To ascertain the value of a property is a complex process. When an estate agent is attempting to value your property, he or she does not simply look at the number of bedrooms or the street that you live on. While these criteria are important, they are not the sole factors that determine the value of a property. Estate agents have to look at various other factors such as the age of the property, the likelihood of resale, current market prices and so on to put a value on any property. Of course, as a homeowner, if you are unhappy with the valuation of your home, you can always consider a property letting guide to guide you through the process of giving out your property on rent before you decide to sell it in the future. Alternatively, you can always attempt to boost the value of your property through renovations and new additions. But, before we get into that, here is how estate agents value your property for better returns in the future.
It starts with the local area
Before an estate agent even enters your home, he or she will begin their research to determine the value of your property. The area, the neighbourhood and the street that you live on will play a vital role in determining the value of your property, along with factors such as the average selling price of similar houses in the area, the number of similar houses that have sold in the area in the last few months, current market growth trends and so on. Factors such as the distance of your home from grocery stores, transportation hubs, schools, colleges and hospitals will also impact the valuation of your property. Also, you can prefer Letting agents St Helens that help to find the best property for your locations.
Let’s talk about the property
Once the estate agent has a fair idea of the current market trends in the area, he or she will then take a walk around your home. The number of bedrooms, the number of bathrooms, the age of the house, the state of the house, the condition of the roof, the size of the kitchen, the size of the house and other such factors will play a crucial role in determining the value of your property. Plus, additional features such as an outdoor pool, a spacious garden, a garage or outhouse, a balance, a terrace and even the landscaping can add to the value of your house. From a newly renovated kitchen to an original fireplace, every feature of your house will be scrutinised to help determine the sale value of the property.
Putting all the variables together
As mentioned above, there are quite a few factors that determine the value of any property. Property features such as a detached or semi-detached house, the number of rooms and bathrooms, the size of the kitchen and other such factors will play a big role in property valuation. Additionally, flood risk, council tax band, plot size and appliances rules and regulations will also impact the value of a property. Then, neighbourhood details such as the number of green spaces and parks in the area, school districts and proximity to public transport will also play a role. Finally, whether the property is leasehold or freehold will also impact the final valuation of the property.
As a homeowner and a potential seller, you will always want to get the highest and best possible valuation for your property. One way to increase the value of your property is through renovations and additions, as well as maintenance and repairs. First and foremost, first impressions matter. Spruce up the curb appeal, and paint the interiors and exteriors of your home and landscape to the best of your ability. Believe it or not, a fresh coat of paint can make a property look almost brand new. Then, you need to show off the best features of your property. If you have an indoor fireplace or an indoor jacuzzi, make sure that it stands out. Clean the property thoroughly and get rid of any clutter to really show off the size of your home. You can also consider renovating the kitchen or creating a home office, as these are common demands among potential buyers. By simply converting the attic or a spare bedroom into a home office, you can add 15 per cent to the value of your property! Essentially, you need to add to your property in a way that allows for an increase in property value while keeping with buyer demands.
