10 Things Estate Agents Look Out For When Valuing Your Property
When the time to sell a property approaches, everyone wants to sell their home for its true maximum value and often choose estate agents based on whichever gives the biggest and best initial valuation. This can either be a good decision or a big mistake. Sometimes, an overpriced home will put off prospective buyers even before they step foot inside your property, resulting in a long wait before more offers come.
So, how do estate agents such as the ones at Fish Need Water arrive at a realistic price that reflects the exact worth of a property and maximise what the seller wants to achieve for it?
Estate agents value countless properties in the course of their profession that they can almost carry on the venture on auto-pilot. However, they take into account a wide range of factors, which hold the key to the actual market value of a property. Here are some of the things estate agents look out for when valuing your property in London.
- Decorative Order: The first thing that estate agents consider is what decorative order is the property in? Anything that makes it less than immaculate, right from the stained carpets, clutters, to peeling wallpaper, these will knock money off the actual price or worth of the property.
- Spacious or not: how spacious is the accommodation and how flexible is it? Can it be marketed as a home for families, or will that be a stretching point? How many bedrooms or bathrooms does it have, and does it have an extra room for a TV lounge? Space is something that also sets the benchmark for a good market value.
- Modern Kitchen: Does your house feature a contemporary or traditional kitchen? A factor that prospective buyers look out for is whether the house comes with a large modern kitchen, one in which they can imagine a family focused life. Properties that have this feature in London homes tend to sell well, and often those that do not face some struggle to make it to the top of the property market.
- Number of Bathrooms: Does the property have enough spacious bathrooms? In recent years, the number of bathrooms in a property has become an increasingly important thing, so even a small modern en-suite bathroom in the guest bedroom can help to add more value.
- Modification Potential: Your East Dulwich estate agents will evaluate whether the property has a potential for modification or expanding. Is it listed in a conservation area or a building or has it been rejected in the past? These factors are also important to consider, but if planning permission has been granted for a conservatory, this will also be taken into consideration when the agent finally arrives to value the property. Estate agents also view the property’s overall square footage, which is important.
- Proximity to Schools: Is your home located in a sought after school catchment area? Any property in proximity to good schools attracts buyers and is integral to the market value of the property. Parents hunting for houses will go through OFSTED reports to sift the best options and a good estate agent has to do the same homework.
- Transportation: Is the transportation link in the area good enough? House hunters also take transportation into account and how long it can take them to commute to work and back home. In this respect, if a property is poorly located, its value will decrease lower. Sometimes, a cross rail could help to add value to the price.
- Garden Space: Does the property have a garden? If yes, then how big is it? Is it well-kept? A scruffy or a small garden will put off buyers, whereas a pretty, neat and beautiful garden can be priceless when it comes to marketing the property.
- Neighbourhood: What does the immediate neighbourhood look like? Is the property you wish to sell situated on a well-maintained street, maybe a tree lined lane with traffic control measures? Is it near noisy main roads, pubs, or stations? Sometimes, a noisy neighbourhood can be a turn-off and a peaceful one could attract more buyers.
- An X-Factor: Estate agents also look out for whether the property has an X-factor. This could be something indefinable, could be anything that helps to set the property apart from similar ones on the same street. This may be a beautiful coloured stained glass panel as the front door, or simply a breathtaking view from the master bedroom.
Selling a home can be a tedious phase, but know that valuing properties is a science and art and not just a random process. Rest assured that when experienced estate agents come to your property, they will be ticking boxes mentally as they take a tour around your house and the neighbourhood. These mental checks all in the end help to come up with the best value for your property.