The value of a house can be affected by many different factors, which means that the price of your house will change over time. However, it’s a good idea to try and use reliable sources to make a reasonable estimate so that you know how much to set the price at when it’s time to sell.
It’s a good idea to know what affects the value of your property so that you can make any necessary changes to try and boost the price. You can also gauge how much you need to save to buy another property.
In this guide, we’ll look at how you can find out the estimated price that your property could sell for, along with the factors that might be able to boost the value of your house.
How can I find out the value of my house?
A good indicator of what your house could be valued at is the price trends in the local area. It’s a good idea to check the asking price and how successful property sales are in close proximity to your house, especially if they are a similar size or style to your own property. You should also check back to see if the price drops below the original asking price or if the house is for sale for a long period of time because these could indicate that the original asking price is too high.
You may want to keep an eye on the average house price in the various regions of the UK to use as a basic guide of what your house may sell for. There are various housing indexes, such as Halifax and Nationwide, that you can check on a monthly basis. These indexes are based on different data sets, so it’s a good idea to look at multiple sources to get an overall view of the market.
You can also use online house price calculators to help you find an accurate price estimation for your property. While this type of online valuation tool won’t give you an entirely accurate estimate, it can give an instant estimate that will act as a guide to help you gauge the price that you could sell your property for. Websites such as Zoopla and Rightmove each have a popular house value calculator that can give you an idea of how much your property – or someone else’s – might sell for.
The Land Registry is also a good place to find previous sold house prices. You can search for specific properties by typing in the address and type of building that it is. you can also use the government website to keep an eye on property market trends. You can search by date, type of property and location (including county, region or local authority).
The government’s house price index contains property prices in England and Wales since January 1995, Scotland since January 2004 and Northern Ireland since January 2005. The information can help you to make a good price comparison report so that you can make an accurate guess at your property’s value.
Another reliable way to find out the estimated value of your property is to ask a local estate agent. They will usually ask to come and take a look around your house so that they can try to make an accurate valuation. They will take into account any renovations that you have done and the other valuable factors, such as parking space and the number of bedrooms.
Estate agent valuation may differ from person to person, so it’s advisable to ask at least three agents to give you an estimate so that you can get a rough average.
What affects the value of my house?
There are a number of factors that can increase or decrease the value of your house on the property market. One of the main influences is the location of the property. Your house will likely have a higher value than a comparable property if it is based in an affluent area with quality local infrastructure. This includes schools that score well in Ofsted reports, pleasant green areas and shops in close proximity.
Houses that are on floodplains are also likely to have a lower value because there will be a high chance that the properties will experience damage from flood water, which is unappealing to buyers. This may also be the case for properties in areas that experience heavy snow.
Available parking spaces are also a major factor that can influence the popularity of a local area, which in turn can affect property prices. Access to public transport such as train stations can also improve the asking price of properties. It also helps if there are good public transport routes and roads that go directly to cities such as London as many people want to be able to commute. However, nearby airports can decrease the value of a house because most homeowners don’t want to be subject to noise pollution.
The crime rate in the local area will often impact how popular properties are. If there are high statistics of crimes such as petty theft or murders, this can understandably put potential buyers off purchasing a house which will drive the price of houses down.
Aside from the location, the size of the house can also affect the asking price of the property. Houses with a larger number of bedrooms will cost more than those with less. However, other factors can change this, as a large garden or an extra large garage can sometimes be more appealing than an extra bedroom.
The house’s age and condition can also play a major role in the asking price on the property market. Properties that require a lot of work will generally cost less to buy as the new homeowner may have to spend a lot of money on redecorating and maintenance. Many buyers want to move into a property that is deemed liveable straight away, which means that an old house that has rotting parts, plumbing issues or outdated facilities will be unappealing. It can also be more difficult to insure older homes due to the many risks that are associated with the structure.
While the individual property features can affect the asking and sale price, the state of the housing market can also have a big influence. Supply and demand tend to follow a continuous cycle that either favours sellers or buyers. When there are numerous properties on the market (especially in the same area or of the same type), the sale prices will decrease as buyers will have lots of choices. However, when there aren’t many properties on the market, prices will rise as there will be more competition between buyers, and they may increase their offers in an attempt to outbid each other.
How can I add value to my house?
Although you can’t change the location where your property is based, there’s no reason that you can’t boost the value of the physical building. It’s unlikely that you will want to spend lots of money on the property right before you plan to move, so you can start to make these changes a year or so in the lead-up to placing your house on the market.
Listed below are a number of ways that you can try and make your house more appealing to buyers and help to increase the estimated value.
Redecorate
You can refresh the interior of your house by adding a coat of paint and new carpets. It’s also worth changing the soft furnishings if the old ones are looking particularly shabby. These changes can help potential buyers picture the potential of the property.
Don’t forget to look at the garden (if you have one). You may want to fix any broken paving slabs or invest in a few pieces of garden furniture and ornaments to make the outdoor space more attractive.
Convert rooms
You can add extra bedrooms to your property by doing a loft or basement conversion. Not all room conversions require planning consent, but it’s a good idea to consult your local council website for further details. An extra bedroom will likely appeal more to potential buyers than a cluttered storage room, and it may also push up the value of your property.
Regular maintenance
You want your house to look its best, so it’s a good idea to turn your hand to a bit of DIY and fix any leaking taps, loose tiles and cracks in the plasterwork. Small cosmetic issues won’t directly affect the price of your house, but they can put potential buyers off the property, which in turn could push the sale price down.
It’s also a good idea to review your heating system and electrics to see if they need to be repaired or replaced. You can improve the efficiency of your home’s heating by sealing any drafts around doors and windows and making sure that you have double or triple glazing on the windows. The loft space should also be insulated so that you aren’t losing too much heat.
Clean
Potential buyers look out for a number of red flags when they are looking around properties, and mould is often at the top of the list. You should try to replace mouldy sealants and clean mould off the walls using a disinfectant solution. Soapy water is a good way to clean off dirt, but you will need to use chemical or natural solutions to remove mould properly.
Make sure to hoover through the house and clear away rubbish before estate agents and potential buyers look around your property. As with the maintenance side of things, an untidy home won’t directly affect the value of your house, but it can put buyers off.
The garden (if you have one) should also be cleared of overgrown shrubbery, the grass should be cut, and any rubbish should be cleared. Clutter can make an area seem smaller, which could make potential buyers think that the asking price is too high.
Summary
There are several ways to find the estimated value of your house, including online calculators, house price indexes and consultations from estate agents. However, these are only guesses as there is no guaranteed way to know how much someone will pay for your house.
Factors that can change the value of your house include the size of your property, local amenities and the state of the building. Buyers are usually willing to pay more if the property is in the catchment area of schools that perform well in Ofsted, as well as houses that have ample parking and outdoor space.
You can try and improve the value of your house by adding extensions, converting rooms into extra bedrooms and making sure that the house is properly maintained and well kept.
