There’s one question that matters most when you are selling your house: how much is my house worth?
This crucial factor often decides whether the sale is worthwhile in the first place. It influences how and when you decide to sell your property. And also what happens in the next chapter in your life.
As simple as this vital question is, the answer is often complex. How much your house is worth will depend on several different factors. We’re looking at these in this post.
Selling your house has been said to be one of the most stressful times in someone’s life. Added to this, how do you go about getting a valuation for your house? And who should you trust to give you a genuine value?
What influences house prices?
How much you house is worth on the property market often depends on market conditions. And right now there is uncertainty over what Brexit will mean to house prices.
Some believe the UK leaving the EU will mean house prices will drop. But at the time of writing, it is not clear exactly what impact Brexit will have on house prices. More can be discovered about UK house price predictions in one of our most recent posts here.
Location and other factors
Here are some other things that influence how much your house is worth:
- There can be big variations from region to region, city to city and even street to street. Property website Zoopla shows the average value paid for a house in different parts of the UK. Recently, this ranged from an average of £637,059 in London to £177,287 in Yorkshire and The Humber. In the East Midlands (including Nottinghamshire), the average paid for a house was £215,963 and in Wales, £181,539. Remember, these values may change over time. Zoopla also has a nifty house price tool to estimate the value of your home. But be careful not to rely on this too much as eventual selling prices have been found to vary.
- The type of house you are selling will ultimately affect its overall value. This will also depend on the demand for your type of property, and how many others are on the market at the time. For example, suppose you are selling a two-bedroom house on a modern estate. If there are lots of others like yours to choose from, you probably won’t get the maximum possible price. Unless of course the housing market is particularly strong at the time.
- This is important, especially for a traditional sale using an estate agent. First impressions really count. So, think about what your house would look like to prospective buyers when they see it for the first time. It may be worth spending some money improving the cosmetics of your house both inside and out before you sell. However, if you have a tired or run down property and you want to sell it on quickly, the situation is different. Here is some advice about what you could do. under these circumstances.
- Unique features. Does your property have these, and can they help you get a better sale price? For example, does the house have a loft extension or a converted basement? Has the garden been improved lately with decking? Is there an en suite bathroom or does it have off-road parking in an area where parking is difficult?
- Bigger houses tend to be worth more. But again, this does depend on the location of the home. Often the price of a house is partly estimated on the price per square foot. This is particularly the case in inner cities.
- How close is your house to local schools? Shops? Or local employers and transport links such as railway stations? A house near to a good school is likely to be worth more. The government publishes a performance table for England to enable parents to compare schools, including OFSTED reports.
Just want a quick house sale?
In some circumstances, you may need to sell your house quickly. A professional cash home buyer works differently from an estate agent. They may be able to sell your house in just a few weeks. However, selling like this means you will receive less than the ‘open market’ value of the property. Open market value is the price achieved if you sell using a traditional estate agent.
With a good home buyer, you should typically expect to receive between 75 – 85% of the open market value.
A professional cash home buyer should look after your interests. Once appointed, your home buyers should appoint an independent Royal Institute of Chartered Surveyors (RICS) registered valuer to carry out a survey on your house. And they should always be willing to share this with you.
To find out more about you could sell your property quick contact the team at National Property Buyers today.
Has this post helped you in assessing the value of your home? Let us know by leaving a short comment below.