7 Crucial Factors That Can Affect A Home's Price
According to consultancy firm TwentyCi, there were 350,980 homes for sale in the UK at the start of this year. It is no secret that several factors affect a home's price irrespective of its location. For instance, your property's age is one of the most popular determinants of how much it will go for, so homeowners are always making savvy improvements to boost value. However, numerous not-so-popular elements can determine whether you get more or less money when selling your home. Below are some critical factors that affect a home's price.
Changing neighbourhood demographics
The kind of buyers interested in a particular neighbourhood will also significantly influence which houses are in highest demand and will sell for more. For example, you may struggle to find buyers willing to part with a lot of money for a one-bedroom flat in a neighbourhood that primarily attracts couples with young children. Therefore, it is prudent to monitor the kind of homes being sold for the highest prices in your local area to discover the best time to sell.
Insulation
Many homeowners will paint their home's exterior, upgrade windows, invest in landscaping, and refurbish bathrooms and kitchens when considering ways to boost resale value. However, it is critical to note that modern-day home buyers are increasingly interested in home energy efficiency to reduce their carbon footprint and utility bills. Therefore, adding insulation to your home can be a huge selling point that fetches you more money when you put it up for sale. The exact impact of insulation will differ based on your home's size and the type of insulation installed. For instance, installing a 72.5mm Celotex Insulated Plasterboard in your home may save more energy than using blanket batts and rolls for insulation. However, some reports reveal that all homeowners can expect a 2%-6% rise in their overall property value, regardless of the insulation type they use.
Superstition and bad history
If you are struggling to sell your home at a good price, you might want to consider the potential superstitions surrounding it as well as its bad history. According to 888 Poker's research, nearly 74% of the British population describe themselves as superstitious. These individuals will do anything to bring good luck, from picking up a penny from the ground to knocking on wood. Similarly, they avoid bad luck like the plague by avoiding black cats and not walking under ladders. Therefore, it is highly likely that your house numbered 13 is struggling to sell due to superstition. It also does not help if your home is on 13th street. Indeed, a study showed that homeowners who sell a property with the number 13 receive 4.1% less than average. Likewise, a home with a bad history of murder, hauntings, and divorce can ward off buyers. As such, you may be forced to accept up to £100,000 less than average property prices if your home has an unpleasant history.
Particular names and numbers
The name of the road your property is located on can reportedly increase its value by up to 73%. Houses located on "Warrens" typically deliver the most returns when sold, while those found on "courts," "streets," and "terraces" return the least value when sold. You can also sell your house for more money if it is on a "King" or "Prince" related road, compared to a "Queen" or "Princess" road. However, you can get more from your property located on a royal road with "Elizabeth" in its name. Furthermore, a house with a name will usually sell for more than one with a mere number. Therefore, consider giving your house with a number a name instead to add value. However, remember to write to your local council first before deciding on a name for your property. This step is essential because your local council will consult the Royal Mail to ensure that your preferred name is not already being used to prevent any issues.
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Available food and beverage amenities
Many experts believe that living close to food and beverage amenities can help you sell your house for more money. Indeed, the "Waitrose effect" in the housing market is well-documented, with research from Lloyds Bank revealing that living near a branch of Waitrose can add up to £40,000 to your home's value. You can also expect your property's value to increase by about 18% if you live close to the Italian restaurant Carluccio's. Furthermore, living near a Marks & Spencer store can add up to 9% to your property's value. However, you don't have to live near a high-end supermarket or store to get more money when you sell. For instance, a nearby Aldi can add about £1,333 to your home's value, so keep this in mind.
Presence of Japanese Knotweed
Japanese Knotweed has a bad reputation in the UK since it has impacted the nation's ecosystems and caused significant damage to numerous walls, buildings, flood defences, and drainage systems. This destructive plant has reportedly wiped out as much as £20 billion off house prices in the UK. Therefore, expect home buyers to offer up to 10% less than market value for your home if it has Japanese Knotweed. Consequently, consider getting rid of any Japanese Knotweed on your property using a safe glyphosate-based weedkiller before putting it up for sale.
Bad neighbours
You may have the most attractive house on the street, but it sadly will count for little if your neighbours are putting off possible buyers. These prospective buyers will undoubtedly check out your home before buying and may even visit the neighbourhood at random to observe things that could make or break their buying decisions. Therefore, bad neighbours who make a lot of noise through loud music or arguing can deter buyers from purchasing your property. Buyers may also be unwilling to pay a lot of money to move next door to neighbours with unkempt yards, annoying pets, irritating odours, and dangerous trees.
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