When selling your home, it's always nice to know what you can do to make it stand out and ensure there's nothing to put off your buyers that can devalue your property.
New research has revealed the biggest homebuyer turnoffs, from subsidence to smelly dogs, and the financial consequence they can have on the value of a home. Mount & Minster are pleased to share these as follows and, based on the average value of a UK home at the moment being £255,000, the financial loss associated with these issues:
1. Subsidence: 20% Decrease - Subsidence refers to situations when the ground beneath a property is sinking, pulling the foundations of the home down with it and it’s estimated that it can reduce the value of a home by an average of 20%, or £51,000 based on the average house price.
2. Japanese Knotweed: 15% Decrease - Knotweed is a destructive plant that can grow up to 10cm in a single day. It can cause severe damage to the structural integrity of a property and thus reduces the value of a home by 15% - a drop of just over £38,000.
3. Poor Upkeep: 14% Decrease - If a property is suffering from poor upkeep or the garden has been allowed to overgrow it could reduce the value of a home by as much as 14% on average, or £36,000.
4. Neighbouring Infrastructure: 13% Decrease - If new power lines, mobile phone towers, or wind turbines are planned nearby to your property, especially if visible from the house itself, buyers are going to be far less inclined to pay top price for your home. Typically, such a scenario can see an average of 13%, or £33,000, wiped off in value.
5. Risk of Flooding: 10% Decrease - If there's a history of water damage or the Environment Agency considers it to be in a 'high risk' area, this can have a detrimental effect on the chances of getting insurance, or putting your premium up. This will reduce the value of the house by 10% (£25,000)
6. Lack of Parking: 7% Decrease - It's always nice to have the convenience of your own parking, but even plenty of on-street parking directly outside your home is a must for some. With electric cars being more popular year-on-year, the ability to charge these is becoming a big factor when decisions are made by buyers. Lack of parking will reduce the value of your home by £18,000.
7. House Number: 6% Decrease - Believe it or not, if your house is numbered '13' then you're likely to achieve a lower price than an identical home next door! Unlucky numbers and poorly considered house names will put some buyers off, reducing the price achievable by just over £15,000.
8. Power Stations: 5% Decrease - If your property is located near to a power station, this is going to have to be taken into account when deciding a price. Buyers prefer not to live near such structures, but some will compromise for a reduction in price for a comparable property to the sum of £13,000.
9. Pet Odours: 4% Decrease - A house is never really a home without that extra member of the family running around on four legs! Unfortunately, dogs can leave smells that you as a homeowner wont know as you get used to them over a period of time. Ask a friend if it smells and if so, by making the effort, you can save yourselves the reduction of £10,000 associated with smelly pets.
10. Clutter: 4% Decrease - The last on the list is easily fixed. Too much in a house is poor for the photos, looks too busy when your buyer is looking round and just looks untidy and unwelcoming. Clutter can be either thrown away or boxed-up and put out of site in the loft or garage. Less is more! Cluttered homes will sell for £10,000 less so well worth the effort. You might like it, your buyer wont!