Unique Conditions That Double Your Property’s Price!
A ton of factors affect property prices, but the following circumstances I’ll be sharing with you today are so unique and unexpected this may even be the first time you’ll learn that these conditions can impact the value of your house:
The Crème-de-la Crème
People want the best of everything and when the best establishments are just a few blocks away from their potential house, buyers won’t mind paying a few extra pounds for it.
First case in point is Waitrose. Yes, I’m talking about that swanky supermarket that you go to for fancy produce. According to a Lloyds Bank report, buyers are willing to pay £40,000 more for a house as long as this property for sale is located near a Waitrose. Analysts who conducted the study claim that the presence of a Waitrose in a certain neighbourhood means it is on the rise, hence the justification for increased property prices.
Another example of top notch establishments that could affect the property prices of an area are Michelin star restaurants. Primelocation.com recently revealed that areas which are abundant with Michelin restaurants have experience property prices which are 50 per cent higher than the regional average.
Many property gurus I’ve encountered say that the surroundings of a property for sale have always influenced its value and findings of several property companies seem to support this claim.
Data from Zoopla reveals that having the word “hill” on your address immediately doubles the price of your property in comparison to houses which are situated in regular streets. Many sellers seem to have caught on with this disparity, that’s why you can now see many addresses with the word “hill” attached to it even though these houses are all located in flat streets.
Knight Frank also validated the claim that sea views double property prices, whatever the status or condition of a property for sale. Estuary views and harbour views in the south-west command a premium of 82 and 81 per cent respectively based on their recent study.
But what if none of these factors are present in your area?
Granted, not all people can expect high end markets to be built in the area where you live or have the ability to add “hill” on their address. If so, does this mean these people no longer have an opportunity to sell their property at a favourable rate?
On the contrary, some investors like Rick Otton, who you may have heard about in annual property events and pin meetings, offers a different take on how surroundings affect property values.
“Homeowners shouldn’t despair about the value of their houses even if it’s not located near a fancy grocery or restaurant. Hotspot properties can be found anywhere if you offer “hot” terms to a seller and make it easy for them to buy a house. I usually share this advice for people looking to build a property portfolio, but it has also helped many homeowners sell at a profitable price throughout the years,” he said.
“Remember, if the terms are beneficial and convenient to the buyer, they have more motivation to seal the deal. Yes, Waitrose is nice to have nearby. But what’s usually nicer is not being able to pass up on a deal you can’t get anywhere else. And with flexible terms, there are countless of ways to just that where both the seller and buyer mutually benefit. And this is how you can turn your property into a ‘hot spot property’, Mr. Otton added.
If we look into his advice, a good lesson to remember is to focus on things that you can control – such as the terms you can offer in order to make your house more attractive to buyers. For as long as your offer can meet the concerns of the buyer, you’ll be able to sell, regardless of what people do in the background.