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06 August 2022
Location, accessibility and aspect
Location is generally accepted as the single biggest factor influencing value. Similar types of properties in different areas command significantly different prices. Buyers may pay more for a similar property in a more desirable area. It may be that accessibility to transport links or good schools affects desirability. Aspect may include a view or a south-facing garden.
Property and plot size
Consider, not only in size, but what are the desires of potential purchasers moving to your area? If its likely a family who would want to purchase your property, would an en-suite to the master bedroom be beneficial? An additional bedroom or study space? Large open plan living space from a single storey extension to the rear and if so, how would this impact the garden? For example, if you decide to build a single storey extension to the rear to open up the kitchen, but would lose half of an already small garden, would the extension cost of, say £70,000, increase the value of your home in excess of that? If you don't have a garden is there a possibility to buy some adjoining land and, if so, ensuring its beneficial to the overall value. All of these factors should be considered from a value perspective and its important that you take the advice of an experienced Estate Agent with good local knowledge.
Don’t overcapitalise
When renovating, you also need to be aware of the possibly over-capitalising. If the improvements to the home are beyond the value that the area dictates, it will have a negative influence on the property’s saleability. Why would a buyer want to pay more for the home, when they can get a similar one in the same area for less?
So, what about marketability?
Considering that the marketability of a property is largely determined by how ready it is to sell, preparing the home before it is listed will ensure that it attracts a greater number of potential buyers. Essentially, increasing marketability can result in you achieving a higher price for your home. If your home is clean, neat and well-maintained, it will be far more appealing to prospective buyers. The marketability of your property increases if it is in its best possible condition before being placed on the market. Although adding a coat of paint and having the garden landscaped won’t necessarily increase your home’s value, it will make it appealing to a larger audience of potential buyers - even though the actual features of the home have not changed.
Staging will help
Staging will also have an impact on your home’s saleability. It is advisable to de-clutter and remove unnecessary items, but keep the home furnished. It can often be more difficult to sell an empty home because it can look bare and buyers might find it difficult to picture themselves living there. An experienced estate agent will be able to provide valuable advice regarding staging your home and making it more appealing during viewings.
While there is a distinction between value and marketability, both aspects should be considered and are important for you to ensure you maximise the potential selling price.
Location is generally accepted as the single biggest factor influencing value. Similar types of properties in different areas command significantly different prices. Buyers may pay more for a similar property in a more desirable area. It may be that accessibility to transport links or good schools affects desirability. Aspect may include a view or a south-facing garden.
Property and plot size
Consider, not only in size, but what are the desires of potential purchasers moving to your area? If its likely a family who would want to purchase your property, would an en-suite to the master bedroom be beneficial? An additional bedroom or study space? Large open plan living space from a single storey extension to the rear and if so, how would this impact the garden? For example, if you decide to build a single storey extension to the rear to open up the kitchen, but would lose half of an already small garden, would the extension cost of, say £70,000, increase the value of your home in excess of that? If you don't have a garden is there a possibility to buy some adjoining land and, if so, ensuring its beneficial to the overall value. All of these factors should be considered from a value perspective and its important that you take the advice of an experienced Estate Agent with good local knowledge.
Don’t overcapitalise
When renovating, you also need to be aware of the possibly over-capitalising. If the improvements to the home are beyond the value that the area dictates, it will have a negative influence on the property’s saleability. Why would a buyer want to pay more for the home, when they can get a similar one in the same area for less?
So, what about marketability?
Considering that the marketability of a property is largely determined by how ready it is to sell, preparing the home before it is listed will ensure that it attracts a greater number of potential buyers. Essentially, increasing marketability can result in you achieving a higher price for your home. If your home is clean, neat and well-maintained, it will be far more appealing to prospective buyers. The marketability of your property increases if it is in its best possible condition before being placed on the market. Although adding a coat of paint and having the garden landscaped won’t necessarily increase your home’s value, it will make it appealing to a larger audience of potential buyers - even though the actual features of the home have not changed.
Staging will help
Staging will also have an impact on your home’s saleability. It is advisable to de-clutter and remove unnecessary items, but keep the home furnished. It can often be more difficult to sell an empty home because it can look bare and buyers might find it difficult to picture themselves living there. An experienced estate agent will be able to provide valuable advice regarding staging your home and making it more appealing during viewings.
While there is a distinction between value and marketability, both aspects should be considered and are important for you to ensure you maximise the potential selling price.