For lots of people, the house or area they would like to move to is dependent upon selling their current home for its maximum value. Because of this, sellers are often lured by estate agents that give the highest initial valuations. If this estimate is unrealistic, it can be a huge mistake to try and market your property at this price as it is likely to put off potential buyers before they have even stepped inside. If you market your property at an inflated price, you will probably have to wait a very long time before any offers come in.
So when you get in touch with an estate agent and ask them for a valuation how exactly do they come up with a realistic figure that is reflective of both the property and the area?
At Aspens these are the five key points that we take into account when making an evaluation.
1 – Local Facilities
If a property is valued at the higher end of the scale, it is likely to be related to the area it is in. Local amenities such as good schools, parks and transport links all contribute towards making a particular area more desirable.
Affluent regions with high-end shops and an abundance of restaurants tend to be more desirable and as a result, properties in those areas will be priced at a premium.
2 – Unique Features
What people look for in a home is very personal and the features that appeal to one might turn another off. With that said, most property improvements (if done to a high standard) will increase the value. For a high-end home, having luxury features such as a home gym or swimming pool make a property more desirable. For the majority of us though something as simple as period features will help drive a higher valuation. For people looking for a period property, original fireplaces and sash windows are extremely desirable. If they are in good condition, they are likely to increase the value of a property.
3 – Landscape
The internal state of a property is of course hugely important and if it’s clean, tidy and in a good decorative state you are much more likely to secure a higher offer. However, the surrounding landscape also plays a significant role in adding or subtracting to the value of property. A home located near water, or one that has a great view, will be worth just that bit more.
4 – Potential
If a buyer can extend or convert the loft into an extra bedroom, they have the ability to increase the value of a property significantly, and a proper valuation will reflect this.
Similarly, the value of a property will also be influenced by any planned nearby developments. A building of a new shopping centre or leisure centre will result in surrounding property prices escalating.
5 – Ambience
The general feel of a property is likely to play a role in deciding the value. A good family home is likely to be loved, and as a result, in good condition. Well loved and cared for family homes give off good vibes and this can result in higher offers coming in.
Here at Aspens all of these factors are taken into consideration when we value property. If you would like any more information, or if you would like a free valuation, please get in touch with our team today on: 01784 252202.