So, you're thinking of buying? What makes a property cheaper?
But apart from these more obvious influences on a property’s value, there are other factors that can also reduce, or enhance a property’s value. For example, if a property is on a busy main road, the noise factor and the fear of children having an accident will reduce the price. The only places where busy roads aren’t such an issue is places like London and other city centres, where it’s often difficult NOT to be on a busy main road, so prices are less than those on quiet roads, but typically not as much less as they would be in a nice village or market town where there are more quiet than noisy roads.
Other factors that reduce a property’s value include:
* Being located near a pylon or a substation.
* Located near/next to a railway line.
* Backing onto an industrial estate.
* Neighbouring noisy pubs, shops or commercial properties.
* Being next door to a rundown property.
* Proximity to a sewerage treatment plant or other ‘undesirable smell’!
Interestingly, although good schools can increase a property’s price, sometimes being too near a school or nursery, which can be noisy and make it difficult to get in and out of your drive during pick up and drop off time can cause property prices to be lower in comparison to others.
And finally, don’t forget sometimes a popular location can start losing value when the reason for its popularity causes problems for the home owner. For example, a receding coast line that is getting closer to the property or a river that once was an idyllic outlook and now is responsible for flooding on a regular basis.
Understanding how location impacts on property prices can be really helpful, in particular when you are buying. For example, if you need a big property, but are struggling to afford where you want to live, you can look for cheaper properties that you might be happy to live in, while compromising on what you neighbour onto.
Buy Just Outside Your Desired Area
If you haven’t got children, or want to be near a ‘trendy’ area that is not within your price range, why pay the extra premium for living there? For example, if you want to live in Chiswick in London but can’t afford to, why not look at areas which can get you into within half an hour or neighbouring Acton which is typically cheaper?
If you do decide to live in the most expensive locations, then you’ll need to accept that you might have to compromise on space and accommodation in return.
Are House Prices Going Up Or Down?
How To Work Out Your Home's Value
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