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Location and amenities
One of the key factors when it comes to a property’s value remains location. Good transport links and local amenities also a factor, as well as the value of other similar properties in the area.
Being in the catchment area of a good school also helps, as do local parks and play areas.
In recent times there has also been a lot of talk about the ‘Waitrose effect’ – what is actually meant is that if there are lots of upmarket shops and restaurants around , then the area is generally more affluent as premium brands tend to be in more desirable locations.
There are many features and personal factors to be taken into account too. Matthew Cooke, regional director of fixed-fee estate agency YOPA, told The Telegraph recently:
“Almost any improvements that have been made to a property will raise the value, particularly if they’ve been done to a high-spec standard. At the top end, this can mean real luxury additions like personal gyms or swimming pools, but for the rest of us, even something as simple as keeping period features will help a higher valuation.”
People are often prepared to pay a bit more for features such as sash windows or original fireplaces provided that they are in good condition.
Appearance & condition
This may seem obvious, but keeping the place clean, tidy and well maintained will also help boost the value of your home.
Properties with a great view are also likely to attract more, whether it’s sea view, Yorkshire Dales or London’s Hyde Park, an attractive view can also add a premium.
If the property has not already been extended, then the potential to do so can also add value. In London in particular the option to be able to later convert a loft of a property into a bedroom, for example, can add to the price tag.
The idea of potential isn’t just confined to the properties physical limits though, it is also about the potential of the situating area.
“Even in traditionally grittier neighbourhoods, evidence of developers moving in, of new shopping centres being built nearby, or of improvements like the Crossrail project in London all drive up prices significantly,” says Mr Cooke.
How it feels
The ambience or feel of the property can also be a factor when it comes to determining its value. A house that’s been loved and cared for will always be more attractive to nay buyer.
“The simple truth is, families tend to keep houses in better shape. People who have put down some roots in a property generally look after it more – and something as simple as that can help raise the price. A house that’s been loved and cared for will always be more attractive to any buyer,” says Mr Cooke.