Understanding the Value of Your Property

•Sponsored Collaborative Post•

Unless you’ve just bought your property, knowing how much it’s worth is tricky without getting an estate agent in to help. There are a few ways to get a rough idea though, and it’s a good idea to be aware of changes that you can make that will instantly add value to your home.

Not only this, but if and when you come to reroot and move house, you’ll know exactly what constitutes a good find and a good price. Here’s four big things to tick off your list when understanding the value of your property – or a property you might be looking to purchase.

1. Find out how much similar houses have sold for

The chances are that many of the houses on your street will be similar to yours, particularly if you live on a residential estate. Check out CIA Landlord Insurance’s local property stats tool to see the average house prices in your area. It’s a great way to begin to gain an understanding of the current property market. There’s not much use looking at national house prices, because it can differ dramatically across the country.

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You could also check out Zoopla. Zoopla uses Land Registry data to reveal how much homes sold for on a particular street or in a specific area. If your house is a three bedroom semi-detached with a garage and so is your next door neighbours, their property value could be listed on the site and there’s a good chance that you’ll be in the same region. 

2. Check out your flood risk

Flood risk is one thing that can significantly impact the selling price of a property. It can have a really negative effect on insurance premiums, a property’s value and of course, the property owners quality of life if they’re hit by water damage! Clued-up buyers will do all they can to avoid buying in a flood zone, so you could be in a tricky position if your property ticks this box. Find out over on the Environment Agency website.

3. Look at what your house can offer

Of course, things like how many bedrooms your property has and the size of your property will massively impact it’s value. The bigger and better-kept the garden and grounds are will also play a part, along with the parking dynamics and the layout and condition of the interior. 

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Extras, big and small, can also add value to a home, such as a shed that’s been converted into an office or an extension. Any updates that will modernise and set the property apart from others in the area will only be a good thing.

4. Assess your local area

Property prices can really differ from town to town – even in the same counties. That’s because location plays a big part in a property’s value. Using CIA’s local property stats tool, you can also take a look at an area’s crime rate and even see details of what kind of recent crimes have been recorded, for instance burglary or anti-social behaviour. No matter how nice a property might be, if it’s a diamond in the rough then it can bring the value down a peg or two. Families in particular will look at crime rates and will generally look for something below 10. 

Families might also look at whether there’s good schools in the area, so this will improve a houses value. Good transport links to major cities also make a big difference, along with the level of access to amenities such as supermarkets, shopping destinations and leisure centres.

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If you’re worried that something in or around your property might bring down the value, have a house survey done to understand the extent of the issue and what you can do to combat it. Invite three local estate agents who have recently sold properties similar to yours and see what they say. If you end up with three fairly different figures, go with the middle one or calculate an average.

This is a sponsored collaborative post. 

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