It is safe to say that there’s a lot to consider when it comes to property valuation. A valuation is a critical step because it helps you understand how much your property is worth and where you should set the asking price.
But, what can you expect during the valuation of property? And what factors will have an impact on the value of the property?
To help you understand the key considerations we consider when valuing your property, we’ve put together this helpful guide of the top 3 things looked at during property valuation.
Location is crucial in determining the value of a property. Generally, the more desirable area, the more valuable your property is likely to be.
Several aspects, such as an area’s transportation links, parks, schools, shops, leisure facilities, and restaurants, can increase the value of your home because their accessibility can make the property more attractive and desirable. All these factors are considered when determining the value of the property.
The size of your house is a critical factor in determining its market value. A more prominent place can increase its market value. Property prices can be approximated by multiplying the total size of the house by the value per square foot.
The ‘usable’ space of a house also influences and determines its value; they include garages, gardens, basements, and attics. However, it is the livable spaces that captivate potential buyers and entice them to make an offer. Bedrooms and bathrooms have the most substantial influence here; the more bedrooms and baths the property has, the higher its potential value.
This also means that you can boost the property’s value by renovating and maintaining it in the best condition possible.
Extensions and Updates
If you’ve made any structural improvements to the property, the valuation outcome will be affected. The incredible thing is that features like extensions, loft conversions, and renovations can all significantly increase the value of your home.
The impact of the upgrade on your home varies depending on the market to which you are exposed. A finished basement in one town may be more valuable than a finished basement in another. So, if you are considering investing time and money in something, it might be worth checking with local agents to see what features potential buyers in your area desire.
Apart from these top 3 things, here are some insights on other factors which are considered in property valuations.
The condition of your property has a significant impact on its value. For illustration, if your home is clean, tidy, and well-maintained, with universally appealing aesthetics, its value is likely to be much higher than that of a property that requires extensive work.
We will look at any original or period features in your home and the general level of wear and tear throughout the property when performing the valuation.
Interior elements such as flooring, double glazing, and insulation, in addition to the size and layout of your property, will have an impact on the value of your property. All of these factors and your property’s energy efficiency will be considered during the valuation process.
This primarily focuses on the larger economy, which frequently has an impact on the housing market. When the economy is slowing, it will be tough to sell and receive a fair price. As a result, keeping up with current events is critical when considering selling your property. Specifically, the state of property sales and costs; will assist you in determining the value of a property based on current market conditions.
For properties which are leasehold, the lease length can have a significant influence on value. A lease extension can be time-consuming and costly, although it should not necessarily put you off purchasing a property.
As you can see, there are a lot of different aspects to consider. Not only will it affect the value of your property, but it will also determine whether you should sell it all.
Considering everything above, you should avoid common mistakes when selling your property and ensure you get the best price possible in the best market conditions.
We at Prince Surveyors love to talk about properties! So, get in touch if you want to arrange a valuation or learn more about what we do!
Contact us today to set up your property valuation!