Borehamwood Property Valuations – A Homeowner’s Guide
As a homeowner in Borehamwood, you must have wondered at some point, How much is my home worth? With so many factors affecting the property market, such as mortgage rates increasing, buyer demand ever changing, and prices shifting, knowing your home’s current value has never been more important, especially if you have plans in the near future to sell, remortgage or invest in property in Borehamwood.
At L&H Residential, we have done hundreds of property valuations in Elstree & Borehamwood, advising homeowners of the current market value of their property as well as advising whether to extend their property or sell.
How valuations work and what factors have an impact on Borehamwood Property prices right now.
Step 1: Current condition of the Borehamwood property market
Location – Premium prices are often achieved on properties located close to the Train Station and catchment area for highly sought-after schools such as Yavneh Primary School and Summerswood.
Property type and Size
Flats and maisonettes tend to achieve prices at the lower end of the market due to size and being leasehold, whereas detached houses command the highest premium prices, followed by semi-detached houses, then terraced houses.
Condition and presentation
As one would expect, if a property has been recently refurbished, including new kitchen and bathrooms etc, it will achieve a higher price than a property that has not been updated in a long period of time because the prospective purchaser will need to invest time and money into the property to bring the property up to today’s standards.
Recent upgrades
value can be added to a property by making the property more energy efficient, extending the property or converting the loft into a habitable space, as long as planning permission and building regulations have been met.
Comparable sales
One of the key things an estate agent will look at when valuing a property in Borehamwood is recently sold properties in the local area that are comparable to the property they are valuing, often within the last 6 months, to set a realistic benchmark.
Current market demand
Finally, one must look at the demand for the type of property they are valuing at that time, in terms of how many buyers are currently looking for such a property, as well as if there are similar properties currently for sale, therefore providing a high supply, which will impact the property’s value.
Step 2: Online Estimates vs Expert Valuations
Most property owners, when looking for an instant valuation of their property, may go online and use an online valuation tool to provide them with an estimated value of their property. However, these estimates are often way off due to being calculated by an algorithm that does not take into account factors such as home improvements, extensions, and if selling a leasehold property, the length of the lease. The tool merely calculates as a whole what the market in Borehamwood has done since that property was purchased, unaware of supply and demand for that specific location or type of property.
This is why an expert valuation form a local estate agent such as L&H Residential is a must if you are looking to find out an accurate value of your property in the current housing market in Borehamwood as they are aware of supply and demand in the area and if they are doing a face to face valuation will be able to take into account the property current size, condition and demand.
To book a free, no obligation valuation of your property, please click the link below;