At Currans Unique, we value unique/high-value homes on a near-daily basis. As a specialist Estate Agency, It’s what we do. But how exactly does one put a price on a unique home?

 

In this blog, we demystify the process by sharing the factors we consider to ensure we support our sellers to achieve the maximum sale price without putting buyers off by being unrealistic.

 

Valuing unique homes is, well, unique. It’s not as straightforward as listing your typical three-bedroom home. There are many more factors to consider, from analysing recent data and current market conditions. To taking into account stunning views, undeniably impressive architecture, and other special aspects.

Perhaps you bought your home over a decade ago. Maybe it was a fixer-upper or a restoration project, or perhaps you’ve lived there your whole life. However you ended up with your unique home, if you’re considering selling, it can be difficult to know what asking price is realistic.

So, how do estate agents value unique homes? At Currans Unique, we value unique and high-value homes on a daily basis. So naturally, we have a clear process to help you achieve the maximum sale price. This blog post will give you an insight into how we value unique homes.

 

Why are unique homes difficult to value?

Many factors make a home unique, from a picturesque view with your morning coffee to original Victorian architecture or a one-of-a-kind location; it’s something we see daily in Chester.

Often, if your home is unique, the usual house pricing guidelines do not apply.

You can’t put a price on Victorian bay windows and decorative woodwork, much as you can’t price a view overlooking the River Dee. But we can use similar principles to help get the price in the right ballpark – here’s how we do it.

 

 

How estate agents value unique homes

As we’ve mentioned, valuing a unique home can be tricky. But we’ve developed a system to help you get the maximum sale price for your home. We consider the following:

• Whether there is any data available for comparable homes.
• Price per square foot.
• Your home’s current market condition. And;
• Our expertise and local knowledge

Continue reading to explore how each factor directly affects the estimated value of your home.

 

 

Comparable Homes Data

Your home may be unique. But there are likely similar homes, estates, or Victorian terraces in the surrounding area. Or at least somewhere in the country.

We find comparable homes and extract the data – how much have similar homes sold for in the last 3–6 months?

If we can’t find any results, we check sale price data from the Land Registry for a more accurate financial report. And if there truly is no home quite like yours out there, we take comparable data and work from there – taking into account the features of your home that make it unique.

Even if comparable homes don’t stand up to your expectations, we can use this information to more accurately price your home.

 

 

Price Per Square Foot

Price per square foot is not commonly used to value homes, especially unique homes. However, it can provide a useful metric for comparison to similar homes in the area.

Price per square foot varies for each location – expect higher prices in cities and more affordable prices in the countryside. But this is just a guideline; these prices differ massively based on local amenities, location, and other factors.

Buyers need to know what they’re getting for the money – we’ll build unique architecture, stunning views, and other features into the price later. For now, it’s about valuing the property based on size – buyers love metrics, so let’s provide them with all the details.

 

 

What is the current market condition?

As you’ve probably noticed, the housing market is known to go up and down like a yo-yo. When there are fewer homes on the market, the average house price is likely to increase (because there is less competition).

Unique homes tend to increase attraction, especially when there are fewer homes on the market. It’s not uncommon for a bidding war to occur, with potential buyers exceeding the asking price. So although the current market condition is definitely a factor in the estimated value, unique homes are less likely to be affected by the ups and downs of the market. Good news, right?

 

 

Our expertise and local knowledge

A good local estate agent can help maximize the sale price of your unique home.

With knowledge of the local area and market, a local agent can create more realistic pricing guidelines.

And as previously mentioned, while a home may be unique, it can usually still be compared to other homes (at least to give an estimated value).

As a buyer, if one home is considerably more expensive, it’s likely to attract less attention, even if the home is one-of-a-kind. We’re not saying you need to drastically reduce the price, but the pricing could perhaps be a tad more realistic and in a similar ballpark to other, less unique homes with equivalent assets.

 

 

To Summarise

Numerous factors influence the price of a home. For example, can you really put a price on an award-winning view in a one-of-a-kind location? But there is a method to the madness. In this article, we’ve shared a glimpse into our process of valuing a unique home. However, there’s a lot more that goes into it. And the price you can expect to sell for depends on various factors.

So, if you’ve got a unique home and you’re looking to sell, or if your home is already on the market but you haven’t had much success, then get in touch. We’ll be more than happy to help you value your home and maximise the sale price.