By Alec James
No matter how much we love our homes, sometimes it's right to move on.
It might be that they cost too much to maintain, or that they're no longer in the right location. We could need a bigger home, or it might have come time to downsize. Whatever our reasons, all of us find ourselves on the housing market from time to time.
Over the years, we've seen countless home buyers and home sellers, and though we're not involved in the buying and selling game, we've accumulated a great deal of knowledge about the housing market. Indeed, one of the most common questions we're asked regards what actually determines the value of their property on the open market?
In this article, we'll share with you a handful of major factors.
1) The size and layout of your home
First and foremost, many people choose a property based on whether the size and layout suits them. Much of this is simple common sense, with homes that boast larger rooms, more bedrooms and bigger gardens typically command higher prices, relative to other homes in the area.
However, there are some complications. In certain areas, you'll find that flats, bungalows and other alternative home types enjoy higher prices. It's always best to look at the homes in your area and what kind of values they enjoy.
Location, location, location. There's no doubting that when it comes to the value of your property, the location it occupies is of vital importance.
There are countless aspects which go into determining the value of a location, from its local schools to job prospects via green spaces, socioeconomic bracket and much, much more. You'll also find that the value of property in a certain area is also tied to aspects like crime in the local area.
Indeed, in some places, the location of a property is more valuable than the home itself!
3) The properties condition
Whilst it's true that some buyers are looking for a home which they can put their own stamp on, the vast majority of the market are simply looking for a nice home in which to move. As such, you'll find that the condition and decoration of your property will have an impact on its value.
Once again, much of this is common sense - recently refurbished homes with clean carpets and nice fittings will command stronger market values than ones which haven't seen a lick of paint in 30 years.
4) Development opportunities
Adaptability is a valuable trait in any home, and a good portion of the buyers on the market keep a special eye out for homes which have the scope for development. In examples where the home is less valuable than the land it sits on, a developer might believe that building a new home on the plot is worthwhile. Otherwise, a developer might look to extend a home or build a garage in order to boost its value.
How welcoming your property is to development will depend on the land your property sits on and your local council or building association. Take a look around your neighbourhood and speak to people to find out what kind of planning issues they've encountered. http://www.aplawyers.co.uk/ AP Lawyers are an award-winning UK http://www.aplawyers.co.uk/ conveyancing firm, helping countless people every single year to complete on properties and achieve their dreams. Based in Leeds, their team are ready to help you.
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