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What Factors Affect Property Valuation?

 

Knowing the value of your property is crucial when you set out to sell your house. Valuation serves as a guide when you are setting the asking price as well as the final price for which you can sell your property.

It is obvious that every homeowner desires to sell their house for as much as they can. However, the house prices are determined against a number of factors. You can get an estimate value of your home with online tool like this. The good news is that there are those that you can influence yourself. Here are some of those factors that affect the value of property during valuation:

To begin with, the house is assessed based on its own merits that basically include the obvious things that you may not be able to change such as the size, age as well as the layout of the house.

In addition, there are those factors that you can look to improve upon such as the structural soundness, general wear and tear, extra fittings as well as other features. Other considerations that influence valuation include the size of the garden, the potential for extensions and remodeling as well as the availability of parking space and garage.

One of the common questions that most homeowners ask is whether the location of property has an impact on its value. The truth is that location plays a role in the determination of the value of your property.

This is because in most instances, the desirability of the area coupled with demand for housing are intertwined. In addition, some of the practical considerations like the distance to the nearest schools and shops will determine how much you can sell your house for. Other location related factors like the name of your road are unexpected but are not to be ignored.

The value of other properties within your area will also affect the value of your house because you need to ensure that your price is within the price bracket of the recent sold prices. You can obtain this information from the Land Registry which is a portal capturing the accurate prices of property houses within your area that sold recently. This way you can be sure to operate within the principle of fairness in the property market while avoiding prices that are wildly different.

What factors can I improve?

One common question that the majority of property owners will ask soon after receiving the valuation report is what can I improve on to raise the value of my property. Well, the ideal place to start when faced with this question is thinking about the personal value that buyers can be attracted to when considering to purchase your property as well as those things that they would like to see when they come to view the property.

Some small improvements to the overall appearance of your house as well as garden could have a significant influence on the value of your property. Even then, be sure to go for those features that are not costly yet have the potential for a great return on investment. One of the common additions is double glazing which reduces the energy costs while adding up to 10% to your property’s value. You may also consider introducing a fresh coat of paint to the different rooms in the house. Completing important repairs is another smart move that will improve the value of your property. Buyers are always looking forward to property that is flawless. Furthermore, the presence of flaws could form the basis of knocking off a chunk off the initial asking price.
Overall, different factors have an effect on the value of your property. Therefore, you will do well to consider maximizing the value of your home before putting it up for sale.

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