With all the hype of the annual X Factor taking place, there is the usual ‘leak’ to the press of the location of the house the contestants are staying in. No doubt this is to the furore of the neighbours who are now living in the media glare, but they can probably add a few noughts onto the price of their property because fame is a great way to add value to your house price!
A celebrity is (in effect) little more than a brand to be slapped across products in order to help bolster their prices and boost their sales. This is certainly true when it comes to selling a famous person’s former property. Unlike other types of items that might have a ‘dodgy’ provenance, it is comparatively easy to prove that a celebrity was a former resident in your home.
It’s not just the house that the celebrity in questioned lived in which increases in price either, the ‘star’ quality rubs off in the neighbourhood. When Sotherby’s auctioned a fourth-floor flat in 2008, located in 57 Green Street in Mayfair, London, they based their marketing on some former residents, who went by the name of John, Paul, George and Ringo. They may not have lived there for over half a century, but once the Beatle’s former home was identified (as being the only flat the Fab Four ever lived in together), the prices for the other flats in 57 Green Street soon rocketed!
Apparently there are plenty of people in the world willing to pay through the nose, not just to live in a place once owned by a star, but even to live three doors across and two floors down! Mayfair is a pretty exclusive area in which to own property, so if you do want to own a home lived in by someone famous, you can almost guarantee to find somewhere: if rock is your type of music, then you probably can’t throw a rock without breaking a rock-star’s former window (take a look at Brook Street in Mayfair, both Hendrix and the Bee Gees had this as their former address!)
The benefits of having a star move in next door might not be immediately apparent, but when it comes to selling your property, it will probably see an increase in your potential profit. When a star lives in a property, it automatically raises the profile of the area – and the property prices. After all, it guarantees great conversation for dinner parties!
No matter what type of property you own, talk to Westhill Insurance Services about your insurance. If you have a high value estate, you may need high value insurance. This type of insurance is vital when you have valuable items in your home and live in an area identified as being affluent. The dangers of being under insured are great, so make sure you take professional advice. You are likely to need a non-standard insurer if you want to get the best cover for your property. High-net-worth home insurance is a complex matter and you should get expert advice, and one quick call to our professional team at Westhill will ensure you have the best insurance, at the best rate – no matter how much your contents are worth or how famous your neighbours might be!