5 Different Factors Which Can Have an Impact on Your House Value
If you’re considering selling your home, you will be striving for the best possible price. If market conditions are in your favour, you could make a serious profit on your property. There is a myriad of ways to add value to your home but these can be costly. Did you know that there are less obvious factors that affect your house valuation? Some of these elements will be out of your control, whereas others can be tweaked to give you the best possible chance of a fast house sale.
1. The name and number of your property
The majority of us live in properties that have an assigned house number. This is an easy way of identifying the property for logistical reasons, such as ensuring your mail arrives. It is unlikely you have ever questioned it. However, did you know that switching from a number to a property name can boost the value?
Property names give an element of exclusivity and grandeur. Suffixes such as Manor, Cottage, and Lodge are all very popular. You will need to contact your local council to make this change as they will consult with Royal Mail to check the name you choose is available.
2. The road your house is located on
Similarly, the road live on can affect your property value too. Roads ending in Crescent, Mews, and Court exude a superior vibe. Common terms such as Street, Road, and Place don’t paint the same image. Furthermore, road names that contain royal phrasing hold similar value so you could be quids in if your road name contains King, Prince, Queen, or Elizabeth.
3. Local schools
Selling a property that would be perfect for a family? Parents with children are willing to pay above and beyond for homes in local catchment areas due to such high competition to secure a spot. Equally, properties located close to schools ranked ‘outstanding’ by Ofsted can also fetch a pretty penny.
4. The property market
This element is completely out of your control but will obviously influence your home’s value. Property prices are dictated by supply and demand and will fluctuate depending on the economy, not only in your local area, but the UK as a whole.
If there are a high number of people wanting to move to your area but not many houses on the market, it is likely you will receive a higher price for your home. However, if it is not a popular location, or there is an abundance of homes on the market, you may have to consider accepting offers lower than your valuation.
5. Local amenities
Whilst your current home may be conveniently located for you, such as being close to family and your job, it doesn’t mean a potential buyer will feel the same. When estate agents value your home, they will take into consideration its proximity to shops, schools, transport links, entertainment, and recreational facilities. Sometimes the employment opportunities in the local area also assessed.
When it comes to valuing a house, the location can often dictate the price over the size and the condition of the property.