A house is more than just a home. It is a safe space for homeowners to unwind, decorate the rooms to reflect their personalities and socialise with friends. Being a homeowner is a goal many aims to accomplish, but some find it difficult to obtain.
Despite the uncertainty surrounding changing property prices, many still consider buying a property. Those who have a property and have been there a while might be considering the value of their home in today’s climate.
These are a few factors that could impact the value of your home.
Influence Of Location
A property’s location can influence its value tremendously. Properties in highly desired areas will often come with higher price tags. This is because the market knows there is a demand for properties in that area. As such, the value of properties is noticeably higher compared to other areas. For instance, properties in the south, in and around London, are valued significantly higher than houses in the north. If any properties in your area enter the market, look at the asking prices. This will provide a rough indication of what your home could be valued as if you were to sell.
Crime Rates In The Area
Of course, no one would ideally want to live in an area with high crime rates. However, after living in a property for several years, you might not have noticed if the crime rates have changed. In some cases, crime rates might have risen since you bought your property. When looking for a house, many individuals will consider the area a property is located. Properties in high crime areas, or higher than average, will likely have a lower value than those in neighbourhoods with low rates. Spend some time researching the crime rates in your area to see if they are impacting the value of your property.
Local Amenities Available
Compared to crime rate and location, local amenities might not seem like an influencing factor. However, the transport links and shops nearby can all influence the value of a property. If these amenities are easily accessible, they can be a preferred choice by many, especially those who do not drive or have access to a car. Even the schools in the catchment area of your property will influence your property’s value. Families looking to move somewhere new will look at what schools fall under the catchment area of a property. Ideally, they want to be in a location with their preferred school choices for their children. This is because it puts them in a better position to get their child into their preferred school successfully. Properties in the catchment areas of the best schools will likely be valued higher than other houses.
Ways To Benefit From The Value
After finding out the rough value of your home, you can now turn your attention to ways you can benefit from the value. You can choose from several options, but we have listed a couple. Keep reading to find out how you could benefit from the value of your property.
Learn About Equity Release
Homeowners aged 55 and over might have already begun looking into equity release. With equity release, it allows them to release equity from the value of their home. The amount available to release will depend on a homeowner’s age, income and value of their home.
If you are unsure about the answer to the question ‘how much equity can I release?’, Retirement Solutions have created this guide which can help provide some answers to your query. Learning about equity release can help a homeowner to make financial decisions about their future.
Use It When Planning To Sell
If you are not in your forever home, you might look for other properties to move to. When debating whether or not to proceed, you will have likely made a list of ideal locations to live in. With this list, you will use it to find a selection of properties that fall within your budget. Of course, before moving, you must find someone to purchase your current home. When you know how much you could sell your home for, you can use this guide to help you with finding somewhere new to live. Knowing how much your home is valued will help you tremendously when planning to sell your property. You can use it to set the asking price and also look for somewhere new.
Insightful Information To Have
Knowing the value of your home and how you can benefit from it is all insightful information to have. It can help you plan for the future and decide whether to move or stay where you are. Keep some of the factors mentioned above in mind. It might come in useful in the near future.