It is only natural that property owners are keen to know what affects the price of their property. Even if you have no intention of selling your home in the near future, being aware of the issues that affect property pricing ensures you can stay on top of the eventual price you expect to receive when you sell your home. At Gareth James, we know how important it is to obtain the best possible price for your property, and this is why we want you to be aware of what affects the price of your property.
If you are keen to be proactive in shaping the price of your property, you need to make home improvements. Additional space is often seen as the most crucial factor when it comes to affecting the price of your property and options such as loft conversions, extensions or conservatories are very common ways to create more space and positively impact on the price of your property.
If you are unable or unwilling to add more space at your home, there are other home improvement options you can consider. Installing a new roof at your home can increase its value and it makes sense to improve the insulation of your property. This is commonly done by upgrading the quality of your windows, from single to double glazing, or by improving the insulation in your walls and ceilings. This style of improvement affects property price because it lowers the cost of energy bills, which is always something that prospective buyers are looking for. There is a growing level of attention placed on Energy Performance Certificates, so have this in mind if you are looking to make home improvements.
Another issue to bear in mind is the amount of home improvements that have been undertaken in the local market in general. While you have no control over what property owners do at their property, their actions will influence the local market and could impact on the price of your property. After all, if a lot of work has been undertaken in local homes and no work has been undertaken at yours, your property will lag. Conversely, if your property has seen more improvement work than most homes in the local area, your home will be better off by comparison.
If you have external space at your property, improving this area will help you to increase the price of your property. Enhancing your grass or flowers can help you to impact on the price of your property but options like installing a shed, improving the paving or installing high-quality lighting helps to add value to your home.
While the location of your property impacts on its price, there are many different elements within the property location that matter. Issues to consider include:
· The standard and availability of local schools
· Job opportunities or availability within easy reach of the property
· Crime statistics for the local area
· Transport facilities in the local area
· Shops, restaurants and bars within easy reach
Of course, once you have bought your home, and no doubt you considered the location at the time of buying, there isn’t much you can do to impact on the location issues that impact on the price of your property.
There will also be macro-economic factors such as the condition of the economy and interest rates to consider. Again, you cannot do anything about these matters, but they influence property prices and it may be best to act quickly or hold off from making a move, depending on how these factors are expected to behave. You will also have heard that factors like Brexit impact on property prices, and this means you want to consider the timing of selling property.
We know that selling property is difficult, and there many factors to consider. This includes the price of property. At Gareth James, we are always on hand to assist homeowners and if you want help when selling your home, please get in touch as we will be happy to support you at this time.