November, 2022
If you’re looking to sell your home, of course you’ll want to achieve a sale price that matches your property’s valuation.
But whether or not you can achieve that could be affected by a whole host of issues that could devalue your property.
Here, we’ll explore some of the things that could affect your property’s value…
Removing a chimney breast can create more space and more space usually means more value.
However, if you’re lucky enough to live in a London period property, there are other factors you should consider before removing a chimney breast.
If removing a chimney breast will mean losing period features in your home, such as Victorian or Edwardian fireplaces, consider how this could affect the saleability of your property.
Think, also, about the people who would potentially want to buy your home in the future. Would they want a traditional fireplace, or would they prefer to have more square footage?
Subsidence can be scary as a homeowner and there’s no doubt that properties with structural problems do suffer drops in value.
However, underpinning is the process used to fix subsidence and structural issues, so purchasing a property that has been underpinned should be no problem for most buyers.
Some people may be put off by a property with a history of structural issues, even if those problems have been rectified – and this could potentially reduce the value of your home in the eyes of those buyers.
Converting your garage into additional inside space is a big decision.
And depending on what any potential buyer is looking for, it could add value to your home or reduce it.
Before converting your garage space, consider:
Conservatories can be great ways to add extra square footage to a property.
But if your conservatory was built decades ago and has seen better days, you could actually increase your property’s value by removing it.
Conservatories that add value are:
Conservatories that could reduce your property’s value are:
Smoking indoors could devalue your home by up to 29%, according to estimates.
That’s potentially a huge amount of money – and it’s easy to see why this is the case.
Smoking in your property:
Whether or not an outdoor swimming pool devalues your property may depend on when buyers view it.
The sight of a swimming pool on a baking hot day in July could peak a buyer’s interest – especially if no other properties in the area have pools.
However, a swimming pool in January could be seen by buyers as an expensive and time-consuming luxury – not to mention something that takes up valuable garden space. It’s estimated that a swimming pool costs between £5 and £10 a day to heat and keep clean with chemicals, so it’s expensive, and this can be a turn-off for buyers.
Extensions can sometimes be areas of dispute between neighbours.
Even if a neighbour is granted planning permission for a large extension, it can be off-putting for buyers if they fear overlooking or a lack of sunlight.
Here are eight other things that could be affecting your property's value...
1. A lack of kerb appeal
As a buyer, there's nothing more disappointing than turning up for a viewing and seeing an un-kempt, poorly cared-for property. Even if a buyer can find a way past the rubbish and leaves on the pathway and peeling woodwork, it's unlikely they will want to pay full price for something that will need a great deal of their own tender loving care.
2. Poor decor
While you might love the 'nostalgic' decor of your home, orange carpets and kaleidoscopic wallpaper aren't for everyone. Even though decorative changes don't often break the bank, buyers will look at your asking price and factor in your 'unique' decoration before making an offer.
Make sure your home is decorated to appeal to a wide range of buyers - or at least that it’s neutral, meaning a blank canvas for its next owner.
3. Your neighbour’s property
Even if your property is the most pristine in the street, if your neighbour's home doesn't match it, it's likely to affect your property's value.
Of course, you can't really change your neighbours, but you can help spruce up their property.
If you're out mowing your front lawn, or pruning hedges, offer to do the same for your neighbour - you'll be boosting your own property's chances of a sale and your neighbour will be grateful.
4. Poor schools
School catchments are always high on the wish lists of families looking to buy a new home.
So, if your property sits in the catchment area of a poor-performing primary or secondary school, it is almost certainly going to affect its value.
On the other side of the coin, being in catchment of a 'Good' or 'Outstanding' school can boost your property's value substantially.
5. Poor cleanliness and smells
Vendors who smoke or keep pets will always have to work hard to remove bad odours from their homes.
And the truth is, doing so completely is almost impossible.
Unfortunately, smells like these or poor cleanliness can really drive down your property's value, as buyers will find it hard to look past these issues when viewing.
6. Bad energy efficiency
Buyers in this day and age are far more environmentally friendly than any other buyers before them.
They place energy efficiency high on their property wish list, also, because most like to know that a property will not cost too much to run.
So, if your property's single glazed windows and poor insulation are driving down its Energy Performance Certificate (EPC) rating, they'll also be driving down its value.
7. Traffic and noise pollution
If your property is on a busy through-route or has a train or Overground line running close to it, it could affect its value due to increased noise and vehicle pollution.
8. Economic changes and legislation
This one, unfortunately, is out of your hands to an extent.
Economic uncertainty can often have a negative effect on property prices. Changes to regulations regarding things like Stamp Duty can also have a positive or negative effect.
The only thing you can do to negate these issues is time your sale appropriately when sellers have a degree of control and buyer demand is high, as this can help maximise your property's value.
If you are thinking of selling your home and want advice on what to do to maximise your homes full value, please feel free to contact us on 0121 430 4448, or email us on enquiries@hshhomesofsolihull.co.uk.
