Have you ever wondered what factors go into calculating the value of a property? If you are currently thinking of buying or selling a property, this guide will help you to understand more about the valuation process and how it’s calculated. Let’s take a look.
Similar Houses Nearby
One of the first things a property valuer will look at is the value of similar or nearby properties as this will give a good indication and a starting point on how much similar properties are worth and will generally be based on the most recent property sales in the vicinity.
The Overall Property Market
The state of the overall property market is a big factor in local house prices and how they fluctuate. Property prices can rise and fall based on market rates, the economy and supply and demand. You can read more on the most recent state of the housing market at Zoopla, here >> https://www.zoopla.co.uk/discover/property-news/house-price-index-may-2023/#
Property Age & Size
Property age and size plays a huge part in property value and can go either way depending on the home itself, larger and newer properties tend to be a higher value than older smaller properties but if your property is older and its original features have been well-maintained or modernised this could also drive up the overall selling price.
Location & Amenities
Location is an important factor in how much a property is worth. If the property you are getting valued is in a thriving area with access to local amenities, schools and transport links then this will add more value to the property and will be taken into consideration in a valuation.
Special Features
Does the property you are selling or looking to buy have any special features or add-ons? These could include extra bathrooms, outdoor dining areas, a particularly large outdoor space, a swimming pool or a home adapted for disability. These are important factors which can also add weight to the value of a property.
What Brings Down the Price of a Property?
A property in poor condition is one of the number one reasons a property value can plummet along with problems such as damp and mould, unsafe electrics and plumbing, structural problems or just a general air of neglect.
If you are thinking of selling your property it’s vital to ensure it is clean, tidy and free from excessive clutter at the very least to show it in its best light and attract higher paying property buyers. If you would like some expert advice on buying or selling a property, our team can be contacted here.