Factors that determine the price of your property
The value of your property is determined by many factors, for example, location, local amenities and the size and condition of your property. Our team of property experts have put together 5 key factors that influence the value of a property.
Age and condition of your home
Homes that are newer typically appraise a higher value due to critical parts of the house such as plumbing, electricals, materials and appliances being newer and less likely to break, generating a better saving for homeowners in the long run.
Many buyers find ready to move-in homes more appealing so they have no major expenses following the sale.
Your current property or your potential new home might be ideal for you, but it goes much deeper than the convenience for you personally and goes by three primary indicators based on the properties location that can determine the price, these include:
- The quality of local schooling
- Employment opportunities
- Proximity to shops, entertainment, recreational centres and other local amenities.
These factors influence why some villages/towns command steeper prices than others even a few miles away.
The current housing market
Even if your property is in excellent condition and in a desirable location, the number of properties for sale in your area and the number of buyers in the market can influence your home value.
Where there are a lot of buyers competing for fewer houses, it’s a seller’s market. On the other hand, where there is a market with few buyers but more houses on the market, it is referred to as a buyers market. A buyers market is positive as you will likely have more room to negotiate on the price.
Local sold prices
One of the quickest and easiest ways to find an indication of the value of your property is to look at similar homes in your area that have recently sold. These comparable homes are often referred to as ‘comps’ as it’s a comparison of the local market. Property search engines such as Zoopla or Right Move have data on recent property prices sold in the area.
Check out our instant property valuation tool, simply put in your details and postcode to get an estimated valuation of your property in minutes.
When it comes to estimating the value of your property, size is an important element to consider since bigger properties have a positive impact on the valuation.
Livable space is important to buyers and estate agents as the more interior and exterior space there is, the more the home is generally worth. However, these trends are local specific.
Looking to buy or sell in Colchester or the surrounding area? Get in touch with our property experts today.