating your house price at the correct amount, there are many factors that can contribute to the price of a property, based on what the buyer views as added value and desirability.
To benefit the overall potential of a sale, it is also imperative to have a look around your house before jumping straight onto the market. Some small changes and quick fixes can increase not only the value but also the likelihood of it being snapped up quicker.
Click the links below, to jump to the relevant sections you might be looking for:
- How to calculate the value of your property
- What can affect the value of your property?
- 5 low-cost improvements to maximise your property value - and desirability!
How to calculate the value of your property
First things first, have you had a look at what other properties in your area have sold for? When calculating your property value, identifying the previous selling prices of houses on your road or in your area could be a good indication of the local property value and overall interest. By identifying comparable properties, you could gauge an approximate price, prior to agent valuations.
Rightmove offer a quick, easy and free service; all you have to do is pop in your address! They also provide a house price comparison report, bringing together information from various sources, to help you compare. This could potentially help you determine an accurate selling price for your property.
It is always recommended for you to seek three separate valuations for your property. You can get these from both online property websites and physical estate agents; then you would be able to identify the average number calculated from each valuation. Some online property valuation service insights include, Rightmove, Zoopla, Nationwide and open data available from the HM Land Registry. Our own guide, which provides further in depth information into property valuations, can also point you in the right direction.
Did you know our free Move Simply service could help with your selling process? From negotiating property prices to navigating long chains, we've been helping people move home for almost 50 years. So if you're seeking an extra hand, why not find out more about this free service, available to our Home for Life Plan customers.
Our expert team are always on hand to answer any of the questions you may have about our services, call 0800 043 4488 for further details.
What can affect the value of your property?
There are many factors that can affect not only the sale of your property, but also the price at which it is valued at. If you get the asking price of your property wrong, it may result in it stagnating on the open-market as prospective buyers can be put off, resulting in little or no clicks on your advert. Plus, most online property portals will display search results in date order, therefore your property could be falling to the bottom of the list; decreasing your opportunity for booked viewings.
Furthermore, buyers have the tendency to assume that if a property has been on the market for a long time, there could be significant underlying issues.
When calculating your house value or its overall desirability, there are many factors that you may not have even thought of; here are 3 key things to consider to potentially increase value, gain interest and even get more viewings booked:
1. Location and surrounding areas
Location often comes first in most property searches, and can dictate how the value of your home is calculated. Prospective buyers may be after good access to city links, green spaces or distances to leisure parks and sports grounds. Make sure you know your area and transport links well, in order to portray its full selling potential.
• Crime Rates
Crime rates are important when assessing the overall desirability of your property. The buyer will take this into consideration, especially as it will dictate the price of their future home and car insurance. You can check local crime rates and the sort of crimes committed via websites such as Police UK. Being prepared and knowledgeable of your area is key, when working towards selling your property!
• Transport Links
It’s easy to be in the know regarding transport links both via train and bus; both are integral to property prices. In your listing it’s important to add the location in relation to train stations and bus stops. This could increase the overall desirability of a property as it could help the buyer identify what their work/life balance could look like with this change. If you live in an area that is popular with commuters, it’s good to keep in mind that transport links could be at the top of the buyers priority list.
• School Catchment
School catchment areas are often very popular, especially with families pushing to get into the best schools; it can often make house prices very competitive. Therefore, it’s integral to ensure that you and your agent are taking into consideration the location of being in a good school district. By missing a huge aspect such as this, you could be under-valuing your property by quite a margin. Furthermore, you’re cutting out some of the research that a buyer could be under-taking; this could make for a quicker sale!
• Local Amenities
Access to local shops, libraries and restaurants can also have an effect upon your selling value. This however, is subjective to the buyer, and can depend upon what they are seeking from their local area. However, if you've got it, flaunt it. Make sure you account for everything on your property listing, don't overlook anything as too unimportant - it could end up making all the difference.
2. Property Particulars
• Size of the property
Sometimes it can be easy to assume that only the interior space is considered, but if a potential buyer has dependents or pets, the outside space can also take precedence. To make full selling advantage of your outside spaces, it might be valuable to cut back protruding hedges and trees, maximising the space that is there.
• Storage space
From built in wardrobes and cupboards to sheds and garages, extra space in the home is important to note when calculating your house value. Ensure that throughout the selling process these spaces are kept clean and tidy, so that possible buyers can identify its full use.
• Interior Factors
Other interior factors that will dictate the price of your home, are aspects including the state of your boiler, issues such as damp and mould and the condition of the internal wiring. The more work that has to be achieved by a new buyer, the less desirable your property is likely to be.
3. Deal Breakers
• Flood Risk
When selling your home, you are obligated to inform prospective buyers of any possible flood risks, particularly if there has been previous flooding in the past. This could be a deal breaker for possible buyers and will allow them to check potential future costs as well as taking into consideration insurance premiums. If you haven’t experienced flooding since your residency, but know it could be a risk, you can check gov.uk for up to date risk information.
If you suspect that subsidence is an issue before you put your property on the market, it is best to identify this issue yourself, as it will come out during the surveying process. A surveyor can then decide if the movement is “historic” and unlikely to cause future issues, or whether it is prevalent, meaning that it needs to be addressed before taking the risk of going onto the market. It’s key to take this into consideration, to avoid disappointment down the line, regarding issues that could occur such as withdrawals from the sale.
5 low-cost improvements to maximise your property value - and desirability!
Once you’ve researched and assessed what your property might be valued at, it’s worth thinking about some low-cost TLC, that could help you find a buyer sooner. Not only do we have a free, printable checklist, making your move as easy as possible, we’ve also picked our favourite five, for affordable home fixes.
From adding a lick of paint to creating an energy efficient home, these last minute revamps, could add value to your selling price.
1. Decoration Do-over
One way you can up-sell your home is by giving it a new lease of life with a fresh coat of paint. By painting the walls neutral throughout, you can provide a blank canvas for prospective buyers. However, be sure to layer this with a pop of colour, from cushions, rugs and pieces of art, inviting buyers to picture themselves settling here.
2. Outside Spaces
Don’t neglect your outside spaces! It’s all about curb appeal. Pay attention to the path leading up to your front door; trim away weeds, add some lighting, a few plants and think about your front door. Could it do with a lick of paint? Every little helps to create that grand entrance, and to be the one that buyers remember!
Make sure to also spruce up your garden, mow the lawn and cut back any foliage that has the potential to make this space look smaller. It is an easy aspect to overlook that could reduce the number of viewings and overall desirability of your property to potential buyers.
3. Do a De-clutter
By clearing away items from work surfaces, getting rid of toys, magazines and tidbits, you can make rooms look cleaner, bigger and more desirable. It’s the same as looking after your outside spaces! Whilst it’s important for a home to look "lived in", signs of mess can easily steer buyers away as they can’t visualise the true potential of their new home; having a de-clutter is essential, maximising the space that you have to offer.
Spare a few moments to look around key areas such as the bathroom and kitchen, could you make small improvements to create a modern, coordinated feeling?
For the bathroom, it might be a good idea to not only do a deep clean, but also update the room with a towel heater. It can also be beneficial to pick up a matching loo-roll holder, toilet brush and bin - put yourself in the viewers shoes. Small changes like these can give the room a refreshed feeling that could add to the appeal for prospective buyers.
5. Small and smart
Sometimes the smallest of changes can make the biggest improvements. You can swap old bulbs for LED alternatives, which can easily brighten a room. Further to this, did you know, only 2% of homes in 2019 had invested in smart energy tech? This can have a knock on effect for your EPC rating; by improving your rating to the next level you could potentially increase your house value by thousands!
Calculating the value of your home doesn’t have to be difficult. By taking a few small steps and doing some of your own research, you can quickly get an accurate valuation and understand what your area has to offer. Furthermore, by making a few low-cost changes, you might not only be able to sell your property quicker, but you could be improving its value by quite a margin! If you’ve got any home moving tips, we’d love for you to leave us a comment on Facebook or give us a Tweet!
Looking for further inspiration? The Homewise blog is full of guides and tips from selling property and finding your home for life.
Whether you're looking at your outside spaces in more depth or thinking of modernising throughout; we’ve got you covered! Here's a few to get you started:
If you’re planning on moving and are over 60 years old, get in touch with our team today, we could give you all the information you need to find your next home. Here at Homewise, we’ve been providing our customers with the tools to settle into retirement for nearly 50 years!
In the meantime, you can use our online Budget Booster! It's simple, quick and could provide you with a better understanding of your potential budget.
Give us a call on 0800 043 4488.