If you have ever considered selling your property in the UK, one worry you may have is the current value of your property. It is normal to want the property to be a valuable investment at the time of the sale.
Here are the factors that can influence the market value of your home.
The current market
Every housing market has high times and low times. Numerous external factors can influence home market prices. Recent political events and the Brexit plan affect market prices. Since the market crash in 2007, house prices have been increasing by at least 2% every year. Even so, it is always advisable to consider the housing market before you sell your property. External factors can influence how much your investment is worth.
Location is one of the most influential factors when it comes to property value. Where your property is located affects its value. If it is located in a desirable neighborhood, it can fetch tens of thousands of pounds in profits. Checking the location and considering the market value of property in the area is always ideal. You can further boost the property market value by making minor adjustments on the property.
Home alterations and improvements
Adding a conservatory, kitchen extension, an extra bedroom or bathroom can significantly add to the value of your property. Before making significant changes in the way your property looks, always check on the potential value it may have. Some locations have standard market prices. Therefore, making significant adjustments in your property may not do much in terms of value improvement.
Professionals should make your home improvements. Shoddy workmanship can negatively affect the value of the property.
First impressions always matter. How your house looks on the outside can affect the market price. A home with a great kerb appeal will cost more in the market than a house that does not look good from the outside. Ensuring that your lawn and front porch are well maintained can help to improve the market value. This is the cheapest way to improve the market value of your property.
Bathrooms and kitchen
The kitchen is the heart of any home. Therefore, a functional design kitchen with modern fittings gives the property a competitive edge which translates to a higher property valuation. The same goes for bathrooms. Modern looking bathrooms boost your home value because it provides the home with a luxurious feel.
The parking space
Whether or not your property has ample parking space also affect the value. A property with a parking space is more appealing and desirable to buyers, especially the ones with families or older adults. If it is possible, add a parking space right outside the door to improve the value of your home. Most homes come with a front garden. This can be altered to include a parking space.
While you may not influence certain factors like the economic climate or the market value drops and rises, home improvements can improve a property’s value. Even if you do not plan on selling soon, making these changes can positively affect the market value of your property in the future too.