Getting accurate property price advice is vital in so many circumstances, but how do estate agents value a property? It’s a question we get asked quite often by buyers, sellers, landlords, and even friends and family. Therefore, we thought we’d give you all a peek behind the curtain and let you in on some of the things we look for when working out the value of a property.
When it comes to getting your house valued, estate agents will naturally look at a wide range of points, and one such area of interest is the size of the home. The amount of bedrooms a property has, along with the size of each individual room, will affect how the property is marketed and largely determine buyer demographics. Therefore, it makes sense for estate agents to take size into account when conducting house valuations.
Flexibility and potential
Size is important, but so is the flexibility of the home being valued. Is there room for changes? Can rooms be transformed from studies to bedrooms? Is there scope for additional value to be added at a later date through renovation work? Does the property have existing planning permission in place? All of these points, and more, can affect the valuation.
Modern families are generally short on time, so additional bathrooms have become a lot more important in recent years. Even the smallest of en suites can have a dramatic impact on the valuation of property, and their presence will commonly shorten the period of time a home is left on the market, too.
You don’t need to be a rocket scientist to work out that kitchens sell, simply take a look at Pinterest and you’ll see just how much people love them. If you’re wondering, ‘How much is my house worth?’, or maybe you’re considering how you can increase the value of your property, your kitchen isn’t a bad place to start.
Modern kitchens are a fantastic selling point. As we all spend so much time in this part of our homes, it’s easy for buyers to build a picture of what it would be like to use the room to full effect. Therefore, it’s always worth considering an upgrade to a modern kitchen if you are thinking of selling your property.
While a good sized garden will obviously be attractive to a large family, even a small outdoor space attached to a flat can increase property values. London has no shortage of green spaces, but there’s nothing quite like having your own piece of land to while away the hours in...weather permitting, of course!
Other aspects agents look out for are obvious. Things such as how well kept it is and whether or not it faces south will all contribute to the end valuation. In fact, in some instances, a poorly maintained garden can often have an adverse effect, as it reminds buyers of the work involved to keep an outdoor space looking just so.
The general state of the property in question will also affect the valuation. Thankfully, this is often extremely easy to fix, and the results can have a huge impact on the final valuation. Simply removing clutter, cleaning carpets, and going over walls with a fresh lick of paint or pasting back peeling wallpaper will all help boost the value of your property.
How your property looks from the outside is almost as important as the interior. You’ve no doubt heard the expression first impressions count used for a variety of situations; well, it certainly applies to property.
Step back from your home and take a look around. Does your property stand out? Is it well-maintained? Does the front garden look neat and tidy? If you answered yes to those questions, your property will be worth a lot more than if you answered no.
Valuations don’t stop at your boundary. The surrounding area can have an impact on how much your house is worth, too, and even things such as theWaitrose effect will be taken into consideration.
How your street appears to buyers is important. Is it tree-lined, litter-free and well-maintained? If so, your property is going to be worth more than a similar home lacking in one or more of these areas.
Other factors estate agents will consider are busy roads and your home’s proximity to noisy venues such as pubs and clubs; all of which will be detrimental to the property’s value.
Getting into a decent school isn’t easy these days, so it stands to reason that parents would be willing to move to better areas in order to give their kids the very best start in life. School catchment areas can influence the value of a property quite considerably, so it’s definitely something an estate agent takes into account when working out a property’s worth.
Another point connected to the local area is transport. Having good transport links is vital if one or more of the family has to commute into work, or even if they simply have family and friends outside of the local area and don’t own a car.
We’re extremely lucky in this regard. Both Wanstead and Buckhurst Hill are served by the Central Line as well as being very close to major roads such as the A406, A12, A13, M11 and, of course, the M25. These factors alone can add thousands to a property, so it’s something to bear in mind if you’re wondering what your home is worth.
These are just a few of the main points estate agents will look at when putting a price on your home. Our house valuation tips may even guide you towards doing a few simple odd jobs around your property to increase its price and make it more saleable.
If you’re wondering, ‘What is the value of my house?’ and would like a free house valuation, simply enter your details into our ‘Request Valuation’ box below and we’ll get straight back to you. Alternatively, you can contact one of our offices via email or phone; our friendly staff are always on hand to help you with any property queries you may have.