Here at Top Gaff, we understand that setting an accurate price for your home may seem a daunting task. If you set it too high the process may be long and drawn-out, too low and you might find yourself swamped with poor offers. The truth is, there’s no secret formula for valuing your home. However, with these six tips, you can make sure that the price of your home is as accurate as possible!
- Compare, compare, compare!
Now, you may be wondering “where do I begin?” Setting your selling price might seem overwhelming, but a great place to start is through comparison!
To avoid plucking a figure from thin air, we recommend comparing your property to those selling and sold just like yours. This means considering factors such as the size, age and location of your property. The closer you can get in similarity to your home, the better your starting value will be. You can find this information in the windows of estate agents or property-search websites such as Rightmove.
You could also use the government’s Land Registry website to find the sold prices of properties near you. This method is great when looking for specific types of property but keep in mind that there is often some delay in these listings being updated.
- Research Market Dynamics
It’s also a great idea to research the dynamics of your local housing market over a period of time. Knowing the general trend of the housing market near you can inform you of an increase or decrease in local property values. This information can make you aware of how your property should be valued in comparison to those sold in your area.
It will also reveal whether you can be optimistic or pessimistic about the value of your home and the money that you will receive for it. This can be a good way of deciding whether it’s a good or bad time to sell your home.
- Consider Your Personal Circumstances
While a comparison is the best starting place, it is important to carefully contemplate your individual circumstances. For example, your personal time-scale could affect the price you set.
To explain this, let’s imagine two different situations. Firstly, consider a seller who is in a rush to sell. In this instance, it would be beneficial to pick a lower starting price which sits towards the cheaper end of their average local value.
On the other hand, if time is on your side and you are in no rush to sell your house, you can afford to set the starting price a little higher! Despite this, you should be prepared to lower this value in time. Keep in mind that the offer you accept will, in most cases, be below your starting point.
- Consider Internal Factor
For our fourth tip, you should consider the internal factors of your home which may affect its selling price. Examples of this include; the property’s size, age, condition, number of bedrooms, and whether it has a garden, parking or a garage.
Does your property have any extras that could benefit a future buyer? An example of this could be an outbuilding that has been converted into another usable room, such as a home office.
These are all factors that could set your property apart from others and affect the value of your home. If the house down your street is of a similar size, age and also has a garden, but you can offer a garage, the value of your property could be higher!
- Consider External Factors
External factors can also help you decide the value of your house. This is because many features outside of the property may improve or impede the lives of future buyers and inhabitants. For example, a house with great transport links and within range of well-performing schools will be valued higher than those without these amenities.
You should also consider the crime rates of the location by using the police.uk crime map to identify your local area. It’s also a good idea to check for noise near your property and the Ofsted ratings of local schools. Using the results of this research is another useful way to determine the price of your home!
Finally, remember that selling your house is a negotiation. When you set the price of your property, keep in mind that you will probably not be offered this amount. In fact, most properties sell between 5-10% lower than the original price set! Consider setting the price a little bit higher to encourage better offers.
By following these six simple steps, we’re confident that you can accurately calculate your property’s value. However, deciding your home’s selling price is just the first step in your relocation journey. Download the Top Gaff App today from the App Store or Google Play Store and continue your house selling process!