What factors to consider when getting a property valuation
Getting your property valued is a requirement in several situations. The most common is when selling your home. Buyers also often need to get a valuation to satisfy the bank as to the mortgage value. There are a number of factors that affect the value of your home. Some you have control over and some you do not. So, here are some of the most common factors that affect a property valuation:
Location
This is about the most crucial factor there is. For example, the cost of a tiny one room bedsit in central London could buy you a castle in the remotest parts of Scotland. Unfortunately, there is not a huge amount you can do about the location apart from being more careful with your next home purchase!
Size
Generally, the bigger a property is, the more it is worth. Many people have made a lot of money by extending their properties with loft conversions, sun lounges, and garage conversions. If you have the time, and capital available, why not expand your property?
Age
The age of a property will have an enormous impact on the value of the home. Note however it is not as simple as “newer houses cost more”. For example, a well built, 100-year-old brick or stone home may in fact be worth a lot more than a post war home built using cheap materials. Expert Estate Agents Cirencester will provide the most accurate valuation for you.
Planning permission
A home with planning permission for an extension, or even another building will always be worth more than one without. In fact, many people apply for planning permission simply to increase the value of their home.
General tidiness and appearance
Human beings like to own nice looking things. If your home is shabby, dirty, or falling apart, it may put potential buyers off. Sometimes it is safer to strip the home completely and sell the idea of an empty shell.
Schools, Crime, and Neighbourhood
Related to the location, there are several socio-economic factors that can affect a property’s value. Being near a good school, having low crime rates, and a nice-looking neighbourhood are all factors that will attract potential buyers.
Supply and Demand
As with any commodity, the more availability of an item, the cheaper it will typically sell for. If all the houses on your street are for sale, expect buyers to haggle and negotiate more. If, however, you are the only one bed flat for sale within 10 miles, you may be in luck. While you cannot change these factors, the timing of your sale can make a significant difference. If it is a low period, and you have time to wait, speak to your valuer for advice on when to sell.
Final thoughts
Many factors affect the value of your home. To ensure you get the best, most accurate, valuation, always use a professional estate agent. If the valuation sounds too good to be true, it probably is. Make sure you are not being given an artificially high price just to win your business.
You May Also Enjoy
Zoopla Rental Market Report: Rents rising at lowest level for 3.5 years
Commonhold White Paper – Thoughts from the Industry
Greenpeace Ruling Exposes UK Government Policy
Rightmove commentary on mortgage market + weekly tracker
Government plans to ban new leasehold flats
