It is common to spend the weeks and months prior to placing your property on the market trying to get the house up to an unlived-in standard, so that you can add as much value as possible.
You might have cleaned all the carpets, multiple times, given a few rooms a new coat of paint and even fixed those broken slabs of pavement on the driveway. But whilst all of these repairs and refurbishments can help you get the most out of your property when it comes to selling, there are some other factors that come into play when selling your home and some of them can be quite unusual. Although these factors are beyond your control it’s still worth knowing when it comes to putting your home on the market.
Street name: The name of the street can have more of an effect than you realise. Street suffixes that have a more striking ring to the name e.g. ‘boulevard’ and ‘avenue’ will generally sell at a higher price than a home located on a ‘street’, ‘court’ or ‘terrace’. This effect can also work in reverse, with homes that are unfortunately located on streets with names that could be considered rude or quirky, as buyers may feel embarrassed investing in ‘Crotch Crescent’.
Trees: Buyers are prepared to pay more for a property with trees nearby due to the privacy and reduction in noise that they offer. Removing trees from near your property could see you lose 5% of the value of your property.
House number: Some studies have shown that a property with an even number can fetch a few extra hundred pounds than a property with an odd number. Unsurprisingly the number 13 can also play a part in affecting the value of the property. Although some would it consider silly superstition, triskaidekaphobia (the fear of the number 13) is not uncommon in the property market. Some streets completely exclude the number 13, out of fear that it will affect the value and there is even research to suggest that people avoid buying a home on the 13th.
The closest supermarket: It’s always great to have a home that is close to plenty of shops that allow you to pick up all of your amenities. You may be surprised to find out that the shop in which you are closest to can influence the price of your home. According to research performed by Lloyds Bank, houses closer to a Waitrose can see a rise in value of £40,000, whilst properties near a Tesco can see property values rise by £22,000. At the other end of the scale, a property near an Aldi could see their prices rise by £1,300.
Waterways: Research performed by the Canal & River Trust found that homes near to a canal or river saw their values boosted by 15-25%. The local economy also receives a boost from waterways due to the types of businesses that tend to open near them.
When it comes to selling your homes it’s best to remain focused on the factors that are within your control. Repair and upgrade as much as reasonably possible to add more value to your home. However, when on the other side of the process and you’re looking to buy, it would be wise to remember these unusual and sometimes unconsidered factors when it comes to making an offer.
