There are numerous aspects that can affect the value of a property. Some are beyond your control, but others can be addressed, and often without spending vast amounts of money.
We’ll look at the three things that have the greatest effect on your property’s value and how you can influence them.
One of the primary factors that affect the value of a property is the size and layout of the accommodation it offers.
It will be no surprise to anybody that larger properties tend to be more valuable than smaller ones, and for the UK readers, those homeowners in the pricier parts of London will be familiar with the ‘price per square foot’ valuations typically offered up by local estate agents.
Likewise, layout is very important.
It’s all well and good being the largest house on the street, but if your house has fewer bedrooms than its contemporaries, it may end up being worth less.
If it’s size that’s holding your property back, it might be worth considering an addition, perhaps into the garden or into the roof space.
Alternatively, if layout is the primary issue, some form of internal reconfiguration might be appropriate.
Even just the addition or removal of internal partition walls can make a significant difference to the feel and the value of a property.
Internal decorations, fixtures, and fittings can make a significant difference on the way a property feels, and that difference can have a far greater impact on the value of a property than the cost of redecorating.
If your internal decorations are getting tired, it might be time to think about freshening things up. The typical advice is to keep it stylish, but relatively neutral; you want to appeal to as broader market as possible.
Kitchens and bathrooms are amongst the most important rooms in a house when it comes to home value, so if they’re dated, it may be worth considering renewal.
In most cases, you needn’t spend a fortune. A simple, tasteful kitchen and bathroom suite will be more than sufficient.
The presence of significant defects and expensive wants of repair can, for obvious reasons, have a notable impact on the value of a property.
Possibly the worst fear of any property owner is subsidence.
Subsidence: a gradual settling or sudden sinking of the Earth’s surface due to the removal or movement of subsurface earth material.
Even historic subsidence, which has been addressed and repaired is enough to put off some buyers. Significant and ongoing foundation-related movement can make a property all but unsellable.
Coming in at a close second to subsidence is rising damp.
Rising damp: a relatively rare form of damp that affects the walls of buildings. It occurs when moisture from the ground travels up through the walls by capillary action. This means that ground water is effectively sucked up through tiny tubes in the bricks, like a series of straws. This water contains salts that also travel up through the wall.Definition Source
Rising damp can be difficult and expensive to repair, putting off many buyers completely and resulting in mortgage lenders making significant retentions on affected properties.
If your house is affected by a significant defect, it’s likely to be worth addressing it before you consider putting it up for sale.
A correct diagnosis and specification of repair will be the first step.
For more information on common property defects visit Peter Barry Surveyors’ blog here. For damp-related defects, consider commissioning a report from a Property Care Association, a registered timber and damp specialist. For movement related defects, your building insurance provider will usually be the first port of call.
Each property is unique.
The list of considerations here is non-exhaustive, and won’t apply in every case.
However, many people’s home is their most valuable asset, so it will pay dividends to look after your property and think about how changes may affect its value, particularly if you are thinking about selling in the near future.