It is important to recognise that there is a difference between price and value. Price is the amount you are asking for the property. The buyer places value – this point is determined by several factors;
Location – distance from local school, place of work and shopping areas.
Condition – How much work will need to be carried out on the property?
Similar properties in the same area- are you over/under valuing the property?
The target buyer – first time buyers, family house, buy to rent, etc
Some points that have an impact on the value:
The potential size impacts value, even more so than actual physical size. Empty rooms, with plain walls and little or no furniture in the rooms all combine to make the room feel bigger. If a property is empty when it is offered for sale at the time, this will help the buyer imagine ownership and add a personal touch to a empty property without looking at a wardrobe and room full of furniture. If it is not possible to do this then the seller should be absent during tours of the property and personal items such as family pictures should be hidden away.
The condition of the property will always affect the price. A property with maintained guttering, roof and rooms will always sell quicker and easier than a poorly maintained house of the same size. It is worth investing a modest amount of money in these areas, as the buyer will quickly ask to reduce the asking price if the house needs work
The smell and look of fresh paint, clean carpet or flooring, clean and clear entrance to the property – whether it has a drive or communal entrance, a clear basement, cellar and garage will give the impression of a seller who values the upkeep of the property and this small amount of extra work will pay huge dividends as the buyer can see very quickly that they do not need to spend a huge amount of work maintaining the property when they immediately move in. If it is not possible to clear the rooms then items should be stacked and sorted neatly. The kitchen and bathroom are two rooms that should be modernised or at least kept to a high standard. A property with a modern bathroom and a fitted kitchen will always sell quicker and easier than a house that needs both of these rooms updating. This is proven by Naples condo management. According to them, bathroom is very crucial to buyers.
It is worth the extra effort to make sure that all the paperwork for the property is in your or your estate agents possession and easily accessible. This will save large amounts of time – a potential buyer that has to wait an extra month whilst the seller searches for an surveyor or agent will probably pull out of the sale.
