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Nine factors that will affect the value of your house

In this piece, Jason Harris-Cohen of Open Property Group discusses what you can do to stand a better chance of getting the asking price for your house.
By Editorial on Jan 25th, 2018   @freelotteriesuk

It’s only natural that you’d want to get as much as your house as possible. You know that major cosmetic changes, like building a conservatory, or converting the garage into a living space, can add a good amount to a property’s value, but you may not be willing to break the bank or wait months before you can put your home on the market. Here are nine things that can affect the value of a house* and what you can do to stand a better chance of getting the asking price.



Try the latest technology

Technology has allowed us to do so much with our homes, and it’s advancing all the time. With the right equipment, it’s now possible to turn on and control your heating, lights and a range of household appliances through the use of a single app. Smart technology doesn’t have to be a big expense and is guaranteed to ‘wow’ potential buyers looking to save time and money while being more environmentally-conscious. Super fast broadband, smart meters and energy use monitoring systems are also in high demand right now.

Value increase: 5 per cent

Embrace energy-saving equipment

Smart technologies are often eco-friendly, but you can go one step further by switching fridges, dishwashers, washing machines, dryers and heating appliances like kettles, stoves and toasters to newer, more energy efficient models. Energy saving light bulbs are a bonus and offer a quick return on investment when it comes to the electricity bill.

Value increase: 2 per cent

Cut down on the carpet

It’s no secret that carpets are more likely to show signs of damage, in comparison to hardwood or laminate flooring. Wood is much easier to clean and maintain on a long-term basis, whereas carpeting is very much a different process, especially with the presence of pets in the household. Colours and textures of carpeting are also based on an individual’s taste of style, whereas hardwood flooring is considered more neutral and appealing to the masses. Non-carpet flooring can also make a room appear larger, generally increasing a home’s value.

Value increase: 0.5 per cent

Eliminate unpleasant odours

There’s nothing worse than entering a home and being greeted with an off-putting smell, which can easily diminish a good first impression. The main culprit that goes unnoticed to us are our beloved pets. We may love showing off our pets to our guests, but a house viewing is definitely not the time. Prior to the house viewing, open a couple of windows to thoroughly air the property. A few flowers here and there, and a spritz of air freshener will not go amiss either. And don’t forget to take out the bins!

Value decrease: 4-5 per cent

Re-consider your colour scheme

We often decorate our home to reflect our personality, but perceived 'bad' taste can often have a negative impact on the asking price. Keeping things as neutral as possible may sound dull to you, but a blank canvas will help buyers to envision what they’d do with the space and how they’d make it their own.

Value decrease: 3 per cent



What’s in a name?

Ever thought about giving your house a name? If not, then maybe it’s time to get your creative juices flowing. According to estate agents Wetherall buyers pay up to 40 per cent more for houses with a name rather than a number, and it only costs around £40 to do! You must first consult your local council if you want to name/rename your home, to avoid a duplication from occuring. The same principle applies to street names; according to the Royal Mail 494 streets were renamed in 2015. This process is more expensive, however, and you must have the agreement of two-thirds of residents living on your street in order to make the change.

Value increase: 2 per cent

Think like they would

They tell you not to judge by its cover but most people form an impression of another within a matter of seconds. The same can be said when viewing a house, which means that first impressions really do count. Put yourself in the shoes of a potential buyer by walking around your house and making a note of all the things that they would pick up on! A fresh lick of paint to the door and window ledges instantly makes a property look more appealing and the same goes for the skirting boards and windowsills inside. A new door knob and stainless steel house number are also worth the extra cost.

Value increase: 1 per cent

Add to your ‘kerb appeal’

An attractive, well maintained garden is appealing to many. If yours isn’t in the best condition, or you hate gardening, then it’ll be reassuring to hear that the simplest of things can make a big difference to your property’s ‘kerb appeal’. This could include cutting back overgrown trees, cleaning up any rubbish and adding a pop of colour with interesting plants.

Value increase: 1 per cent

Ditch the DIY

It goes without saying that leaks, mould and damp can put people off a house. Don’t attempt to take a shortcut by attempting to fix minor issues like these yourself before putting your property on the market (unless you’re a professional of course). If you have to call in the experts to sort a bodged job, it’ll cost you more in the long run.

Value decrease: 5 per cent

*Percentage estimates in this article have been based on a house with a market value of £100,000.

Jason Harris-Cohen is founder of fast house buying company Open Property Group.