Aside from improving your home’s overall look to increase its value, there are some other factors that can help increase the value. If you want to sell house fast, you will be glad if your property happened to be situated close to Waitrose or Marks & Spencers. It is true that if your house is close to a Marks and Spencers or Waitrose you can actually enjoy a higher value of your home when comparing to other locations nearby whilst the McDonalds & Budget supermarket Aldi can do the opposite. The truth is that a Waitrose effect could add close to £40,000 to houses whilst living close to McDonalds can lower your home’s value by 24 percent.
Living close to a supermarket can actually help in boosting the value of your house by £22,000. You can even see this when you live near a Lidl or Iceland that these retailers can increase your home’s value. The remarkable Waitrose effect can add close to £40,000 to the cost of your property.
Living close to a supermarket is not simply convenient, but it can as well help boost your home’s value on average by £22,000. Predictably, the largest win is from the so called Waitrose effect with houses that are situated close to a branch of this upmarket grocer worth almost £40,000 more, although one can argue that waitress wouldn’t open in lesser affluent areas, are buyers now also seeking prospective homes looking for waitress as a marker? On the other hand, it is not simply the premium brands which could add value to a property situated nearby. Even the houses that are located close to discount chains are also experiencing the same type of benefits!
In a study, Lloyds Bank has compared the costs of houses in the postal districts which are built close to chain supermarkets with common property values within the bigger towns. It revealed that living close to a supermarket could offer the homeowners with a premium of £22,000. Their study also revealed, there’s a substantial difference between the size of this uplift and this may depend on the nearby supermarket’s brand that range from £38,666 Waitrose effect to £4,117 Asda uplift.
Houses that are located near Waitrose were seen to command the largest cash premium that costs £36,480 more usually than the average house costs. Properties that are situated close to the Marks & Spencer have the 2nd biggest premium with houses worth the average of £29,992 more compared to distant houses.
Lloyds Bank also compared the average house costs in the postal districts with the supermarket from the national chain having standard property values within the bigger towns to compute the cost premium paid for the houses that are situated near the supermarkets. The research has covered houses across Wales and England. A study recommends that living close to the premium supermarket brand could help in boosting the value of a property significantly. The discount chains could command the premium as well, with the houses that are situated close to a Lidl priced at £6,416 more than the average compared to those within the nearby areas.
The so called Waitrose effect seems to be clear enough and having the premium brand on your doorstep means that the buyers usually have to pay the top Value for tour home. On the other hand, the research also showed that areas that have budget stores noticed the fastest house cost growth in the recent years.
When buying any home look at what retailers are in the nearby area, this could be good indication of how affluent an area is of course this may not be the deciding factor amongst these other key factors – Local schools, Open spaces, Transport Links & Crime rates are all important research that you can conduct when you come to buying or selling any home.