If you’re wondering how much your home is worth, new research suggests there could be a list of turn offs decreasing your home’s value. Here are some to consider…
1. Evidence of Pets
Pets can cause damage to a property in a number of ways, from scratching doors to leaving hair and odours – all of which, a buyer won’t want to find in their new home. Evidence of pet damage can impact your property’s overall price by an estimated 4% and decrease the value by over £10,000.
Woodworm is the wood-eating larva of many species of beetle, they cause damage to timber that can seriously compromise its structural integrity. If evidence of woodworm is found, your property’s value could fall by an estimate of £1,273.
3. Nuisance Neighbours
Many people would agree that ending up with nightmare neighbours is a worst-case scenario. Rowdy, loud or abusive behaviour is off putting to almost everyone and signs of these types of neighbours will lower your property’s value by at least 10%. And factored into today’s average house price, this means bad neighbours will cost you £27,376 off your house’s overall value.
4. Poor Upkeep and Overgrown Gardens
Although poor upkeep and an overgrown garden are resolvable issues compared to others on this list, many buyers will take one look at an overgrown lawn and a gutter clogged with leaves and decide that the property is a no-go. These factors could reduce the value of the home by as much as 14% on average, or £36,000.
Subsidence is the term given for ground beneath the property gradually or suddenly starting to sink or settle, affecting the foundations. Tell tail signs are 3mm cracks in the walls or ceilings, with the crack wider at the top than the bottom. Wallpaper crinkling and doors not shutting due to misshapen frames also suggest subsidence. This is a serious fault as the losses could total as much as 20% of your property’s value, which based on UK average house prices, equates to £51,000.
6. Parking issues
A convenient and secure parking space continues to be one of the most important things for prospective buyers, which is why a safe and private parking space can increase the value of a home by as much as £22,500 while the absence of a parking spot will strip 7%, or £19,500 off the value.
7. Untidy, Messy, Dirty, Cluttered
You wouldn’t show up to an interview with bed-hair and unbrushed teeth, so you should never present an untidy or dirty home to a valuer or prospective buyer. First impressions are everything, and if your home leaves a bad one due to clutter and mess, it could cost you 11% of your home’s potential market value (£11,000).
8. Japanese Knotweed
Reynoutria Japonica, also known as The Japanese Knotweed, is an invasive species and reduces the value of a home by 15%, a drop of just over £38,000 for the average UK home. Although not dangerous to humans, the Knotweed is considered a destructive plant because it can grow up to 10cm in a single day and overcome native vegetation rapidly. Its invasive root system and strong growth can also cause severe damage to concrete foundations, buildings, flood defences and paving. This plant is extremely difficult to eradicate, and once its presence has been discovered, the seller is obliged to report the plant’s presence on their Property Information Form when selling the property.
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