If you want to sell your house for a fair price, insure or refinance it, a property valuation is essential.
Why choose a surveyor over an estate agent for property valuation?
Surveyors are professionally trained in property valuation and will consider the structure, quality and costs involved in improving the property. They’re also unbiased. An estate agent may inflate the price to encourage you to list with them. If you’re looking for a residential property valuation in Essex or the surrounding areas, Taylor Chartered Surveyors can assist.
What are the factors that can affect the property value?
Home Size and Usable Space
A property’s value is determined by the volume of usable space and the amount of square footage. The number of bathrooms and bedrooms that a house has can significantly increase the value.
Location
Is the house in the catchment of in-demand schools? Near the city centre? Close to local amenities? Location is key.
Important location factors that affect the property value are:
- Transport and road links
- Water and green open spaces
- Schools
- Events
- Leisure and recreational facilities
- Shops and restaurants
- Employment opportunities
- Crime rate
Age & Condition
Maintenance neglect such as leaky plumbing, signs of damp or missing roof tiles not only give a poor presentation of your property but will also reduce its value. Cheap renovations will also cost you dearly.
Upgrades & Updates
Outdated features can negatively impact your home’s value especially when it’s the bathroom or kitchen. By updating and upgrading, you can considerably increase the price of the property. Don’t underestimate the effect of curb appeal either. An outside full of overgrown trees, bushes and weeds are off-putting.
Renovation Potential
Buyers are often looking for ways to personalise and improve a property. The potential to extend or add an extra storey will attract more people and increase the home’s value.
Economic Factors
If the economy is booming, there are more jobs, people earn more money and are more likely to invest in homes. This increased demand then bumps up house prices. Conversely, if unemployment is high and wages drop, fewer people can afford to move and property prices fall.
Neighbours
Buyers are looking for that friendly community feel. No one wants to live next door to the party animal, an ever-barking dog or the hoarder who leaves their exterior in disarray. If nearby homes are left vacant or deteriorating, it gives a negative view of the whole neighbourhood.
Street Name & Number
It may sound trivial but the name of the street really can affect house value. Boulevard, Kings and Warrens fetch a lot. Perceived ‘rude’ names can actually devalue a home and superstitious buyers will avoid the number 13.
What other factors can affect the value of your home?
- Supply and demand of houses
- Parking space
- Traffic and noise pollution
- Energy efficiency
- Improvements without permission
- Known flood plain
- Faster broadband
- Fishing rights
- Storage space
If you’re looking for a help to buy residential property valuation in Essex or the surrounding areas, or a commercial property valuation, Taylor chartered surveyors can help.