Many homeowners are on the hunt for ways to increase the house rental value of their property or make their home more sellable. This is often a big selling point in the initial stages of buying a house and choosing a property that you can improve. Whether you’ve transformed an old fashioned house into a modern family-friendly home or you’ve improved the layout, there is a lot you can do to boost your property value.
However, it’s not just about what’s inside your house there are many other factors that affect the value of your property such as the location and local amenities. If you’re planning on renting your home or a property within your portfolio, finding out the value of your home will give you a good idea of a fair rental price that’s affordable and in line with the current market.
At Progressive Lets, we have a vast amount of experience in property valuation, working with clients every day to establish their place in the market. We’ve put together this helpful blog to explain how you can value your home and the important factors that come into play.
There are a number of factors that contribute to the overall value of your property and create selling points. If you’re putting your flat or house up for rent then you need to understand which factors make the property attractive and how this will increase or decrease your rental price. Think about the factors that you consider when you’re looking for a property and put yourself in their shoes.
Here are some of the top factors that will affect your house rental value.
The size of your property will, of course, affect its value and usually the bigger it is the higher the value price. Additional bedrooms or bathrooms will add the most value as they are two of the most important features that renters look for. The layout is also considered a valuable consideration as the property needs to be liveable, for example, a large home with a poor layout may be valued lower than a slightly smaller home that has a good layout.
As well as the size and layout of your property added features such as a garage, driveway and garden can also increase the valuation. In busy locations particularly, parking can be a real problem and street parking isn’t favoured by everyone. If you’re lucky enough to have a garage or driveway this can be a huge selling point for renters and make your property stand out from the competition. Gardens also offer additional space and are sought after especially by young families with children.
How does the outside of your home look? Kerb appeal is the attractiveness of your property and its surrounding when viewed from the street. If your property could do with some TLC from the outside, a lick of paint and a tody driveway can boost its kerb appeal and value. The way a home looks from the outside contributes to tenants first impression and while it may look great on the inside if the outside doesn’t match it could decrease the value.
At Progressive Lets, we can help you accurately value your property. Our free, no-obligation estimate will look at the top-selling points of your home and the area to inform you of the potential value. If you’ve been wondering ‘what is the rental value of my property?’ our team will use their industry expertise to provide the answer. Find out more today.
Some locations are more sought after than others so properties located closest to the city centre are usually valued higher than those on the outskirts of town. This also relates to the transport links within the area - are there good bus routes? How long is the commute into the city? People like convenience so if your property is in a central location then you’re in luck. A good location means something different to everyone depending on their needs, however, centrality, the surrounding neighbourhood and developments all come into play.
Another way that the location of a property is valued is through its local amenities such as schools, shops and entertainment - this can be the difference between one property demanding much steep rental prices than another. Having a quality high-street nearby full of cafes, restaurants and shops is a bonus and people will pay more for properties closer to local amenities. Green spaces are also highly regarded such as parks and countryside views. If there are tourist attractions nearby this can drive property value up too.
Renters and property buyers can now get crime statistics at the touch of a button and this information can change the popularity of certain areas. In areas of high crime, property prices are usually lower but the data for this can change between locations. Unfortunately, areas of high crime often have locations where graffiti and vandalism are significant, so property demand may be lower. That’s not to say that your property will be affected by this and there are many things you can do to up your asking price.
Following on from the main value points above, there are several ways that you can improve the value of your home. Try to look at your property as an outsider or have a professional assess its value and help you identify areas of improvement.
Some of the best ways to add rental value include:
If you’ve been wondering ‘what is the rental value of my home?’, the team at Progressive Lets can help. As one of the most forward-thinking estate agents in Cambridgeshire, we can support you with all of your property requirements. Whether you are looking for somewhere to live or need assistance managing your rental property, we offer professional service that can help.
We understand how stressful it can be keeping track of your portfolio of properties or finding a new home for you and your family. Our first-class service aims to deliver all the information you need to make informed choices about your investment. Together with our attention to detail and conscientious attitude, we have the in-depth property knowledge, skills, experience and resources to deliver a professional range of services, which we believe no other agency in Peterborough currently offers.
Get in touch with us today for more information.