WHAT REALLY AFFECTS THE VALUE OF YOUR HOME?
Updated: Aug 17, 2020
Whether you plan to live in your home for years to come, or you’re preparing to put a for sale sign up, it’s natural to want to protect your asset and take steps to increase its value. If you search online for information about adding value and selling houses, you’ll find hundreds of articles, but what really affects the value of your home?
Location is a big deal for most buyers, and this is perhaps the most important factor to consider when putting a price on your property. Even a short distance, for example, a mile, can make all the difference when it comes to valuing a property. If you’re looking to buy a house that will appreciate with time, it’s wise to choose an area that is already sought-after or to investigate suburbs that are up and coming.
The condition of a property can impact its value significantly. Character homes, for example, are hugely popular and there’s a growing demand for traditional homes. However, the valuation will reflect the level of work that needs doing, even in the most charming, beautiful cottage. If the roof is in tatters, there are cracks in the walls, and there’s a smell of damp lingering in the air, the value won’t be as high as it would be in a home that has been restored. If you are thinking of selling up in the near future, it’s worth considering doing a bit of work to spruce up your home to add value. Tending to roofs that have issues, looking at types of roofs that raise home value, investing in damp proofing and freshening up paintwork could all prove lucrative. As well as improving the condition of your home, these jobs will also enhance its sale-ability and reduce the risk of a sale falling through once a survey has been completed.
Some people might not be overly fussed about the look of their home, but most people look to buy a home that they find attractive. Curb appeal can help you sell your home, but it can also add value. Simple touches like giving the front door a lick of paint, hanging baskets of flowers or putting planters on the porch, and tidying up the front lawn can have an incredible impact.
The vast majority of people now consider the kitchen the most important room in the house. A shift towards open plan living means that the kitchen is a central hub. If you’ve got a stunning kitchen, this is guaranteed to increase the value of your property. If your kitchen is cramped or dated, it’s worth considering updating the decor and looking at ways to maximize space. You could knock through into a dining or laundry room or replace dark walls and flooring with white paint and light-colored tiles.
It’s important for homeowners to pay attention to factors that affect the value of properties when buying, selling, and undertaking renovation or redecoration tasks. While some changes may not have much of an impact, there are several things you can do to enhance the value of your home significantly.
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