One of the key points in real estate buying and selling processes is determining a house's sale price. Starting from an unrealistic price, whether on the part of the seller or the buyer, can entail financial losses or make it impossible to complete the process in an acceptable amount of time. Therefore, an appropriate valuation is necessary.
Factors that influence home sale prices
The value of a home on the real estate market not only has to do with its size or location. There are important factors that you must also pay attention to in order to fine-tune the sale price of a home or to avoid paying more than a home’s true value when you are thinking of buying.
Location is undoubtedly one of the factors that most influences a house’s sale price. In fact, the value per built square metre can vary notably from one area to another, especially in cities. But it’s not just the town or district, prices can vary within the same neighbourhood due to countless factors, such as proximity to main roads, shopping centres, parks, and more.
2. Proximity to essential services
This factor may be valued differently according to the buyer’s personal or family circumstances. Some search for homes that are close to schools or nurseries and where there is a health centre nearby or a public transport stop just a few metres away.
However, other buyers may be looking for just the opposite: peaceful areas without the hustle and bustle of the city. Keeping the buyer’s profile in mind is key to knowing if this factor adds value to the house or not.
3. Orientation and views
Enjoying a pleasant view is a factor that is greatly appreciated, especially in second homes. Opening the window and looking out over a large park, the sea, or the mountains raises a home’s price. Issues such as an orientation that adds luminosity to an apartment or the floor it is on are also determining factors. (Normally, upper floors are more expensive).
Reforming a home can entail a costly investment. For this reason, many purchasers closely examine the property to see if it is well-maintained and that facades, covered areas, interiors, and facilities are in good condition.
If you are trying to sell, take into account that spending money on a minor remodelling project may allow you to increase the home’s value much more than the investment made. A lick of paint, some new windows, or modern toilets can radically change the house’s image and, thus, push up its value.
Nowadays, trends favour open, wide spaces. The optimisation of a home’s square metres, especially if it is small, is a highly valued aspect. What’s more, if it has more than one bathroom or a terrace—particularly in areas with more pleasant climates—are also points in its favour.
But design isn’t everything. The finishing touches also count, just like whether a home has storage space. If it doesn't have a storage area, built-in closets are an alternative for making a home more attractive in the eyes of potential buyers.
6. Furniture and appliances
A furnished house sells better because it gives an impression of spaciousness and warmth. However, whether the furniture is in good condition and has a modern look is also valued. This is also true for the fixtures, counter tops, and appliances. A ‘picture-perfect’ home is more appealing and is also worth more.
7. Energy efficiency
A home's level of isolation is important because energy use depends on it. This issue also counts in the valuation of a property as well as the heating or cooling systems it has available. A more efficient house adds value in the eyes of potential buyers.
8. Facilities and services
In the case of homes in homeowners’ associations, whether in buildings or in housing estates of single-family homes, the market price increases when there are facilities such as play areas for children, gardens, a pool or sports facilities. What’s more, services such as a caretaker or 24-hour surveillance are viewed positively as are, of course, a lift in tall buildings and a garage.
In the case of single-family homes, spaces such as patios, covered porches, a pool, or a barbecue are valued—especially if they are in good condition.
Whether you are selling or buying, Spainhouses makes it easy for you. In our price statistics section, you can consult up-to-date information on prices in the areas of Spain that interest you.
What’s more, you can advertise your property and reach an infinite number of buyers in just a single click. And if you are looking for the house of your dreams, with the help of our search engine, you’ll find it much quicker than you think.