When we come to meet you we have many things to factor into account not only on the value but also the timeframe in which you would like to sell. In many of our coverage areas those with unique and premium homes, whether they are perfectly placed cottages on the bank of a stream or perhaps a grand residence with a long and enchanting history, each factor has to be taken into account when selecting the right price for you and your future.
Price per square foot
This is not a commonly used valuation tool, as it doesn’t take into account any amenities (like an amazing view) or disadvantages (like a public footpath through the garden). However, it can be a useful guide to see literally how much house a buyer would get for their money. Certainly, when buyers are looking at yours and others, the size of the house and the cost can sometimes play an important part.
We take into account any attached building, even if it’s a garage, but exclude any detached building, unless it’s an additional dwelling (eg a holiday cottage in the grounds).
Our research into price per square foot is something we find interesting. Homes in villages that perhaps have a few recent comparisons give an indication of value. It can mean that homes that are a one-off, or perhaps in more remote areas are much harder to find a square foot sold comparison, so we have to venture a little further afield for a price.
It’s rather interesting to see some of the results and these can vary from postcode to postcode. Check out our Hest Bank blog here:
Looking at precedent, in other words, what has sold before and the relative sale prices, can give an indicator as to the possible sale value of a home. Bearing in mind that a surveyor will also use precedent when making their calculations to report to a lender, these sold prices carry considerable weight. Any property that seems to attempt to break the ‘ceiling’ value of a given area will be considered a risk.
Will yours be the exception to the rule? Perhaps. It’s important to know that there are cases where there is no comparable evidence or you got the perfect buyer who wanted the house more than the market was showing it should be worth.
Things like a buyer’s situation can have an impact, such as deadlines for moving, moving for work or schools and their source of funds. A cash buyer doesn’t have to rely on a mortgage surveyor’s valuation.
If you find some current houses for sale in your area that are in some way just like your home, for saleability purposes this can be indicative of how fast/slow your property could sell. When there are similar houses to your out there it’s so important to capture your buyer’s imaginations and hearts with some innovative marketing. What can you offer that your comparable properties on the market right now can’t offer? What makes your home special? As we showcased in Whitecroft, the marketing of a home has a direct correlation to the end result. Interestingly this home achieved £242 per square foot, £33 per square foot more than the average on the street in the last few years.
There are, of course, some homes where the house price is affected due to external factors such as a close running beck, a canal, or even a stunning view across rolling hills. The ability to extend, even having another dwelling, cottage or barn on the land can also have a positive impact for the right buyer. These unique factors play an important role in determining a suitable value.
What we really need to know
Thank you for reading, I know that value is often the first thing you ask for when considering going on the market, however, after spending hours with our clients at their home prepping, planning and getting we know that there are many more factors that contribute to moving that are actually much more important to you.
Some of our clients have been in their homes for decades, some as many as 60 years and leaving a house filled with memories is often quite a wrench. The timing of such moves can be overwhelming. You are at the heart of everything we do here, every change we make, every step we take we are by your side. We will never rush you to get your home sold, we will never rush any part of the process any faster than you, our lovely clients, are happy with. So even if the value is right, our whole world revolves around you.
It’s not all about the house.
So what can you do next?
Want to know what your square footage is? We will happily check to see if we have it on file just drop me an email at email@example.com
To determine the saleability of your home, (you don’t have to be selling), I’ll be more than happy to come and take a look at your home and do a complimentary consultation.
Either way, it’s nice to keep you informed.
Until next time