Buying and selling of property is a huge market in itself, where people make and spend millions on it. It is never really considered as an expense, as properties can be sold, and actually at a better rate than at what one might have purchased it.
Every year several people in the whole of United Kingdom, sell, renew or buy a new house either by themselves or by hiring a professional who would assist them in the process.
Who is an estate agent?
- An estate agent is either an individual or a company, which assists in the process of renting and selling of properties.
- The one who specializes in the renting of a property is called a letting.
- The estate agents are managed and regulated by the Property Misdescriptions Act 1991 and by the Estate Agents Act 1979.
- The consumer protection regulation which was introduced in the year 2012, regulates and manages the residential sale process and procedure.
- Anywhere between 1 to 2% is charged by the estate agents if they were successful in selling the property and if not, they would usually not be paid.
- An interesting fact about the fees collected by the estate agent is that it is known to be one of the most expensive components in the whole of United Kingdom after stamp duty.
Planning to sell, move or renovate your house? Then, make sure you understand the below-given terms, which are crucial and of utmost importance.
Household: A person or a group of people, who use their accommodation as their main residence, by sharing a meal per day or by sharing the living accommodation, i.e., rooms such as the sitting or living room.
- If a person purchases their own house, either using their money or with the help of a mortgage, then such type of tenure is called owner-occupied.
- If a person lives rent-free in a property that is owned by someone else, then such type of tenure is called privately rented.
- If a person shares ownership, social rent, then the type of tenure is called rented from housing associations and the last one being rented from local authorities.
Before you sell, move or renovate your house, either by yourself or by hiring an estate agent, you need to make sure that you check your house worth, in order to avoid any kind of loss.
Here are a few factors that might affect the value or worth of your house either directly or indirectly
The size of your house: Yes, this is one of the prime factors that affect the value of your house. If your house is bigger and has more space, then that means that your house value will be significantly higher than that of others. If your house is small in size, then make sure you highlight the other aspects of the house, like the décor, neighbourhood and others in order to sell your house at a nominal price which in a way benefits both the seller and the buyer.
The neighbourhood: Families who are planning to move in will always look for houses in decent neighbourhoods with basic amenities and facilities.
The basic amenities and facilities would include
- A hospital in the neighbourhood, or at least in the same vicinity.
- A well-established school and college.
- Entertainment areas such as malls, theatres, etc.
If your neighbourhood misses a few of these amenities, then make sure you highlight the one that’s there in order to increase the value of your house.
Transportation facilities in the neighbourhood: Having proper transportation facilities is always a bonus and will help you reach any location faster and with much ease. The same is expected of buyers, who would want to purchase a house in an area with good transport facilities. People who don’t travel that much might be okay with the idea of purchasing a house in an area with poor or no transportation facilities, but otherwise, the factor of good transport facility is always needed.
The look and feel of the house: Yes, everyone wants their house to look pretty, and the same is expected of buyers, who would want a clean and neat house with no technical faults whatsoever. Buyers are often keen on the vibes they get from a house, and as a seller, you need to make sure that your house is well-lit, scented and hugely positive to make them feel more comfortable and at ease. Minute details such as cracked walls and damp walls, broken tiles, messy décor, broken pipes and others will be noticed by the buyers, and it is up to you, the seller, to make sure that your house looks flawless.
How safe is the neighbourhood? Safety is indeed an important factor and is considered vital by buyers while they look out to purchase houses. Thus as a seller, if you feel that your neighbourhood is safe and has fewer crime rates, then you can present that as a point to your buyer.
But if you have found a few major faults or issues in your house, then go in for quick renovation solutions, which will help you present your house in the most beautiful way possible. You can hire professional renovators, if budget permits, or try these quick fixes, which will help you beautify your house in no time.
Paint it out: Freshly painted houses are known to be more attractive than the rest and are known to exhibit more positive energy and vibe. Select colors that would suit your space and make sure it is neither too dark nor too bright.
Flooring is all that matters: Rugs and long mats are ideal to cover up your floor, which will make it look even better.
It’s all about lighting: Yellow lights are more preferred than white lights, as it not only brightens up your space but also makes it look more natural and attractive. You can also go in for LED lights, which are cost-effective and more efficient than fluorescent bulbs.
Organized is the way to go: Yes, simple, clean and organized houses are preferred far more than clustered and messy houses.
Make sure there’s enough ventilation at your place: You definitely would not want your potential buyer to feel suffocated at your place and to avoid that make sure there is enough ventilation at your place, by keeping the windows open during the daytime, in order to allow fresh air and sunlight into the house.
After knowing, how one can increase or decrease their house worth, it is now time to understand, how one can calculate their house worth.
There are three ways by which one can calculate their house worth
By comparing the rates of houses in your own area: Yes, rates are usually decided based on one’s neighborhood and would hardly differ from one house to another unless and until,
- The size of the house varies: Yes, larges houses are sold in the higher rate than smaller ones and thus before you compare houses in your area, make sure you compare it with the same type, i.e., small houses to small houses and large houses to large houses.
- The house might have extra features: Extra features such as house extension can easily increase its value in the market. The difference in the number of rooms also matters and hugely affects the value of the house.
Thus, before you compare your house to another in the same locality, make sure it is of the type.
Comparisons can be made on property websites, which offers comprehensive and authentic information.
You can also contact your estate agent, who will prepare a comprehensive report on the prices of the houses in your locality, which will help you to estimate your house worth.
The second and the most important method is by using house value calculators
- House value calculators are similar to mathematical calculators, which will present a value after the entering of the input data, which in this case, would be the address of your house or the address of your locality.
- The figures are predominantly based on the previous sale figures and are usually inclusive of factors such as extra features and others.
- You can also find the change in your house value, by entering the estimated value, the date on which the estimation and the date on which you need the new estimation.
- Several websites and portals are available with inbuilt house value calculators, which will help you get an estimated value of your house with ease. Below are some of them:
- You can also find the value of your house by being more specific in your answers, than just providing your address and postcode.
- This can be done on a few websites, where you just need to answer a few questions about yourself and the property.
- Comprehensive valuation algorithms are used by these websites, to provide you with the most accurate value possible.
The final method is by contacting your estate agent
Not just calculators, they use a wide range of tools to estimate your house value in the most comprehensive and data-oriented manner possible.
For your house to sell, you need to make sure that the above-mentioned factors and tips are followed along with usage of trustworthy websites and calculators to calculate the house worth.