How to increase your property value for under £50.
Sellers take note – buyers are willing to pay up to 40% more for a property with a name rather than a number, according to a recent article in the property section of the Telegraph.
This is fantastic news for those failing to sell their property, as this small but effective change costs only £40. If your delightful Number 20 is not budging, no matter how presentable, try changing the name using words such as ‘Hall’, ‘Cottage’ and ‘House’ to see a surge in offers.
OnTheMarket.com research has found buyers will spend between £5,000 and £50,000 more on homes that include opulent words such as ‘Lord’, ‘Palace’ and ‘Royal’ in their titles, while a survey by London estate agents Wetherell found that homes with a ‘Crescent’, ‘Mews’ or ‘Square’ in their address sell for more than any other in the capital. British house names associated with meadows, fields, trees and plants are also popular with high value homes.
Research has also found that:
– Homes with ‘Lane’ in the address sell for £100,000 more than those with ‘Street’
– The most expensive addresses contain the words ‘Warren’ or ‘Chase’
– ‘Streets’ sell for the lowest prices
– Number 13’s are on average £8,974 cheaper than other properties
To change your house number to a name, you need to apply to your local council, who charge you an administration fee. The council will consult with the Royal Mail to ensure the name doesn’t conflict with another address in the area and once the new name has been approved, you will be provided with a certificate of renaming so you can then inform the Royal Mail, Land Registry, Electoral Registration, Council Tax and Planning Department.
Remember to inform your energy providers, internet and phone company, bank and emergency services including your GP, as it can take up to 12 weeks for records to be updated.
There are some rules which must be adhered to when changing the name of your property:
- No duplicates – you can’t copy your neighbours’ house name
- The new name must be easy to pronounce and spell
- The name must not advertise a business
- No offensive or suggestive language may be used
While the charge for such a grand result may be small, be prepared to fill out many forms and endure some to-and-froing to the post office. Jumping through these administrative hoops is however, well worth the added value of your property.
Have we inspired you to change the name of your property? Will your number 13 be changing to Rose Cottage or Meadow Hall? If so, we’d love to hear from you. Leave us a comment on Facebook.