How to value your home
🕑 6 minute read
Knowing how much your home is worth is useful for any homeowner. There are many reasons why you want to know the value of your property, for example, if you’re:
- Thinking of moving home
- Considering remortgaging
- Want to know how much equity you have
- Curious to know if the value has risen after renovations
Find out how much your home is worth, what can impact this and how to add to its value.
How to find out how much your home is worth
The best way to achieve an accurate valuation of your home is to ask one or more estate agents to conduct a valuation.
Local estate agents will have a strong understanding of property prices. They’ll be able to consider factors like transport links, rising prices in the area and proximity to local schools.
How to prepare for home valuation
To aim for the best valuation possible, you’ll want to get your home ready:
- Make sure it's clean, tidy and get rid of any clutter - have a clear out the week before
- Bright colour schemes can put off potential buyers, so use neutral colours where possible - think white, beige and paler shades
- Clear up the garden or any outdoor spaces
- Get your facts ready - the estate agent may want to know how old the boiler is, or when renovation work was done
How to value your property without an estate agent
If you want to know the approximate value of your home without paying for a valuation from an estate agent, you can perform your own research.
- Local listings. Check property sites for homes in your local area to see what asking price they are being listed for - try Zoopla and RightMove
- Recently sold homes. Some property sites will have records of homes that were sold recently, and the price they sold for
- Find a close match. When you're checking the value this way, be sure to note the number of bathrooms, bedrooms, size of garden, square footage to find a property that's as close to yours as possible
What can impact the value of your home?
There are many factors that can have an impact on the value of a house. It’s worth considering the following:
Understandably, areas that flood often can reduce local house prices. You can check the long-term flood risk for English areas.
A renovated bathroom could add up to 5% to the value of your home. Think about making your bathroom accessible, make sure the work is finished to a high standard and does the basics right – for example, strong water pressure in the shower.
A well-manicured garden can be a real pull for potential buyers. A study by the AA revealed that having garden space can lift a property's value by 5%.
For buyers with a family, good local schools will be high up on the list of desirable qualities for a new home. Catchment areas with schools rated highly by Ofsted are sought after, which could mean higher property prices.
If the ground beneath your house sinks or caves in, it can affect the selling price of a property by 20% or more - depending on the severity. Keep an eye out for cracks in the walls, and doors and windows that stick when opened and closed.
The convenience of good road, rail and cycle routes, along with proximity to airports and main roads, can be a big pull for potential buyers. Being close to the motorway or a short distance from a major city could also be a benefit.
A sought after area – due to natural beauty, attractive houses or proximity to nearby attractions and scenery – could have a huge impact on the value of a property.
Supermarkets, takeaways, restaurants and sports centres nearby can all boost house value.
The size and layout
The number of bedrooms, reception rooms, bathrooms and living spaces can have a big impact. Larger houses with lots of space could be attractive to the right buyer.
How can you add value to your home?
From relatively small and simple changes to larger renovations, there are many ways you might be able to add value to a home.
It’s important to remember that there are no guarantees, and an expensive renovation might not add more value than the work itself cost.
Here’s some of the top ways to increase the value:
Redecorating could be one of the simplest and cheapest way to increase your house price. Painting walls, repairing floorboards, fixing door latches and dripping taps can all get sorted with little fuss. Hire a local professional to take care of the painting, if you don’t have much experience.
Updating the garden
A tidy, attractive garden will add value and improve your property’s appeal to prospective buyers. Consider adding privacy with new fences and planting trees. Decking can make a garden look smart, as can a well-maintained lawn.
New doors and windows
Doors and windows can date a property as they can fall down the list of priorities. But when it comes to selling and/or getting a valuation, they’re an effective way to add some value. Take a look at houses nearby that have new doors or windows or take a look online for inspiration.
Older houses may have out-of-date heating systems and an old boiler. This can be off-putting for buyers, due to the cost of a replacement. A new boiler can add value to your property and put the mind of a potential buyer at ease.
Add an extension
If you can afford to do so, adding an extension could raise the asking price of your home. There’s no guarantee that an extension will raise the value of your property – and the construction work could end up costing more. Property prices can fluctuate over time.
Build a conservatory
Providing it’s designed, built and integrated into a property correctly, a conservatory can add far more value than it costs. But if it’s done wrong, or clashes with rest of the property, it could actually lower the value.
Update the kitchen
You needn’t replace your entire kitchen in order to add value – modest changes can help too. Consider if space is used wisely, how clean and spacious it looks. Repainting or replacing unit doors, new floor tiles and better lighting are all good options. Also practical changes, like a new oven or hob, could make a big difference.