Homeowners always want to get the best possible price for their home, but there may be a number of reasons why this isn’t the case.
According to NAEA Propertymark, there are several things which can potentially devalue a property that homeowners aren’t aware of.
Here at Property Investor Today, we outline NAEA’s key factors that its members have experienced as having a negative impact on a property’s value.
It’s common to design your home to suit your personal taste. However, if your taste is particularly bold or colourful, NAEA recommends redecorating before you start to market your home.
Modestly decorated homes are typically the most desirable for prospective buyers. This is because homeowners can easily see how their own belongings would fit into the space without any distractions.
Condition of property
It might sound obvious, but the condition of the property is an important factor for buyers – particularly those who want a property that’s ready to move into without having to break the bank doing it up.
Issues such as cracks in walls, damp, poor roof condition, a tired boiler and single-glazed windows can have an impact on the value of your property and interest from buyers.
Before marketing your property, make sure it’s presented in the best way possible. Everything should be clean, clutter should be tidied and any outstanding DIY jobs should be finished.
If a home smells fresh and clean, it has a much greater chance of selling quickly, NAEA says.
Swimming pools aren’t usually considered an attractive house feature, mainly because they won’t get a fair amount of use in the British weather.
They’re also expensive to maintain and use up a lot of space – making them a lot more fuss than they’re worth and a turn-off to potential buyers.
If your property has an outside swimming pool that is run down, consider filling it in. If it is in great condition, though, then think about selling your home in the summer when your pool is up and running and looking its best.
Planning permission and building regulations
If you have had any works carried out while you’ve been living in the property – such as extensions or conversions – make sure you’ve obtained appropriate planning permission and building regulations, and have access to these documents.
If you haven’t got the right documents, you may find that you have to pay for them retrospectively before agreeing a sale.
If you have two identical properties, one that is bright and one that is dark and dingy, nine times out of 10, the brighter one will be worth more because it appears more desirable.
If you’ve planted lots of bushes and trees close to the windows, these may affect what buyers think, while frosted glass windows or netted curtains can also have the same effect.
This invasive plant is more common than you think, and is able to damage the foundations of your home, significantly devaluing it if it’s at risk of subsidence as a result.
NAEA advises that if you think you can see any in your garden, call a professional to excavate it as soon as possible.
“The house-moving process is undoubtedly stressful, so it’s important to know what could add value to your home and what might detract or even completely put off potential buyers,” Mark Bentley, president at NAEA Propertymark, commented.
He said that sometimes the improvements and changes made might make the property less attractive to buyers, so it’s worth taking stock and making any necessary alterations and making any necessary alterations to improve the chances of securing the home’s asking price.
Bentley concluded: “You can ask friends or family for their honest opinions, or your estate agents can help advise on any small changes you may want to make before placing your home on the market.”