23 Sep House sale prices: factors that affect the value of your home
Imagine two homes that are exactly the same. They are both three-bedroom, semi-detached houses with a lounge, dining room, kitchen and small garden. They are only within two miles of each other in the same town. You would expect them to go for more or less the same price.
Or would you?
Actually, their prices could differ by thousands. And here’s why:
“Location, location, location” is a familiar cry from estate agents. And it is true that it’s the number one determining factor in price. One way in which buyers consider location is the “milk bottle test”. Can you walk to get a pint of milk? Other things that come into play are:
- the view; if it’s beautiful open fields then the value goes up, if it’s a factory or other buildings the price goes down
- whether it’s on a busy or quiet road
- local transport routes
- the quality of the local schools – an OFSTED outstanding school can make the prices of nearby houses rocket
- being on a flood plain, even if the house hasn’t been flooded for years
- having experienced a crime or disaster such as a fire will keep the property’s price down
- new developments, phone masts and pylons will all work to devalue a house
2. Upgrades and downgrades
A relatively new bathroom and kitchen will tick most buyers boxes and will certainly put you at the top end of your house sale price range. Anything too niche, though, and it will have the opposite effect. In addition, any changes made that didn’t have planning permission will similarly affect the price, as the buyer weighs up the cost of putting this right.
Appearance is everything. Not looking after your property properly can bring the price down a fair few notches. But spending time and effort on the interior is pointless if you ignore the front of the house. Keeping paint fresh and gardens tidy can affect the house price by hundreds, if not thousands.
Intelligent use of space is absolutely key for most buyers. There’s no point turning a three-bedroom house into a four-bedroom, with the assumption that the value of the house will go up, if all you end up with is two miniscule bedrooms. The value might even go down. Clutter will make the house look smaller and therefore worth less. Also, whether you can park on a driveway as opposed to the street will affect the home’s value.
5. Pets and other smells
What does this have to do with the price of the home? Well, the smells and dirt that you are inured to is a major off-putter for some, who will likely offer well below the asking price as a result. Same goes for smoking. These smells are really hard to get rid of even in an empty house, and if the buyer isn’t a pet lover and doesn’t smoke it devalues the house in their eyes.
Get some expert advice on house prices in Chalfont St Peter, Chalfont St Giles, Gerrards Cross, Rickmansworth and Beaconsfield by giving us a call on 01494 873663.