A house will undoubtedly be one of the biggest purchases you make in your lifetime.
It only makes sense then that you would want to do all you can to protect such a large investment.
What actually could reduce the value of your home?
There are a number of factors that go into how much a property is worth.
Some of these may be obvious, some less so.
If you’re thinking about putting your house on the market, making a checklist of issues that could potentially affect its value is well worth your time.
Working to resolve just one or two of them could end up making thousands of pounds worth of difference by adding value to your home.
We take a look at some of the ones we believe deserve your utmost attention.
10 potential issues or factors that could devalue your home
First impressions count for a lot. Some house hunters will know within 10 seconds of looking at a house whether they like it or not. Therefore, improving a property’s ‘kerb appeal’ is vital if you are going to keep its value where you want it. A well-kept garden, nice lighting, and well maintained windows and doors will all help create a favourable impression. A fresh lick of paint never goes amiss either. Also, before any viewings, take the time to tidy up. A messy interior can prove a big turn off for a lot of people. Potential homeowners want to see themselves living there, so it’s up to you to show them why they should be.
A house located in an area with a rising crime rate could see its value adversely affected. Not only will high crime potentially drive the value of a house down, it will most likely turn off any interested buyers.
While there maybe isn’t too much you can do about criminal behaviour in your area, there are steps you can take to try and make your street and those around you that little bit safer. These include joining, or forming, a Neighbourhood Watch group, fitting your home with exterior cameras, and speaking with your neighbourhood police officers as well as your local councillors.
Do you consider the number 13 unlucky? You might do if you’re getting your number 13 home valued. Yes, even door numbers can significantly affect the value of a house. According to property website Zoopla, homes with the number 13 can be worth considerably less than their identical neighbours. It’s not just the buyers who are superstitious either. A large number of streets in the UK are actually built without number 13 homes. There’s no need to worry about the other odd numbers though. Research has shown odd house numbers are worth more than even numbers, while number 1 is the best-selling address in the UK.
Energy Performance Certificates provide an indication of how much you may pay in energy bills. These energy efficiency ratings have grown in importance considerably during the past few years. Homes with a low rating are far less appealing to buyers who may see the possibility of expensive bills when they move as reason for putting in a reduced offer. Insulating the walls and roof, installing a new, more efficient boiler, and ensuring all your windows are double or triple glazed are ways in which you can improve your EPC rating.
No transport or schools
Parents will always want what’s best for their children, and that includes a thriving education. In fact, one of the first things potential buyers will look at when sizing up a new home is what the schools in the area are like. If the ones around you have been receiving poor Ofsted reports this could be reflected in decreasing property prices. Lack of transport links could have a similar effect. Bus routes, nearby train stations, easy motorway access; these are all factors that could make a property more desirable to buyers.
The volume of traffic in and around your neighbourhood can be detrimental to a property’s value for two reasons. First of all, noise pollution. A house located near to a busy main road could be subjected to the sound of motorists morning, noon and night. Secondly, negotiating that traffic every morning on the way to school or work is hardly going to appeal to a prospective buyer. The amount of parking available is another factor that also needs consideration.
The only thing predictable about the ‘great’ British weather is the fact it’s going to rain, a lot, and often. Homes that have been flooded, or are at serious risk of flooding, can see their value sink significantly. This is partly due to the increased cost of insurance. Flooding is a common problem in the UK so when you’re coming to sell don’t think you’re on your own. Be up front. Honesty is always the best policy, and you may find that talking the issue through with a potential buyer helps ease their concerns. Making a property more flood resilient – i.e. fixing flood-boards to your doors and windows – is also a sensible move.
Neighbours from hell can be a nightmare while you’re living in a property. They can become even more maddening when you’re trying to sell. Neighbourly disputes come in many forms, from rowdy house parties to high hedges, and are easily one of the number one reasons for dragging a house value down. Potential buyers might pick up on any next-door tensions during a visit to your property or while driving around the area. But even if they don’t, sellers are obliged to disclose any issues they have had with their neighbours, during the selling process. Failing to do so could land you in hot legal water down the line.
Outstanding house issues
It can make a lot of sense for sellers to have a building survey carried out before a house goes to market. This cuts down the chances of being hit with a nasty surprise at the end of the buyer’s survey, giving the seller plenty of time to put any issues right. Structural damage and Japanese knotweed are two of the issues that can be unearthed through a survey. A home affected by either one of these would see potential buyers coming in with offers under the asking price.
Pets at home
Just because you love your little furry bundle of joy, it doesn’t mean the people next living in your house will. The sight of a pet in somebody’s home can actually put a person off wanting to live there. And no, it doesn’t matter how cute they are. That’s why it’s wise to remove all evidence of your pets before showing a potential buyer around the property. Pets can also leave strong odours behind so ensure your house is smelling nice and clean before opening the door to visitors.
Looking for a quick sale?
At Hull Cash Buyers, we don’t care what condition your property is in, or how many pets you have.
One of our local property experts will come and visit home for a free, no obligation consultation, and following that you will receive an offer within the hour.
For more information, or if you have any questions, contact our team who will happily deal with any queries you may have.