Understanding Your Property's Value
24 January 2023
If you want to sell your property, it’s important to understand what it’s worth.
There are many elements that may influence the value of your property, which can be dependent on your buyer's needs. It’s always beneficial to look around your house before marketing it, this can maximise your chances of sale. Some small tweaks and quick alterations such as thoroughly cleaning, adding neutral décor, or taking down anything overly personal can boost the value of your home as well as the likelihood of it selling quickly.
When it comes to selling a property, there are important questions to think about…
First of all, knowing how much your property is worth is known as its ‘market value.’ This refers to the price a buyer is prepared to pay, taking local and market conditions into consideration.
Many TSPC Member firms offer a free property valuation service or have an instant online valuation tool.
Market value vs. asking price
Getting your property valued is one of the most fundamental aspects of the selling process. If you put your house on the market with a low asking price, you risk receiving offers that are below market value. And, if the asking price is too high, you may not receive offers at all, resulting in time delays and market stagnation as buyers are turned off by a property over their budget.
What can impact the value of your property?
Here are some key areas to consider when assessing the value of your home and its overall desirability.
- The size of your property: You may assume that only the interior of your property is important, but if a potential buyer has a large family or pets, the exterior will hold equal value. To make your outside space look both more appealing and larger, cut down overhanging hedges and trees.
- Storage space: Extra storage space in a home, such as built-in wardrobes and cabinets, attic space, sheds and garages can be very appealing. Make sure these spaces are kept clean and clutter-free so potential buyers can view their full potential.
While selling your home, think about any possible ‘deal breakers’ in your property that could put buyers off. An example of this could be subsidence or any flood risks, therefore, it is important to make potential buyers aware of these as they may be concerned about future prices as well as insurance premiums.
If you come across a problem with your property before you put it on the market, resolve the issue before you go to sell. This will help avoid problems with the sale, which could lead to buyers pulling out last minute.
How to maximise your property’s value and appeal
After you have done your research and considered what your home is worth, consider some low-cost improvements that could help you find a buyer quicker.
Last minute updates such as a fresh coat of paint to make your décor more neutral or increasing your energy-efficiency with extra insulation or draught proofing around doors can boost the value of your home considerably.