Have you ever had several estate agents value your property and each one of them is different? That’s because valuing a property isn’t an exact art and there are several different factors that can influence the value.
Before you know how to value your property, you need to first know what factors influence the value.
1. Who are your buyers?
The most important thing to remember is that your property is only worth what buyers are willing to pay.
This is key when setting an asking price.
Keep your buyer at the back of your mind when you set a price. For example if you know your property is more likely to sell to a first time buyer, be realistic with your expectations.
Understanding who your property appeals to is also useful when it comes to marketing it and empahsinsg the benefits. For example if you’re selling a four bed family home, you should emphasise its proximity to good schools.
There’s a reason you hear that familiar phrase uttered over and over again; your local area can have a big impact on the value of your property.
Well-rated schools, a vibrant high street and good transport links can all have a positive impact on your property’s value.
The view from your windows, local amenities and even the type of street you live on can all influence your asking price.
3. The quality of a property
The location of your property might be out of your control, but the presentation of it isn’t.
An estate agent values your property from the outside in. So you need to look at it with the same eye.
How does your property look from the outside? Is it well maintained with a nice garden? Is there any visible damage? Are the doors and windows good quality?
What about amenities with the property? Does it have a garage or off-road parking? Does it have a garden?
Asking these questions will also help you understand if there are any improvements you need to make before the property goes on the market.
When it comes to the interior, clean, bright and airy are always influential factors.
Modern kitchens and bathroom command higher price tags as they’re less likely to need updating. So if you’ve got an old avocado suite that you don’t want put the money into to change, at the very least make sure it’s well-presented and clean.
The number of bedrooms and bathrooms are both big influences on the value of your property and that’s not always something you can change. But if you’ve got an awkward box room, show buyers how it can be used. A few minor changes and a little bit of creative thinking can turn into a real selling point.
Neutral decor won’t necessarily affect the value but can affect the final selling price. The fewer changes a buyer has to make to a property (unless they’re looking for a fixer upper but that’s a different matter altogether) the more likely they are to offer asking price.
While you can’t magic natural lighting from thin air, you can give the illusion of light and space. Light colours go far here as does decluttering.
4. Is there potential?
Your property value is also based on what your property could become. Estate agents will look to see if there’s room for an extension or scope for a loft conversion.
One way you can help chivvy this along is by applying for planning permission. That way, if a buyer needs more space then you’ve already got the proof that it can happen.
How to value a house
Free valuation estimates
There are plenty of online valuations that can give you a rough estimation of what your property is worth. This is based on historical sales data of similar properties in your area and, sometimes, takes into account the number of bedrooms and bathrooms in your property.
This is only a really rough estimate and is useful if you’re thinking about selling your property or are just curious about it’s value.
Take a look at our free valuation report to get a good idea of what your property could be worth.
Research the market
If you want to go a little further than an estimate, start by looking into your local market. See what similar properties have sold for to get a baseline or range. You can then adapt this figure based on what you know about your property to come up with a ballpark valuation.
For current house prices and sales data, have a look at the UK House Price Index from the Land Registry which shows hour price trends from the last few months.
Detailed in-person valuation
The best way to get an accurate valuation is to do it in person. That way a local agent can come and assess your property, take in the improvements you’ve made and get a real feel for it.
Ready for a proper valuation? We offer detailed virtual or in-person options. Pick the one that’s right for you, today.