There are tried and tested methods which we use to value property from the smallest flat to the largest home.
Clearly, floor area is one of the most important aspects but so too are bedrooms, sitting areas, bathrooms, kitchens, garages and the standard and the quality of fixtures and fittings. Other factors in the mix are location, orientation, access to transport routes, proximity to facilities such as shops and schools. We also consider the aesthetic styling, any positive or negative factors nearby such as parks or noisy roads and the potential impact of future development plans for the area.
It is all of these elements combined which helps us arrive at a ‘weighting’ which is then measured against the prices achieved or offered on similar properties in the same area.
Once the Property has been given a value, we then must consider what price to market the property at in order to attract potential buyers. Again there are a number of factors which are important as we want to be clear about what strategy to employ. For example a property can be advertised at a Fixed Price, Offers Around or Offers over. Accurate historical data of property prices in Edinburgh and the Lothians is also key and Neilsons are well placed to share this knowledge with the seller as members of Espc we can access very detailed data to help us arrive at a sensible marketing price.
However, one of the most important aspects of setting a marketing price is ensuring that the seller of the property has realistic expectations of what they can expect to achieve as a final sales price. Naturally the state of the economy and housing market play a large role in the final price, dictating supply and demand.
There is much that you as the owner can do to determine the value of your property too. If you consider that the standard calculation applies to all properties including other properties of a similar size in your area, then the owner has the power to enhance the value of their property by the way it is presented to market.
If you would like to know more about how to enhance your own property’s value why not visit us or call us and request a no obligation pre sale valuation.