Putting Your House Up for Sale: How Your Home Is Valued
Putting your house up for sale can be an exciting and stressful time. You want to make sure that you get the best possible price for your home, but how is the value of your property determined?
There are many factors which come into play when an Estate Agent is looking to value your home. Professional Estate Agents will consider everything from the local neighbourhood, through to whether any renovations need to take place, so it’s important to do a bit of research beforehand so you have a rough figure of what you could expect.
As leading East London estate agents, we have valued hundreds of properties across London and Essex, helping homeowners achieve the best possible price for their move.
In this blog post, we will discuss the different factors that go into valuing a home and how you can increase the value of your property.
Location, location, location
The location of your home is one of the most important factors in determining its value. Homes in desirable neighbourhoods with good schools, low crime rates, and easy access to amenities such as shopping and public transportation are generally more valuable than those in less desirable areas.
In addition to the neighbourhood, the location of your home within the neighbourhood can also impact its value. Homes on busy streets, near commercial areas, or close to busy roads may be less valuable than those in quiet, residential areas.
Size and condition
It probably goes without saying but the size and condition of your home are also important factors in determining its value. Larger homes with more bedrooms and bathrooms are generally more valuable than smaller homes.
The condition of your home is also important – a well-maintained home will be more valuable than one in need of repairs or updates.
Upgrades and renovations
Upgrades and renovations can also impact the value of your home. Kitchen and bathroom renovations are among the most valuable upgrades you can make, as they are some of the most frequently used rooms in a home. They are also the costliest if the new owner needs to install them, so you could find that money is knocked off the value if these rooms need doing.
Other upgrades that can increase the value of your home include new flooring, updated lighting fixtures, and fresh paint.
Outdoor space
Outdoor space can also impact the value of your home. Homes with large, well-manicured gardens or outdoor living spaces such as decks or patios may be more valuable than those without.
Market conditions
The housing market is always changing, and market conditions can impact the value of your home. As we have seen in recent years, house prices have increased tenfold.
In a seller’s market, where there are more buyers than homes for sale, you may be able to command a higher price for your home.
In a buyer’s market, where there are more homes for sale than buyers, you may need to price your home more competitively to attract offers.
How to increase the value of your home
If you’re looking to increase the value of your home before putting it on the market, there are several things you can do. First, focus on improving the curb appeal of your home. This means making sure your landscaping is well-maintained, your exterior is clean and free of debris, and your front door and windows are in good condition.
Next, make any necessary repairs and updates to your home. This may include fixing leaky faucets, replacing outdated light fixtures, and painting rooms that need a fresh coat of paint. Consider hiring a professional home inspector to identify any issues that need to be addressed before putting your home up for sale.
Finally, consider making upgrades and renovations that will add value to your home. As previously mentioned, kitchen and bathroom renovations are among the most valuable upgrades you can make. Other upgrades to consider include new windows, updated flooring, and adding a deck or patio.