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
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 tend to favour trendy city and town centre locations. Younger families wanting more space may make forced compromises because of cost. Baby boomers may look for quiet country or coastal locations. Amenity rich market towns seem universally popular. The commuting distance to 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.
Commuters will want to be accessible to main roads or to be in walking distance of railway stations. Young families value local amenities, shops, parks, playgroups and particularly, 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 is highly valued.
It’s 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 don’t 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, such as 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.
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 are now at the heart of the household, they are areas to socialise, relax, eat and in some cases even to cook! Spacious modern kitchens are now considered essential by most buyers. Whether this is achieved by removing internal walls or through extending, the value increase is likely to outweigh the cost.
Separate showers with descent water pressure are considered obligatory by most house buyers. Modern designs and certainly no colouring of the sanitary ware is expected. En-suite bathrooms add value and sale ability.
In towns and cities, off street parking can add a sizeable premium to a home’s value, as well as convenience it can reduce insurance costs. Garages are now less important; in fact, the space may be more valuable as an extra reception room or bedroom. Don’t though give up your garage if it is the only off road parking.
Energy prices are only going to go upwards long term. Increasingly energy efficiency is being factored in when purchasing a new home. Being connected to mains gas is also worthwhile.
First impressions matter, if on entering a home it is found to be dirty, 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 markets 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 on undoing this work. There is a very good reason why builders tend to keep to neutral light colours.