How do Estate Agents value a property?
Whenever you are selling or buying a house, it’s important to think about the main factors that an estate agent will consider when putting your property or your potential house on the market. Here is a list of just some of the ways they decide:
What does the property look like from the outside? Does it have a nice front garden/doors/windows? Is it on a main road? All of these will be taken into consideration when an estate agent prices up a house. It’s all about first impressions, so if the house is not aesthetically pleasing from the outside, it may turn buyers off. However, this also appeals to the interior, as for a larger price it will be more spacious, modern and have unique features within it.
Especially essential if you have to commute to work, they will take into consideration what the transport links are like in the area. If the property is in the middle of nowhere and it is hard to get to a train station, for example, it will be priced considerably lower.
To make the property appealing to families, the estate agents will check if it is in a school catchment area. A sought-after catchment area that is surrounded by schools is very appealing to families – therefore the house will be priced higher.
If the house is placed in a lovely neighbourhood, with picket fences and not a lot of traffic, undeniably the price will be high. If it’s on a main road, in a run-down estate or next to a pub, it will be lower.
What are the local amenities like? If it is within an area with lots of upmarket shops and restaurant, the area is considered to be more affluent, therefore the value of the property will go up. If it is in the country with no shop in sight, no matter what the size of the property, it could be priced low.