Top tips to dent curb appeal
Top tips for high-net worth homeowners to dent curb appeal and dodge mansion tax
The latest analysis by London lettings and estate agent, Benham and Reeves, has revealed how high net worth homeowners could, in theory, dent the curb appeal of their property in an attempt to mitigate the impact of last week’s Budget announcement, which introduced a new annual tax on homes valued above £2m.
Benham and Reeves analysed a range of exterior home features known to negatively impact a property’s market appeal and estimated what each could do to the value of a £2m home. While largely tongue-in-cheek, the findings highlight how even minor visual changes can materially influence perception and, by extension, a property’s valuation.
The research shows that something as simple as choosing an unpopular front-door colour could trim an estimated 0.8% from a £2m valuation, equivalent to £16,000. More intrusive choices, such as installing artificial grass, could reduce perceived value by around 5.2% or £104,000, while removing a driveway altogether could dent desirability by an estimated 6.8%, wiping £136,000 from the hypothetical value.
Further down the scale of curb-appeal catastrophes, an abandoned car on the drive could account for a 7% decline or £140,000, while a neglected garage could reduce value by approximately 7.5% or £150,000. An untidy garden, one of the clearest red flags for prospective buyers, was found to have the potential to shave 8% or £160,000 off a £2m valuation, while unpainted brown pebbledash could reduce perceived worth by 10% or £200,000.
More substantial eyesores have an even greater effect. Ageing ponds or dilapidated swimming pools could cut value by an estimated 10.7%, amounting to £214,000. Parking a caravan or camper van prominently in the front garden could result in a 12% decline, equivalent to £240,000.
Director of Benham and Reeves, Marc von Grundherr, commented:
“Last week’s Budget announcement has certainly sharpened the focus of homeowners whose properties sit around the £2m mark, so we thought we’d take a more light-hearted look at what ‘reverse renovations’ might do to bring that valuation down a notch. From pebbledash to abandoned motors, it turns out there are plenty of ways to put buyers off before they’ve even stepped through the door.
And for those determined to really commit to the bit, you can always take it a step further. Cook a Friday fish supper every day of the week, make sure your dog greets visitors with the sort of enthusiasm normally reserved for the postman, and you might just create the sort of first impression that no surveyor could possibly overlook.
Of course, the reality is that trying to manipulate your home’s value in this way is neither sensible nor advisable. What this exercise does show, however, is how sensitive the market can be to cosmetic condition. If anything, it reinforces the importance of good presentation when selling, regardless of what the tax landscape might look like.”
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