There are many things outside of a homeowner’s control that can negatively impact the value of a property. Issues such as Japanese Knotweed and subsidence can knock huge amounts off the value of a property due to the cost and difficulty of remedying.
However, it’s not just these horrors that reduce the market value of a home. Recent market analysis reveals there are also a number of simple things that can reduce a price substantially that are easily solved. These are the top ten problems that can reduce the value of your home.
An unloved garden - Value lost = -£40,906 (-8.2%)
If your garden is looking sad, unloved, unkept, messy and overgrown, it can ruin a first impression. Sellers need buyers to fall in love with a property and this starts the moment they set eyes on it, so showing them mess and mayhem can damage your chances of receiving a good offer.
It’s estimated that an out-of-shape garden can knock around 8.2% off a home’s value, which, based on current average house prices in Brighton of £498,860, would cost £40,906.
A messy home - Value lost = -£23,446 (-4.7%)
Again first impressions count. Tidying your home before potential buyers come to view it is the easiest and most basic thing you can do to achieve the highest possible price. It is estimated that an immaculately presented home can increase the value of offers by an average of 4.7%.
So on the flip side, if a house looks dirty and you miss out on this additional 4.7%, you’re waving goodbye to a possible £23,446.
Evidence of pets - Value lost = -£19,954 (-4%)
Despite being a nation of pet lovers the mess they leave behind. It’s not that pet hair is a huge turn-off, but it gives an impression of uncleanliness that potential buyers will fear runs through the rest of the property as well.
It’s estimated that the unwanted evidence of pets results in losing 4% of a home’s potential value, equivalent to an average loss of £19,954.
Outdated and scrappy decor - Value lost = -£17,460 (-3.5%)
If the decor of your home is a little rough around the edges, uncared for, or simply too far out of date, it can really harm the opinion of your prospective buyers. The poor decor is difficult to see beyond, and it also suggests that buyers will have to spend money to bring the home up to standard if they buy it. As such, you’re looking at lost value to the tune of £17,460.
Grimy bathroom and kitchen - Value lost = -£15,963 (-3.2%)
A grubby bathroom or kitchen can often give off the impression that a home has not been cared for. This is scary because it means there might be further issues of bad maintenance throughout the home. As a result, buyers reduce their offer by an average of 3.2%, which means the price you achieve could be £15,963 less than it should be.
Poor lighting - Value lost = -£15,464 (-3.1%)
When you have people coming to view a home it can be very off-putting if it’s dark and dingy because the curtains are closed or the windows are filthy, it makes the home feel gloomy and unattractive. If you get the lighting right, it’s believed to add around 3.1% to the value of your home, so get it wrong and you risk losing out on £15,464.
Damaged or scrappy windows - Value lost =-£14,965 (-3%)
Buyers look closely at the windows. They let in natural light, keep in warmth, and provide natural cooling for when the summers are hot. So if your windows look scrappy or don’t function properly, it’s a big turn-off and can lose you an average of £14,965 on the sale price.
Unwelcoming front door - Value lost = -£7,981 (-1.6%)
A dirty, damaged, or poorly maintained front door sets things off on the wrong footing. Doors should be welcoming and speak to the character of a home. So if it looks horrid and unwelcoming, you’re looking at potential losses of £7,981.
Unpleasant Odours - Value lost = -£6,985 (-1.4%)
Unpleasant smells, whether from pets, smoke, or other sources, can turn buyers away. Regular cleaning and airing out the home can help maintain a fresh and inviting atmosphere.
Visible Mould or Damp - Value lost = -£5,987 (-1.2%)
For all the press it gets, this one feels like it should feature higher up the list, but mould or damp patches can indicate serious maintenance issues, reducing value by 1.2%. Addressing these issues promptly can prevent further damage and reassure buyers of the home's condition.
It all sounds rather simple, but ensuring that your home looks and feels well cared for when people are coming to look does make a real difference when it comes to achieving the best possible price. All of these problems sound very menial and can cost you thousands if left unaddressed, but are not nearly as costly to sort.
A home is only worth what someone is willing to pay for it, so make sure you do everything in your power to make it feel as comfortable and attractive as possible.
If you're interested in knowing what your home is currently worth, and the best ways for you to maximise that value when you come to sell, please pop me an email to robert@eightfold.agency, or give me a call on 01273 672 999 (extension 1004).
For more information on current demand for Residential Property in the current market, see:
OnTheMarket: Buyers Market Shift
Rightmove: Asking Prices Hit New High
Property Reporter: Pent-Up Demand
Photo by Nolan Issac on Unsplash