It’s no secret that the housing market has been bouncing back lately. In fact, according to Plumpot, property values, have increased by an average of 2% over the last 12 months alone.
This might not sound like a huge increase, but with the average home in Kent selling for £370k, that’s an increase of around £8,000!
Read ahead for some more information on what affects the value of your home, or if you are looking for a quick valuation, check out our online valuation tool here.
What affects the value of your home?
There are a number of different factors that can affect the value of your home. Below are just a few of the things that our experts take into consideration:
1) Location, location, location – The old saying goes that ‘location is everything and when it comes to property values, this couldn’t be more true. The area that your home is located in will have a big impact on how much it’s worth. For example, properties in desirable areas such as Whitstable will probably fetch a higher price than those in less popular towns.
2) The condition of your property – Obviously, a well-maintained and updated property is going to be worth more than one that is in need of repair. If you’re thinking of selling, it might be worth doing some work to your home beforehand to increase its value.
3) The size and layout of your property – The size and layout of your property will also make a difference, For example, a four-bedroom detached house is going to be worth more than a two-bedroom terraced house.
4) The economy – If the economy is doing well, then people are generally more confident about buying and selling homes, which can lead to higher prices.
5) The housing market – The state of the housing market will also have an impact. If there is high demand for properties, then prices are likely to be higher than if there is less demand.
What’s the difference between market value and asking price?
It’s important to understand the difference between your home’s market value and your asking price. Market value is what a buyer is willing to pay for your property, whereas the asking price is what you, the seller, are asking for it. There will always be a difference between the two and it’s up to you to decide how much of a difference there should be.
How to get a property valuation
Check out our online valuation tool for an initial idea of how much your home could be worth. This will give you an estimated value based on recent sales in your area as well as other factors such as the size and layout of your property.
If you’re thinking of selling your home, our experienced team at Dreams Estate Agency can help you to understand what your property is really worth. We will also give you advice on the best way to market your home and get the best possible price. Contact us today for a free, no-obligation valuation.