Location, Location, Location

The Famous Phrase: There Are Three Things Important About Property: “Location, Location, Location”.

We feel this phrase very much sums up the property market, but not in the usual way. We would say that location, location, location relates to three different types of location:

Location: The Place

By this we mean where the property is located. For example, is the area near good schools, transport links, such as a motorway or train line, or is it on the waterfront. All of these locations affect the value of the property.

Location: Where It Sits In The Market

By this we mean is there a requirement for that type of property in that area, i.e. two and three bedroom bungalows are very popular in seaside retirement areas and intend to fetch a premium, apart from in areas where there is an over supply and simply more bungalows than there are people wishing to buy them.

Equally a three or four bedroom house located near a school would suit a family and therefore be located in the right place and also there may be potential in the location, i.e. if you have a two bedroom bungalow in a road that typically has four and five bedroom properties location may offer the potential to simply knock the bungalow down and build a house.

Location: The Market

Other factors are present; the position of the property market overall is very important, as the property market goes up and down then the market goes up and down. At the start of a growing market there is potential for the property to grow in value and chartered valuers/surveyors tend to be more optimistic in a growing market and more pessimistic in a falling market, which interestingly adds to the speed at which the market grows and the speed at which the market falls.

How Do I Get The Most For My Property In Any Market?

Research has shown over many years that purchasers make decisions very quickly with regard to which properties they want to buy. Initially it will be when they view the property in a photograph in the property section of a newspaper or in the estate agent's window, or on the internet and it is very important to have what is known as “kerb-side appeal”.

Selling your house and kerb-side appeal

You could improve the kerb-appeal by tidying the garden, adding plants and hanging baskets, if appropriate, or simply removing caravans! In fact this first stage is so important to the estate agent that they consider it a conversion if they manage to arrange an appointment with you at the property. Again, when you go to view the property the decision is made up very quickly and the kerb-side appeal in real life, so to speak, is very important. You will be assessing all sorts of things that you are not aware of. For example, as you drive into the area you will be noting how tidy the gardens are, the type of cars, any schools nearby, any playing fields, depending upon what your requirements are. As you approach the specific house again you will have a feel for the area. Getting out you are making a comparison with what you thought the property would be like compared with what it is actually like and its location when you are really there. You will also make a very quick decision on the property when you are in the hallway and also dependant upon how you get on with the owners if they are there, or the estate agent.

Selling your house and the smells

There has been much written about the importance of having freshly cut flowers and having coffee or baked bread smells. We certainly believe this is true, but equally we believe it is very important to present a tidy house, but not too tidy, a show home house can also be off-putting. We would term it as a “tidy lived in” house and yes, it is a pain to tidy up the house every time someone comes to look round and yes, it is even more of a pain if they cancel at the last minute or if the estate agent hasn't checked what position they are in, i.e. can they move in the time frame that you want them to move in, or are they in a long chain of other buyers, etc, etc. If you are not careful the amount of effort you make on the first time you have someone round is very different to the amount of effort you make on the twentieth time you have someone round. Yet equally they are, in theory, as likely to buy.

You also need to brief the estate agent and get on well with them. Regardless of what you think of the estate agent you need to understand that you are working together to sell the house and therefore anything that you can help them with is great. We recently saw one house where the owner had kindly put labels on things, such as “nice big loft space”. This is possibly going too far but it is definitely worth briefly the estate agent and re-briefing them as to the benefits and features that your property has, as they will no doubt have seen half a dozen to a dozen properties that day and possibly sold similar properties.

If we can be of help and advice on what potential your house may have please do not hesitate to contact us on 0800298 5424.

If you think or feel differently to above, or feel that we have made a mistake or error please kindly contact us as we wish to change and amend any errors.

The contents of the web site are for general information only and is not intended to be relied upon for specific or general decisions. Appropriate independent professional advice should be paid for before making such a decision

All rights are reserved the contents of the web site is not to be reproduced or transmitted in any form in whole or part without the express written permission of 1stAssociated.co.uk.