If you’re selling a property, it’s useful to be aware of the things that could shave some value off your asking price. That way, you can rectify the areas that can be fixed and be prepared for those that aren’t.
If you’re buying, it’s good to know what to keep an eye out for as chances are you might want to sell the house yourself at some point. We’ve put together a list of ten of the most common things that might devalue a property.
No ‘kerb appeal’
First impressions are everything and a property’s outer appearance – otherwise known as its kerb appeal – can make or break your property’s value. The good news is that it’s easily fixed; fresh paintwork, guttering and a refresh of the front garden can make all the difference.
Bad taste and bad workmanship
Semi-permanent bad taste, like an ugly conservatory, can knock between five and 10 per cent off a property value. The same goes for shoddy workmanship and in particular, any home improvements that have been made without proper planning permission. Buyers will need to factor in the cost of rectifying the problem.
Flood risk
There’s little you can do if your property is on a flood plain, but with the changing climate and increasing cases of high profile flooding, it will almost certainly wash away some of your home’s value. How much will depend on the property’s flooding history and preventative measures taken by the local council.
Electricity pylons
Even if you can get over the fact that they aren’t all that pretty to look at, lots of people see electricity pylons as a health risk. Others say they can hear a buzzing sound emitting from the wires. According to experts, properties located close to pylons can expect their value to decrease by as much as 30 per cent.
Slow broadband
In today’s fast-moving digital world, a good broadband connection is essential. In fact, according to a survey, fast broadband is now ranked higher than off-street parking in terms of buyer priorities. A weak connection could cost you five per cent of your asking price.
Surprise developments
Something like a mobile phone mast or a wind farm popping up can significantly devalue your home. If it’s happening in the area you live in, you can register objections with the council but it can often be to no avail. If you’re buying, you can carry out research into planning permissions in the area.
A bad Ofsted report
Living in a ‘good catchment area’ is the holy grail of property locations, even for people who don’t have children. According to RICS, a good Ofsted report can add around eight per cent to the value of a property, while a bad report can wipe almost £20,000 off the cost of a home.
Bad neighbours
Anyone who has anti-social neighbours probably can’t wait to see the back of them, but they can also be a black mark against your property if your buyer catches on. Halifax says bad neighbours can reduce the average property’s value by an eye-watering £31,000.
Noise pollution
While living near a train station can be a plus point for people who commute, factor in noisy trains rattling past your home in the middle of the night and it can actually adversely affect the value of a property. The same goes for living near noisy pubs.
Messy children’s bedrooms
It’s one of those urban legends that turns out to be true – a messy child’s room really can devalue your home. According to one mortgage provider, it can create such a bad impression on potential buyers that it could lop £8,000 off the asking price.
If you would like help or advice regarding commercial or residential mortgages, please contact us on 01772 620 000 or email enquiries@keymortgageadvice.co.uk
