How much is your home really worth?

As one of, if not, the biggest question on every property seller’s lips, the value of a property makes for essential reading. For those selling, finding out how much the property is worth will ensure access to the funds needed to move onwards and upwards, whether you have plans to buy bigger or downsize. Determining your property’s true value can also give you the means to release equity when remortgaging, which could just help make many other dreams a reality.

As you’ll discover during the valuation process however, there are several factors that influence how much your property is worth in the current economy. In this blog post, we discuss the most prominent…

Location

Whether buying or selling, location matters, with even the name of your street having a positive or negative influence on property value as House Beautiful explains:

“The name of the road the property is located on can increase the house value by 73 per cent. Properties located on ‘Warrens’ are at the top of the list, but ‘streets’, ‘courts’ and ‘terraces’ are the lowest. Elsewhere, ‘King’ and ‘Prince’ related roads are worth more than those with ‘Queen’ or ‘Princess.’ The royal roads with the most value are those with ‘Elizabeth’ in their name.”

Beyond your street, access to amenities will also make or break the value of your property. Striking a balance between too many amenities and too little however is the key. Other location-based factors (such as education, employment and travel links) will make some areas more sought-after than others too.

Type

The UK property market is built on the supply and demand concept, so if there are tons of property types just like yours within your local market, chances are your home will be worth much less. If the opposite is true and your property type is in short supply, the value of your property will increase.

Condition

The condition of your property is another factor that will be analysed in great detail during valuation, and so too will its age and interest.

If your property is deemed of architectural interest, its value will benefit significantly. Properties that have been refurbished or remodelled will attract interest, but make sure this is for the right reasons! Properties that have been renovated unsympathetically will see their value plummet for instance. Any alterations should also have the correct planning permissions.

It’s not just internally that your property’s value will be judged. The condition of its exterior – including its grounds and any outbuildings – will have an influence on how much your home is worth.

Size

The square footage of your property may not be the only factor that will determine price, but it’s pretty important. PropertyData is the UK’s leading residential £/sqft database, giving users the opportunity to search the average price per square foot by postcode or custom local area.

In addition to the overall floor area of your home determining its value, the number of bedrooms and any additional facilities (i.e. home office, gym, cinema etc.) are also reflected in the property price.

Remortgaging or selling?

Let our experts support you on your journey to a better mortgage deal or smoother property sale. We can assist you in securing the finance you need to proceed. Simply, contact us to get started.