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Your Guide to Understanding Your Property’s Value

If you’re looking at selling or renting your property, it’s important to understand how much it’s worth.

Aside from just calculating your house price, there are numerous elements that might influence the price of a property, depending on what your buyer considers to be of value and desirable.

It’s also beneficial to have a look around your home before putting it on the market to maximise your chances of a sale. Small tweaks and fast fixes can boost the value of your home as well as the likelihood of it being sold quickly.

When it comes to selling your home, there are a few important questions to think about.

We’ve provided some key tips and information to help you understand your property’s value and to ensure you have a quick and stress-free sale.

Market Value

First and foremost, knowing how much your property is worth is known as its ‘market value," which refers to the price a buyer is prepared to pay, taking into consideration local and national market conditions.

The Difference Between Market Value and Asking Price

One of the most fundamental aspects of the selling process is valuing your home. Putting your house on the market with a low asking price may result in offers that are below market value. If the asking price is too high, you may not receive any bids at all, resulting in time delays and market stagnation as buyers are turned off by a home that is out of their price range.

Book a valuation with one of our expert estate agents who will value your property accurately, and ensure you receive the best possible price.

What Impacts the Value of Your Property?

There are numerous elements that can influence not just the selling of your home but also the price at which it is valued. If you overprice your home, it may remain on the open market as potential buyers are turned off, resulting in little to no attention to your property. Plus, because most online property portals display search results in date order, your property may slide further down the list, reducing your chances of getting viewings.

Here are some key points to consider when assessing the value of your home and its overall desirability:

1. Property Elements

  • The size of your property: It’s easy to assume that only the interior of your home is important, but if a potential buyer has a big family or pets, the exterior can be just as important. To make the most of the space outside, it might be a good idea to cut down overhanging hedges and trees.
  • Storage Space: Extra space in the home, such as built-in wardrobes and cabinets for sheds and garages, is vital to consider when understanding your property’s value. Make sure that these places are kept clean and clutter-free throughout the selling process so that viewers can see their full potential.

2. Deal breakers

When selling your home, you should think about any possible "deal breakers" in your property that could put potential buyers off. For example, when selling your house, you must notify potential buyers of any flood risks, especially if the area has previously been flooded. This may be a deal-breaker for potential buyers, as they may be concerned about future prices as well as insurance premiums.

If you feel there is a problem with your property before you put it on the market, it is important to identify this problem before you put your home up for sale. This will help avoid problems with the sale, which could lead to people pulling out of the sale later on, which could be disappointing.

What can you do to maximise your property value and appeal?

After you’ve done your research and considered how much your home is worth, consider some low-cost improvements that could help you find a buyer sooner.

These last-minute updates, ranging from a fresh coat of paint to making your home more energy-efficient, could boost the value of your home considerably.

Declutter: Remove clutter from work surfaces, put toys away, and sweep away any crumbs on the floor to make your rooms appear cleaner, bigger, and more desirable. While it’s good to make your property appear "lived-in," clutter can easily turn buyers off, because they can’t see any potential in your home.

Update Your Décor: A fresh coat of paint can give your home a new lease on life and increase its value. You can provide a blank canvas for potential buyers by painting the walls a neutral colour. However, you can add a splash of colour with pillows, rugs, and art to allow buyers to imagine themselves living in your property.

Want to find out more about the value of your property? Book a valuation with one of our expert agents.

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