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| How do estate agents value a property? | ||
Everyone wants to sell their house for its maximum value – and all too often estate agents are chosen simply on the basis of whichever gives the biggest initial valuation. This can be a big mistake. An overpriced house will put off some potential buyers before they’ve even stepped foot inside the property, and could result in a long wait before any offers come in.So how do estate agents arrive at a price that not only realistically reflects just what the property is worth, but also maximises what the seller can achieve for it? Local amenities One of the major factors that can drive up the price of a property is the actual area it’s situated in. So of course there are things like how close it is to good transport links, schools and parks, but there are also other considerations. People talk about the ‘Waitrose effect’ – what that means is that if there are lots of upmarket shops and restaurants around, it naturally means the demographic of that area is more affluent. To put it simply – premium brands tend to be in premium locations. And that means houses nearby are more desirable.” Personal factors There are also more personal factors to take into account. Almost any improvements that have been made to a property will raise the value, particularly if they’ve been done to a high-spec standard. At the top end, this can mean real luxury additions like personal gyms or swimming pools, but for the rest of us, even something as simple as keeping period features will help a higher valuation. Providing they’re in good condition, people are prepared to pay a bit more for things like sash windows or original fireplaces – or at the more extreme end, thatched roofs – and in my experience you’ll always get a little bit more for a period property. Aesthetics Aside from the obvious considerations, such as keeping the place clean, tidy and well maintained, there are some other aesthetic factors that can help raise the value of a property. Houses that are close to water always achieve a little more. Just as hotel rooms with a sea view cost more, so it’s generally true that houses close to the sea, a river or a lake do better. And if there is no water nearby, the same goes for any property with a great view… Potential Assuming the property hasn’t already been extended, the simple fact that it has the potential to be improved can help with the price. This idea of a property’s potential isn’t simply confined to its own physical limits, however. “eople talk of ‘up and coming areas. Even in traditionally grittier neighbourhoods, evidence of developers moving in, of new shopping centres being built nearby, or of improvements drive up prices significantly. Family feel Finally, the ambience of a property can be a factor in determining its value. The simple truth is, families tend to keep houses in better shape. People who have put down some roots in a property generally look after it more – and something as simple as that can help raise the price. A house that’s been loved and cared for will always be more attractive to any buyer. |
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