10 Things that can Devalue your Property:
Via misguidance, neglect or maybe even outside of your control, there are many situations which can cause a devaluation of your property. Usually a consideration when it is time to sell, the monetary value of our homes are of importance. As a home / property is usually going to be the biggest spend we ever make, the upkeep and maintenance, renovations and enhancements all need to take place with the greatest of care as simple mistakes can cost £1,000’s.
For this article, we us assume we are about to place our property on the market and we are preparing things for that all important valuation and subsequent viewings.
Poor Maintenance: From dampness to missing tiles, a potential buyer will be adding up their reduced offer upon spotting glaring issues with your property. Poor maintenance can give buyers the impression that your property hasn’t been cared for, and that there might be further hidden issues to be uncovered.
Poor Additional Works: From extensions to outbuildings, have you had work done that wasn’t particularly of standard and might be more hassle in putting right than the added value they have put onto your property? Have you had any unapproved work / renovations?
Personal Choices: Have you added a swimming pool, converted a spare bedroom into wet room or decided to pave over that lawn which you begrudged mowing every week in the Summer? What was convenient for us, might not be the average convenience to others and might be an added cost to put right / remove.
Out of date: Have you been putting off that kitchen refurbishment or holding on to the bright pink bathroom sweet?
Too much Clutter: Space is of great importance to buyers, do not give the impression that your property lacks space – Do your best to declutter your property prior to accepting viewings.
Smoking / Pets: Both smoke and pet smells can linger and might require that a complete redecoration is required to include carpets, costly devaluation!
Neighbours: It’s not just nosey neighbours we should be concerned about, but those that are noisy and messy too. All it takes is a problem neighbour to enter your road and house prices can take a dive and give any potential buyer a great off-putting.
Location: Maybe your location was grand several years ago, but these days the councils have been neglecting the upkeep and highways have been collecting their pothole quotas. A location can also be valued on it’s schooling / crime / transport links / shopping and more.
Weird and Bizarre: Superstition such as house / street names and numbers. Has there been reports of ghosts?
Bad Estate Agents: A poor service received from an estate agency can also devalue your property, Incorrect valuations, poor marketing practises and unwelcoming staff can off put offers and also give your property a negative feeling.
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