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Are these factors devaluing your home?

BY Ian Russell

5th Dec 2022 Property

Are these factors devaluing your home?

By considering a number of possible devaluing factors, your property won't lose value unnecessarily and will be ready to sell at the best price possible 

One of the best things about owning your own home is having the freedom to furnish, decorate and alter the layout as you choose. However, while you may love the way your home looks, potential buyers may not be quite so impressed.  

In this article, we’re going to be looking at some of the things which could devalue your home when it comes time to sell.  

Tired interiors 

With ever-increasing living costs, there’s a good chance that you don’t have any spare cash for renovating your home—but this could cost you big in the long run.  

"Tired and outdated interiors, particularly kitchens and bathrooms, can significantly devalue your home"

Tired and outdated interiors, particularly kitchens and bathrooms, can significantly devalue your home as a surveyor will factor in the probability that a potential viewer will want to redecorate which, of course, will cost them extra cash.  

Energy rating 

These days, everybody is getting all hot and bothered about energy—in more ways than one.

Energy ratings

A low energy rating could decrease the value of your home

As we become increasingly aware of the need to conserve energy to protect our planet, more and more homebuyers pay close attention to the energy rating of a potential new property. The average rating for the UK is D and, if your rating is lower than this, you may need to work on this before having your home valued if you want to get the best price possible. 

Layout 

Many homes, particularly older ones, have what many modern buyers may consider to be an odd layout.

Small, unevenly shaped rooms, downstairs bathrooms and sole bathrooms with access only through a bedroom can all have a negative impact on the selling value of your home. Unfortunately, there’s little that you can do to remedy this without spending a significant amount of money, which may or may not balance the books.

Leasehold 

In the UK, most flats are bought and sold on a leasehold basis; ie, part of the property is leased for a set amount of time.

While this isn’t always a problem, if the time remaining on your lease is less than 80 years, this will make it considerably less attractive to a buyer and will, therefore, affect the selling value.  

Colour schemes 

It may be that you’re a lover of bright colours and bold patterns and this is reflected in your home. While this may provide a fun and comfortable environment for you and your family, chances are that a surveyor or estate agent will see nothing other than redecorating costs for a potential buyer, and will devalue your home accordingly.  

"While you may love the way your home looks, potential buyers may not be quite so impressed"

When it comes to decor, neutral is your best bet when getting the best price for your property.  

Tired exteriors 

If the exterior of your home is tired, untidy or in a state of disrepair, this can knock a good chunk of cash off your selling price.  

As unfair as it seems, it's not just your property that can devalue your home. If your neighbours’ properties are in an unkept state, this can also have a negative impact on the value of your property.  

Pets 

A dog may be man’s best friend but it’s no chum when it comes to selling your home. 

Pets

Damage and smells caused by pets could put buyers off

Damage, pet hair and pet smells can all send potential viewers packing, and knock more than a few quid off the value of your home.  

Defects  

If your home has a defect problem with either dry rot or Japanese knotweed, it may be worth dealing with this before getting a valuation.  

If these are present, the valuation will take into account the fact that the new owners may need to pay to have these issues taken care of, thus lowering the valuation price. 

Crime rates  

Many buyers, particularly those with children, will pay close attention to the crime rates in the area when choosing to buy a property.  

If your home is in an area with a particularly high rate of violence and drug crimes, this can, unfortunately, lower your valuation to a significant extent. 

Privacy

We all expect to have a certain level of privacy when at home and if your property has privacy issues, such as a direct view into your house or garden or a footpath running alongside the property, this can reduce your valuation price. 

Assess and improve 

Although some factors may be out of your control when it comes to your home being devalued, it's a good idea to fix the things that you are able to before booking a home valuation.

"You won’t need to spend a fortune in order to make sure your home is ready for its close-up"

Take a walk through your property and try to see it through the eyes of a stranger in order to identify any parts which could use improvement. In many cases, you won’t need to spend a fortune in order to make sure you're not inadvertently shaving pounds off the price and that your home is ready for its close-up. 

Ian Russell, BSc MRICS MCABE, is Director of Surveying at Houzecheck 

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