While the usual suspects like location, location, location; great design and finishes; and plenty of space, continue to be a factor\u00a0 when it comes to the value of your house, research shows that subconscious psychology may also play a big role in purchase decisions.<\/p>\n
\u201cThere is definitely a great deal more to property purchases than just an objective assessment of the facts,\u201d said Tony Clarke, MD of the Rawson Property Group.<\/p>\n
\u201cSure, there are some basic features that will always affect the perceived value of a home, but you should never underestimate those quirky little idiosyncrasies that influence buyers without their conscious knowledge.\u201d<\/p>\n
One such idiosyncrasy, discovered by the UK property website Zoopla, is that the name of a road can have a dramatic effect on a property\u2019s price.<\/p>\n
According to their research, British addresses containing the word \u201cWarren\u201d list for more than twice the price of properties with more mundane street names.<\/p>\n
In South Africa, while buyers are less drawn to quaint and romantic monikers, there are distinctive price trends that can be seen in street names, Rawson said.<\/p>\n
\u201cThe top five most expensive streets in South Africa aren\u2019t streets at all,\u201d said Clarke. \u201cIn fact, addresses with the word \u201cStreet\u201d in them are quite rare on the luxury property chart-toppers. \u2018Road\u2019 features the most often on the most expensive address list, with \u2018Avenue\u2019 taking second place.\u201d<\/p>\n
Homes with their own names also tend to sell at a premium when compared to equivalent, nameless, properties.<\/p>\n
\u201cA house with a name is often perceived as a house with a history, or a unique and individual personality,\u201d said Clarke. \u201cBuyers like to feel that they\u2019re getting something that no-one else can, and a name is one way to encourage that impression. After all, what sounds more enticing: 22 Park Street, or Parkside Manor?\u201d<\/p>\n
According to Rawson Properties, water views almost always outweigh landscapes, both here and overseas. In fact, UK researchers have found estuary and harbour views command premiums of up to 82%, while here in SA many of the most expensive properties are ocean facing.<\/p>\n
British researchers have found a direct correlation between house number and price, with even and high numbers achieving notably lower sales prices than their odd counterparts, on average.<\/p>\n
\u201cThis one isn\u2019t quite as weird as it seems at first glance,\u201d said Clarke. \u201cIt\u2019s really about space and privacy. Low house numbers are popular because they often indicate a smaller, more exclusive street, while the preference for odd numbers is most likely weighted by the popularity of house number one \u2013 the first on the street. As an end plot, often on a corner, the first house tends to have fewer direct neighbours and more space than houses in the middle of the road.\u201d<\/p>\n
Other unexpected factors that appear to have a direct effect on property purchase behaviour include the slope of a neighbourhood (the hillier the better), the existence of a local farmers\u2019 market (everyone loves fresh produce) and the quality of supermarkets serving the area.<\/p>\n
All these elements may, at first glance, appear unrelated, but according to Clarke there is a common thread running through them all. \u201cIt\u2019s all about our natural, human desire to feel special,” he said.<\/p>\n
“If a property feels unique, more charming, more exclusive, expensive, or better-loved than others like it \u2013 whether it\u2019s for logical reasons or because it triggers a subconscious reaction in us \u2013 buyers will respond positively and ascribe more value to the sale. If you can harness that reaction, the sky\u2019s the limit.”<\/p>\n
You\u2019re being lied to about the value of your property<\/a><\/strong><\/p>\n Yes, a good school can boost your property value a lot<\/a><\/strong><\/p>\n