When you’re looking to sell a property, you may or may not have a rough idea as to how much your home might be worth, often based on a quick scan of the internet as to what your neighbours with similar properties sold for. But have you ever thought about the things that can affect the value of your property?
Here at Bromley Property Company, we explore things that can affect the value of your property in today’s blog…
The Usable Space and Overall Size of Your Home
How big your property is will of course play a big part in its value. The bigger the square footage, generally speaking the more it will be worth. Roughly speaking, house prices can be estimated by multiplying the total size of the house with the value per square foot. Usable spaces of a house also influence and determine the value, such as garages, basements, and boarded loft spaces. Numbers of bedrooms and bathrooms are important too- the more you have of these, unsurprisingly the higher the value of the property usually, so it pays to spend a bit of money decorating and renovating these before selling if necessary.
Where is your house located? What else is close by that may of interest to potential buyers? Being close to great primary and secondary schools, transport links and places of employment eg town centres and business parks, will all help increase the value of your home. We know that here in Bromley, being close to a highly-regarded Secondary School will add £s to your property.
The Local Market
You may be selling a newly renovated house in a desirable area, but the number of buyers in the area, as well as the number of other houses on sale in your area, will affect your home’s value.
A lot of potential buyers coming in one area and competing for the fewer number of houses will put you at an advantage and possibly push up prices. On the other hand, fewer buyers might mean that a local market with similar properties has many homes available, decreasing property prices since it is the buyers’ market.
The wider economy tends to affect the housing market. When the economy is experiencing slower conditions, it can take longer to sell and get an accurate valuation. This is why it’s wise to keep up with economic news if you’re looking to sell your property, as this will help you evaluate the best time to sell your house, and if you’re better off waiting or ploughing on.