The V Factor: which key factors impact valuation?
by Housesimple on 3rd November 2016
Every homeowner wants to sell their house for as much as they can. House prices depend on a variety of different factors and, luckily, there are several you can influence yourself. Here’s the low-down on a few of them.
What’s my house worth?
To begin with, your house is assessed on its own merits. These include the obvious things that you can’t necessarily change: its age, size and room layout are some of the main ones.
Then there are the factors that you can look to improve upon, like its structural soundness, general wear and tear, and extra fittings and features. Other considerations include the size of your garden, the potential for extensions or remodelling and the presence of a garage or parking space.
Does my location matter?
In a word: yes. There are a variety of location-based factors that impact the value of a house. Some relate to the desirability of the area and demand for housing there, while some are practical considerations – like how far away the nearest shops and schools are. And others are very unexpected, like the name of your road.
Your valuation will also be affected by the costs of other properties in your area and will be priced in line with data from the Land Registry. This ensures the market is fair and that similar houses in small areas don’t have wildly different prices.
Are there any factors I can improve upon?
Think about the personal value house hunters will get from your property and the things they want to see when they come to look around. Small improvements to the appearance of your house and garden can significantly increase your property's value.
Consider adding features that don’t cost the earth and have the potential for a great return on investment. Double glazing is a common addition, because it reduces energy costs and can add 10% to the value of your property. Freshly painted rooms can also boost your home's worth. Another smart move is to complete any important repairs before trying to sell: buyers could use fixable flaws to knock a chunk off your asking price.
From an expert valuation to a stress-free property sale, HouseSimple.com can help sellers every step of the way.
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