Things that can affect the price of your property
Perhaps you have had your property on the market for a long period of time, and it still hasn’t ended up selling, and you can’t figure out why. Or, you are considering putting a house up for sale, and are concerned that there may be things that may make it less like for it to sell, or potentially lower the price of the property, meaning that you may be considering taking out a payday loan to cover costs in the meantime or taking one out in order to finance refurbishments, but you are unsure as to what can help with increasing its value. In this guide, we explain some of the fundamental aspects affecting the price of your property, and the things that you can do to prevent this from happening.
Unfortunately, one thing that can affect the price of your property is having UPVC windows. In a number of surveys, it has been revealed that prospective homeowners are put off by the windows, in part due to the fact it can end up being very expensive to replace them. It has been reported that it can cost anything from £4,000 all the way up to £10,000.
Poor energy efficiency
The introduction of Energy Performance Certificates in the UK over ten years ago has led to it becoming increasingly important for prospective buyers for their new home to be energy efficient. In addition, if someone is buying your property with the intention of having it as a buy-to-let, they may be put off if the property has too low of an energy efficiency rating, as it means that it is now illegal to rent out properties with an energy efficiency rating lower than E, which again may put buyers off if they know they need to fork out on improving energy efficiency in the property.
The property website Rightmove has highlighted that it is common for homeowners to forget about the state of a property’s boiler, which if old or broken could end up affecting house prices. Again, it is offputting for prospective buyers if they know that they need to pay up to fix a boiler before even moving into a property. Deferring maintenance is not a clever idea if you seriously want to sell your property at a good price. In fact, buyers may ask for a much lower price instead, whilst the cost of fixing the problems in your property often coming to a far lower amount than if you were to leave them. In terms of other fixtures and fittings that could affect property value, you should look at replacing or fixing things such as:
- Broken roof tiles
- Age of equipment and fittings as well as their condition
The exterior of the property
First impressions really do count, and so making sure that the exterior of the property is in tip-top condition is vital, as it can impact on the valuation of the house, curb appeal isn’t just a saying, it is a very real thing! This means making sure that if you have a lawn or garden, its been freshly mown, removing any rubbish that could be laying outside the front of the property, and perhaps planting a few flowers for a splash of colour. In addition, make sure any fittings have been polished, and give the front door a fresh coat of paint if it is needed.
Simply making sure that the house is clean and tidy is easy, but an important thing to do if you want your house to sell. Making sure that the property feels spacious is always an advantage point for prospective buyers, so this means making sure that you have got rid of any furniture or storage that detracts from the look and feel of the property.
Adding a loft conversion
Converting an empty, unused attic is an extremely popular was to increase the value of your home. Nationwide Building Society has stated that on average, working on a loft conversion can add up to 21% to the value of your home.
According to a recent report by the Royal Institution of Chartered Surveyors (RICS), a brand new kitchen can increase the value of a property by up to 4%, making it a worthwhile investment. When considering a new kitchen, think about what it is going to be most important to buyers, such as plenty of storage space and other practicalities that can make your house more appealing.