4 Huge Factors Which Impact the Value of a Home
Buying a home will always involve substantial amounts of money. In fact, this is probably one of the most important investments of your life, especially if you’re clambering onto the property ladder for the very first time. Due to the sheer financial commitment involved, one of your main priorities will be finding a home which offers excellent value and potential return on investment.
Whether you’re looking for brand-new property developments or homes with a bit more history behind them, there are a number of important factors which can impact the value of a home. Every buyer is undeniably different, which means they obviously place a higher value on certain things, but these are the factors you need to consider when deciding whether a particular home is right for you:
For young families hoping to buy a home, the quality of local schools is always of vital importance. According to data from Land Registry and the Department for Education (DfE), properties across England and Wales see a 10% increase in value when based near a primary school rated ‘outstanding’ by Ofsted, while outstanding secondary schools increase by an average of 17%.
A semi-detached house based near a highly rated primary school, for example, will cost around £36,000 more than a similar home based elsewhere. A detached home will cost an additional £93,000 if you want to be near a good primary school, while those close to secondary schools will cost an extra £96,000.
Stunning living room at the Fairways house in Pearl Valley, Capetown
Whether or not these properties are worth such high premiums will depend entirely upon your own circumstances. After all, if you don’t have children, looking at areas which aren’t based near these schools is a great way of saving yourself a lot of money.
Last year, data from the UK House Price Index showed that most areas which saw a fall in crime rates also saw a rise in house prices. On the other side of the same coin, areas with rising crime rates inevitably experienced a significant drop in house prices, which is why it’s so important to look into these statistics before making an offer.
A failure to research local crime rates could either result in you significantly overpaying for a property or ending up living somewhere you feel unsafe and unhappy.
ARRCC Interior Design team imagined this dinning room area turned into an elegant meeting point
The number of bedrooms is often the most important criteria for buyers, and that’s why it always has such a significant influence over the price of a property. As we’ve already said, every buyer is different and has their own specific requirements, so you need to completely understand your own needs before deciding how many bedrooms you actually require.
The last thing you want is to invest heavily in a property, get yourself settled and then realise it isn’t big enough, while you also don’t want to risk overpaying for additional space you don’t really need. Another major factor to consider is the amount of storage space available; since the property doesn’t have to just accommodate you and your family, but also all of your possessions.
The open plan of this stunning home in South Africa, mixes in the indoor and outdoor along with an open kitchen with it’s own dining area. Open plan is a dream for many contemporary home owners.
We live in a society which is becoming increasingly digitalised. At home, many of us now spend our evenings browsing social media, streaming our favourite TV shows or carrying out some online shopping, while our children enjoy similar activities as well as playing online video games.
Of course, all of these activities require a strong and stable broadband connection, and living in an area with inadequate speeds can quickly become frustrating. The majority of homes in the UK now have multiple devices connected to the internet at once, meaning that the demands of the modern user are continuing to increase.
Local broadband speeds are now considered a major factor for buyers, with areas boasting excellent connectivity experiencing an increase in value. If you regularly rely on a strong internet connection, then researching speeds in the area should be considered one of your top priorities when searching for a new home.
All images from Fairways house project designed by ARRCC Interior Design team – discover the full project.