Last time we blogged, we were talking all about the basics of selling very unique and different properties in Bishop’s Stortford and what a minefield that can be! We gave you the lowdown on how estate agents in Bishop’s Stortford (and nationwide) value property and how you can find the ‘foundation price’ for your home.
In part two of this two-part series, we’re going beyond the basics and getting down to the nitty-gritty of how we, as estate agents, value homes unlike any other.
So last time, we talked about the basics; for example, comparing your property to other properties that have sold near yours, properties with similar bedroom sizes, properties with similar square footage and so on.
Today, we’re going to be looking at the four key factors that affect the saleability of your home:
Affordability – A good way of working out a good price for your unique home is to think about your buyers. Is your home perfect for families, a young professional couple or perhaps it’s more suited to retirees? Have a think about who your home appeals to and think about how much money your ideal buyer would be looking to spend. Try asking friends or family members who fit the description for their honest advice. This trick can help you narrow down from your ‘foundation price’ to find the most accurate sale price for your home
Scarcity – Ok, take a step back. How unique and different is your house, honestly? Everyone thinks their home is special and unique but what is it about your home that makes comparing it to others particularly tricky? Perhaps you live in a converted barn or a water tower, maybe even an old lighthouse? Have a think about if your home is unique due to its character or due to development. If it is down to the amount of development work you’ve done to the house, think about how much you’ve spent and ask a local agent how much value loft extensions/conservatories can add to a property.
Appeal – Take a look at your home with a fresh pair of eyes. Try and see your house as a potential buyer would see it. Is it appealing? Does it have curb appeal? Does it have the wow-factor once you walk through the door? These are all questions the owner of a unique home needs to answer before selling. You want your buyer to fall hook, line and sinker for your home so think about whether it screams ‘one-of–a-kind’ dream home or ‘quirky and could cost us too much to maintain’. The easiest way to think about it is in terms of desirability; how desirable is your home?
Competition – At the end of the day, selling property always boils down to one thing. What is the competition like? Once you think you’ve settled on a solid price/value for your home have a little look at other properties buyers could be purchasing with the same amount of capital. Is yours better than or not quite as special as the competition? Make notes of why yours is (or isn’t) better than other properties in the same price bracket and work out how much money you think the average Joe would be prepared to pay for your home (or rather would like knocked off the price you’ve come to.)
It can seem like a minefield valuing a unique property, but doing some research yourself before calling in your local agent could be a good idea. It might save you from a shock when they come up with your price or it could give you grounds to discuss why you feel your property is worth more.
If your home is unique, off the wall or somehow unusual, using a combination of basic valuation techniques and some of our four saleability factors you can be sure that you’re on the right track to figuring out the most accurate sale price possible for your home.