It can be difficult to know what you can afford to buy when looking for a new property, if you don’t know the value of your existing home, and even if you have the funds to move without having to sell your home right away, it can still be useful to know its value.
Estate agents in Swindon can help you learn the current value of your home, and there are a number of factors they will take into account when doing so.
If you’re looking to have your home valued, here are 7 of the most important factors estate agents will consider when carrying out a property valuation.
1. Comparable homes in your neighbourhood
Often referred to as ‘comps,’ this takes into account houses of similar value in your neighbourhood, and usually gives the most accurate indication as to how much your property is worth.
2. The size of your home
For a rough estimate of house prices when looking at market value, a figure can be reached by multiplying the overall size of the property with the value per square foot. Additionally, how much of the home is deemed usable, will have an impact, too, and spaces such as garages, attics and basements become important. While livable space, such as bedrooms and bathrooms, must also be factored in; with homes having the most of both of these spaces, typically having a higher value.
3. Where it’s located
Potential buyers will typically be looking for the following things in relation to your home’s location:
- How close it is to local schools, and how good those schools are
- How close it is to recreational centres, main roads and shops
- Whether there are any employment opportunities nearby
The closer your home is to the things that matter to the homebuyer, the more likely they are to pay a premium for it.
If your home has been upgraded in recent years or months, and the work was carried out professionally and in good taste, this could increase the value of your home. However, a lot will depend upon how important those particular upgrades are to specific buyers.
5. Its condition and how old it is
With properties built recently having newer plumbing, electrical works and roofs etc., this usually makes them more valuable than other, older properties in the area. This is simply because the homebuyer can expect not to have to pay for any major repairs in the first few years of moving in, or of buying the property and renting it out.
6. Local market conditions
Even if your home is desirable and has many great features to offer buyers, if there simply aren’t many buyers in the area, or there are a lot of other similar properties for sale locally, this could impact the value of your home.
Multiple buyers flooding the area and competing to buy a smaller number of properties, will give your home the advantage, while a smaller number of buyers competing to buy lots of homes, will put your home at a distinct disadvantage.
Sellers markets also tend to help homes sell quicker, and for more, so market conditions must also be accounted for when undergoing a property valuation in Swindon.
7. The larger economy
The larger economy invariably has an effect on the housing market, and when the economy has slowed down, selling your home will be more difficult, as will getting a positive valuation.
To find out how much your home is worth, get in contact with a local estate agents, today, and start planning for your new life, in a new home!