The value of your property can have a direct impact on how much you might make on it were you to sell it, but it’s important to take home equity into account when thinking about the value of a property, too.
The difference between your property’s value and what you are left to pay on your mortgage, home equity can supply you with the funds you might need to renovate the property, take out another loan, or even pay for college or university fees. So, getting a full, professional Property Valuation in Swindon is important as property values can change over time, and if you don’t have it valued periodically, you might not be able to get the most out of your investment. Estate agents are best used for this, as not only will they do it for free, but they are best placed to understand the property market in your area.
But what factors can have an impact on the value of a property? Here are 5 of the most common:
1. Market conditions
Whether it’s currently a buyers or a sellers’ market can have a significant impact on a property’s value, and estate agents will take this into account when providing you with a valuation.
2. Interest rates
Fluctuating over time, when interest rates go up, so will the price of a property, and when they go down, you guessed it, so will the price of properties. Should interest rates change in a dramatic fashion, having your property valued will be especially interesting.
3. Renovations
If you’ve undertaken any work to improve your home, whether internally or externally, and the results are positive, then this will be reflected in the value of the property. Even if you’ve only made a small renovation, such as adding a garden shed or greenhouse, this can make your property more appealing to buyers, and hence, increase its value. The larger the renovation, the most impact it will have on a valuation; think kitchens, bathrooms and additions.
4. Location
This is often the single most important factor to take into account when determining a property’s value, and while you might not think that a location needs to be reevaluated, if new facilities have been built in the area, or market trends have shifted, it could have a significant impact on the value of your home.
4. Property prices in the area
When property experts in Swindon are valuing your home, they will look closely at the price of other properties in the area to help them determine its most realistic value. It’s important to understand that all of the factors listed above can have an impact on other people’s properties in just the same way as they do yours, and as a result, will have a direct impact on the value of your home.
Even if you don’t plan to sell your home right away, knowing its current value can be helpful in a number of ways, and give you a much more accurate idea of how much it might make should you wish to sell it, and how much home equity you are left with. To schedule a professional valuation for your property, reach out to local estate agents.
