If you are selling your home, you will want to achieve as high an asking price as possible, and may be wondering which factors influence property valuations. When you chose to use licensed property valuation services someone comes to value your home, there are many factors to take into consideration, and many aspects that they will be looking at to come up with an asking price.
One of the top factors that affect the market value of a property is where it is located. A house that is located in a desirable area, perhaps on the seafront, close to a popular school or in a particularly affluent neighbourhood will be valued more highly than one in a less appealing part of town. There are other aspects of a location that affect asking price too, including local traffic problems, the tendency towards flooding or noise from nearby roads or rail lines.
Although a homeowner can do very little about the location of their property, they can influence the interior and exterior of their home. A home that is well presented, in a good state of repair, and nicely decorated will be valued more highly than one that needs a lot of work carried out. Recent upgrades also stand a homeowner in good stead of receiving a high valuation, which is why new kitchens and bathrooms are popular renovations.
Larger homes are valued more highly than smaller ones, with the number of bedrooms and bathrooms being key. Homes that provide extra living space in the form of conservatories, studies or loft conversions will fare better when it comes to property valuation.
A home’s individual characteristics and features have a considerable impact on property valuations. Period features that have cared for raise values, and added extras such as double glazing and underfloor heating also influence values. Storage space is an important factor, and even the type of heating system that has been installed affects asking price.
Local House Prices
A real estate property valuer will also take into account the selling price of other local properties that are similar to your own, and take into account the demand for the area before finalising a market value for your home.