Factoring in the unexpected – what do buyers love and hate?
The house-selling process is a deeply unpleasant one at the best of times, especially maintaining a house that doubles as both a home and a showroom. But as we recently discussed, the likelihood of a sale often depends on wider factors.
So, what matters most to a potential buyer? It’s not always obvious, as different buyers have different needs. For example, have you ever considered reading the latest Ofsted reports for the school nearby? If you don’t have kids, it may seem a bit of a moot point… but when you take into consideration that a bad school report can take a shocking £20,000 off an average home’s value, it’s worth bearing in mind.
And what about amenities? We all like to relax after a hard day at work – and more often than not, that relaxation involves the consumption of a small (or sizeable) amount of alcohol. Research by property website Tepilo has shown that one in four potential UK home buyers consider a pub within walking distance to be a top priority.
It’s not just about drink, however. What about food? Forget the corner shop; what you need is a high-end supermarket nearby. Analysis carried out by Lloyds bank has discovered that when trying to sell your house, it can gain a further 12% in value if you have a Waitrose nearby. Conversely, a nearby Aldi can knock 3% off.
But if you’d prefer to avoid big-name brands, you can always enjoy the traditional street market, a quintessential part of British society and a tradition that clearly matters to potential buyers. Figures from Zoopla suggest that homes in a market town can enjoy an average bump of £25,000 in value versus similar non-market towns.
Confused? Well, prepare yourselves, as there are even stranger issues that you may not have considered. For example, simply living on a hill or having the name ‘hill’ in your address can bump up your asking price considerably, as can an address with either ‘Warren’ or ‘Chase’ in the title.
Meanwhile, any addresses with potentially embarrassing names will have the opposite effect. So maybe give that nice property on Cockshoot Close in Oxfordshire a miss – and yes, it exists. In fact, simply having an even-numbered house can cause a reduction in value versus odd-numbers, and perish the thought if your house is number 13, as you can expect up to £6,500 less than your neighbours when you decide to sell up. But why bother with numbers at all? Simply ‘naming’ your house can add up to 5% to its value, versus standard numbered properties.
It’s therefore clear that the average purchasing decision is a very subjective one – with different buyers each having a mental checklist that is nigh on impossible to predict. Luckily, if you are worried that one of these issues is hindering a sale, there’s no need to fret, as there are various property buying companies who are happy to buy any house for cash regardless of any superstition or potential negative issues.
If you’d like to sell your house quickly, ask National Homebuyers for advice, as we buy any home. Call 08000 443 470 or request a call back to find out how much you could get for your property.