If you’ve ever tried to buy or sell a house, you know how important appearance is, but did you know that slow broadband can also affect the house’s value?
If you’ve answered no, you’re by no means the only one, so we’ve put a list of factors together that affect property prices, some of which you can control and some of which you can’t.
Three factors that are beyond your control include:
1. Economic growth
The state of the national (and global) economy has a strong effect on house prices. Obviously, the worse the economy is, the less likely you are to get a good price for your home. Conversely, a strong economy with favourable interest rates and low levels of unemployment will enhance your chances of selling your house for an above average price.
2. Neighbouring houses
It’s both logical and unfair that the price of your house will be affected by the houses around you. The overall tone of the neighbourhood impacts property valuations, so if houses are generally neat and well taken care of they will fetch good prices. In fact, if homes in your area have recently fetched admirable prices, you can reasonably expect the same for your house. However, if there are a couple of disasters with gutters falling down and unkempt gardens then you can expect people to hum and haw before coming back with a wince-worthy offer.
3. Slow broadband
You know you’re living in a digital age when broadband speed starts affecting property prices. According to a relatively recent article by Keith Perry published in The Telegraph, slow broadband speeds can knock off about 20% of house values and can even make or break property sales. In fact, according to the article, prospective house buyers assign greater importance to broadband speeds than transport links and schools. How our priorities have changed.
And now we look at three factors you can control:
1. Central heating
The UK isn’t exactly known for its tropical climate, so central heating in good working order is the norm rather than the exception. If the central heating is on the fritz, you can bet your fluffy Ugg boots and thermal undies that you’ll struggle to sell your house for the price you want. Conduct regular maintenance to ensure that your system is in good working order and fork out for necessary upgrades. Your estate agent will thank you.
2. Bedrooms and bathrooms
Ok, so this is a little cheat because, technically, they can be considered two factors. For convenience, however, we’re lumping them together. Bedrooms and bathrooms are among the biggest factors affecting your house’s selling price. Ensure that the rooms are well-painted (especially the corners and ceiling) in a pleasing colour (steer away from neon pink and green). Ensure that they’re clean and tidy and not cluttered. And try to ensure that the furniture and furnishings are modern.
3. The garden
Very little is quite as off-putting for prospective buyers than a garden gone wild. Unmown lawns, weeds in the paving or drive way, leaves littering the ground, toys/tools scattered higgledy piggledy and scummy ponds will send house hunters running for the hills – or the next nearest “for sale” sign. If you hate gardening, consider replacing the dead grass and neglected flower beds with paving and some garden ornaments.
You can’t do much about the international economy or your broadband speed (other than write a strongly worded letter to your provider), but you can ensure that your house’s exterior and interior look neat, modern and well-cared for. So, what are you waiting for? Pick up a paint brush and some neutral-coloured paint and give your house a facelift before you put it on the property market, so that you get your asking price.
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