Whether you are selling your home in Bolton as a part of a long-term plan or to take advantage of a job opportunity elsewhere, you would certainly want to get the best possible price for it.
But how do you that, exactly?
Factors that influence property prices
In order to better answer that question, it is a good idea to have some understanding of the factors that influence property prices.
Here’s a glimpse of each of these factors:
- The law of supply and demand. If there are more properties up for sale, prices for houses will go down. Conversely, if there are fewer properties out in the market, sellers are more likely to get higher prices for their homes.
- Upbeat economy. When there is substantial economic growth, there will be more people who can afford to buy properties, thus increasing market demand.
- Prevailing interest rates. When lenders increase the interest rates on mortgage, most potential buyers wait out on buying homes until the interest rates go down.
- Location. You’ve probably heard about how a good location can positively influence property prices. But what exactly is a good location?
Traditionally, homes near business areas and transportation links fetch higher prices because most buyers want to live near where they work. Proximity to community amenities such as a clinic, park and/or convenience store can also affect property value.
- Property features. Some properties can command higher prices even in a buyers’ market because of the features of their properties. Typically, properties with ample parking, a second bathroom, a garage, and those with extra space for additional structures tend to sell for higher prices.
Quick and easy
According to established estate agents in Bolton, property sellers can do practically nothing to influence the forces that affect the real estate market (supply and demand, interest rates, etc.). They do, however, have the ability to make their properties more appealing to buyers.
Minor improvements which do not cost an arm and a leg can provide properties a big boost in the market. What improvements can make to your home to increase its value?
- Clean and paint. In terms of ROI, cleaning your property and applying a fresh coat of paint are the two easiest tasks that can pay huge dividends.
- Upgrade fixtures. Buy new lights. Change the handles of cabinets. Swap old doorknobs for new ones. You can easily implement these changes over the course of a weekend.
- Pay attention to your home exterior. Improving curb appeal by adding potted plants, buying a new mailbox, or adding a new walkway can help you better showcase your property as a total package.
- Property staging. Help potential buyers better imagine living in your home by staging it. Staging can be as simple as removing your personal effects and rearranging furniture.
Got extra money to spare?
If you have extra money to spare, there are a few things that you can do to spruce up your home and attract more prospective buyers.
- Extend living spaces. If you can afford it, consider adding a new room or extending your living room. You may also want to convert your basement or attic into a den.
- Renovate. Updating your home to get a more modern appearance can attract more buyers. However, this can be risky if you invest more than you can potentially earn. Minor modifications like a new countertop or flooring can transform the appearance of a kitchen or bathroom. If you have more money to spare, you might consider making more drastic changes.
- Make it more functional. Evaluate the layout of your interiors, especially the living room and the kitchen. Sometimes, tearing down walls or simply rearranging things around can bring more functionality to room or space.
- Update windows and doors. Apart from the aesthetics, the addition/updating of windows and doors offer plenty of functional benefits. These include noise reduction, reduced heating and cooling costs, and improved lighting.
Resist the temptation to go overboard
If you have plenty of money to spare, it can be tempting to give your home a total overhaul.
However, this can backfire, especially if you spend too much money beyond your projected profit from the sale of your home.
Always consult your agent to determine which improvements are worth pursuing.
Sally Jones is a Director and Co-Founder of The Purple Property Shop, an award-winning estate agent serving Bolton, Bury and the surrounding areas of North West England. The Purple Property Shop was founded in 2010 and quickly grew to become one of Bolton’s leading estate agents, specialising in residential property sales, property lettings and management.