When it comes to valuing a home in the country, properties are largely much more unique and individual on first appearance, than their urban counterparts. Rather than just being bricks and mortar, or a set size, each home must be taken on its own merit. Its positioning, history, and even character all play an important part, and a variety of characteristics can often add a significant premium to its overall value, highlighting the importance of a thorough valuation by an experienced estate agent.
In the second part of our recent agent survey, we have taken a regional four-bedroom family home in popular village valued at £750,000 and looked at what less obvious features might add to its overall value. Each characteristic produced subtle nuances in value from our agents, depending on their local area. Therefore, the premium associated with each characteristic has been given a range to reflect the difference in the local market.
Off-street parking: 0-6 per cent (up to £45,000)
Off-street parking in a village is considered fundamental by most buyers and without it a property’s value could be significantly reduced. However, the addition of a bespoke garage, oak-framed for example, will often add a premium for usefulness.
South Westerly facing garden: 2-5 per cent (£15,000+)
Some buyers are more concerned with the direction of a garden than others. In a village house, garden size is likely to allow for at least some sunshine. That said, it can make a significant difference to the feel of a property, which no doubt helps with saleability.
A good view: 5-9 per cent (£37,500+)
Buyers do not tend to always have a good view on their wish list, but it can be a deal clincher in the right circumstances. If a property has everything they are looking for plus an excellent view they might be prepared to pay that little bit extra for it. The caveat, of course, is that if you are buying in a village you need to be realistic – in a built up area you might have a nice view for now, but in future years development or new homes could change this.
Low EPC rating: 0 per cent
Often the seller is more concerned with the health of a property's EPC rating than the buyer, as buyers tend to assume that they can make the necessary changes if they so wish. A very low rating would appeal to only a select few, who'd want to be able to see the benefits.
Historical significance: 0-4 per cent (up to £30,000)
Some buyers enjoy the gravitas of a property with historical significance and are hugely interested in their home's past. On the other hand, historic properties are usually listed and some buyers are conscious of the liabilities attached to listed buildings. Ultimately, the preservation of character within a building remains an attraction for future purchasers and htis long-term appeal can equate to a small premium.
An annexe or garden room: 10-25 per cent (£75,000+)
Secondary accommodation is increasingly moving to the top of buyers' wish lists. It’s an excellent investment opportunity and in a village home allows you to amalgamate generations. To what extent it adds value though does largely depend on the quality of the annexe.
Original Period features: 5-15 per cent (£37,000+)
The character of a period village house cannot easily be recreated or captured. If a listed property has original features in good condition, whether it be plank and muntin or exposed beams, some buyers might be willing to pay a little bit more.
Technology and Gadgets: 5-10 per cent (£37,500+)
To the right person, a house fitted with the latest technology might appeal, particularly if it is located in an area which has a strong tech industry to which the buyer happens to be relocating. Too many gadgets could be off-putting, but with the current generation being so tech-savvy, we will see its importance grow.