Bath is home to a flourishing property market. Its characteristic mix of rich history and a contemporary, vibrant lifestyle is attractive enough for tourists, but the city’s proximity to London is what seals the deal for most investors.
With the increase in Bath’s popularity, property prices have also seen a significant rise. Nevertheless, you can still get a fantastic offer if you know where to look and how to evaluate a home before you buy.
Determine the Market Value of a Property
In order to come up with the market value of a property, you have to compare it with similar homes or flats that were recently sold in the same area. Three factors are essential in this respect – similarity, proximity, and the time when the property was sold.
For example, it would be of no use to you to compare a 3-bedroom semi-detached home to a 3-bedroom flat. Likewise, the location of the property is an important factor because different areas of Bath will incur different price additions.
Finally, make sure that the properties you use for comparison were actually sold. Just because a similar property is listed at a certain price doesn’t mean that price has anything to do with reality. Make sure you only compare with those homes that were recently purchased.
The value you obtain through these comparisons can then suffer minor changes according to the advantages or drawbacks of the property itself. In addition, you will sometimes be able to obtain a home at “below market value”. For instance, some owners will be pressed by circumstances to sell quickly and, as such, will be more likely to sell at a lower price than the market average.
Consider Your Letting Options
When you evaluate property value in a city where tourists and tenants alike are constantly looking to rent, you should first consider whether you are buying a personal home or buying to let. Bath is one such popular city, so it makes sense to ask yourself this question right away.
If you decide to invest in a property that you will then let to others, you should consider a few additional details that might influence its value. For example, who is most likely to rent the property – students, couples, families, or other types of tenants? If you wish to let to some of the many students who study in London, but prefer to save on rent by living in Bath, consider whether the house or flat is appropriate for this purpose. Can you rent rooms separately or are some of the rooms not suitable to become bedrooms?
Although it is possible to evaluate and purchase property in Bath on your own, the right estate agents can help you answer many of these questions and make a better decision. Pritchards are some of the most experienced estate agents in Bath, which means that they can provide even more information about the local property market. In addition, their extensive portfolio can put more options at your disposal than you are likely to find on your own, which will ultimately give you a better chance to find the ideal home.