Marketing your house at the right price is important, if not essential, if you want to attract serious buyers and sell your home in a desirable time frame. We suggest that you get at least three agents around to carry out a valuation of your property before going to market. You will get a different first impression of each of them and form an idea about which you think is best suited to selling your property.
You might be surprised at the variation in price they suggest and the credentials they base this valuation on. However, it is important that you do not go with an estate agent for the sole reason that they value your house at the highest price. It is no guarantee that you will achieve this asking price and if it is particularly high, it might put people off viewing it all together.
Remember a valuation is an estimate; a starting point. The price at which it is marketed and the offers you receive can be two very different entities.
Here are a few factors that will affect the valuation of your property:
The number of properties for sale locally will have an affect on what your home is worth. There is more comparison available so it becomes even more important to market at a realistic price.
The same applies to recently achieved local sale prices. This information is readily available to anyone with an internet connection. Asking an overambitious price would put potential viewers of right away when they can see what your neighbours house sold for.
If you live in a high demand area, you might find your house is valued at a higher price like-for-like to the same house a couple of towns away. Whether it be schools, transport connections, recreational facilities or whether you live in an up and coming area, this might be a reason to receive a higher than expected valuation from an estate agent.
The demographic of the area is also a factor. Whether your area mainly consists of students, young professionals or retirees, the valuation might be swayed by this.
If you are looking for a rapid sale, your agent might suggest a slightly more modest price to make your house appeal to others. Same goes if you are relocating and need to organise a sale in a timely fashion.
Also, if you are looking to move on in a chain and have a house lined up, a quick sale might rely on a reasonable price.
On the other hand, you might only be able to move if your home reaches a specific sale price so pricing options become limited.
The type of property that you own will affect its valuation. The number of bedrooms and bathrooms will also have a bearing on price.
The condition of the property; whether it needs a lot of work doing or whether it is in pristine structural and aesthetic condition, will make a difference to how much you are able to realistically ask too.
Outside space such as gardens and driveways, can affect price.
There is nothing stopping you from hopping online and scouring the ‘sold’ and ‘for sale’ prices in your local area. If you do this regularly enough, you will get a feel for the current market where you are. Keep an eye out to see if people are reducing prices, if there is a fluctuation in what local properties are selling for over the last few months. This is all a good indication of whether your price is realistically achievable.
Websites like Zoopla or Rightmove are good sources of price and speed of sale info.
Adding Value To Your Home
There are several things you can do to increase the value of your home. If you anticipate moving at some point in the future there are certain things to add appeal to your property never mind increase its value. These suggestions work well over the long term and are not necessarily the most prudent of tasks to undertake if you hope to move in the imminent future.
The simplest and most cost effective way to add value to your property is to convert your loft into a loft room. This of course depends on the space available and whether it is easily accessible. You may need to install a dormer in which case you may need planning permission. However, whether you make a bedroom, playroom, study, you will definitely add value.
There is no doubt whatsoever that a conversation about your boiler will arise when people are viewing your house. People will want to take a look at it, ask you how old it is and whether it is regularly serviced. Having an up to date, reliable heating system is most definitely a selling point. Not having one will add to the negatives when potential viewers are comparing your house with others they have seen.
New, double glazed windows are far more energy efficient than traditional window fittings and they keep the noise out much better too. It is also a messy, time consuming and expensive job, the prospect of which might make your house less appealing to others. Installing double glazing will make your home warmer and quieter whilst making it appeal to house hunters too.
Kitchens are a huge selling point and upgrading your kitchen appliances can pay off in the long run. Known brand appliances are appealing to buyers as they associate them with reliability. It also infers that the choices you make about your home involve good quality products.
This is an expensive option and a large scale alteration but could offer the biggest return. In fact, an extension can add up to 23% to the value of your property. Living space is high on people’s wish lists and an extension that incorporates this is a good way of adding value to your home. You’ll need to check planning permission before you go ahead with this option.
Making use of dead space by converting it into storage space really makes your property memorable. People love storage space and therefore remember your home when assessing their potential purchases. Concealed corners in hallways,dead space under stairs or at the end of corridors, space in the eaves, space beneath the bath or next to cisterns etc are all great storage options.
Ceiling Price
The value and worth of your home is partly dependant on the sold price of similar properties on your street. There may well be a ceiling price for your street (ie: highest possible sale price) which may be determined by houses sold in your area. In other words, previous sold prices and can indicate a maximum value for your home.
However, there might be something about your house which makes it stand out from the others. If your home is special, unusual or stands out spectacularly for the right reasons, you can, by and large, ignore the ceiling price as dictated by historical house price data.
You are within your rights to advertise your house at whatever price you think it could sell it for, even it this is much higher than other homes for sale/sold. If for whatever reason you believe your house is worth more than any others sold on your road go ahead and set a new ceiling price.
