Most homeowners focus on increasing their property’s value, but they often overlook things that can devalue their home. You shouldn’t overlook maintenance issues rather than just adding new features.
Here are some factors that can decrease your home’s value.
Table of Contents
1. Dated Furnishings
Achieving a timeless design takes hard work and an eye for classic style, but not everyone possesses that talent. The home improvement industry profits from pushing trends and fads, which creates a never-ending cycle.
While some people buy once and rarely redecorate, maintaining and improving your home is essential for preserving or increasing its value. If you want a worry-free design, aim for timelessness. However, if you want to enhance your home’s value, upkeep and improvements are imperative.
2. Japanese Knotweed
Japanese Knotweed, imported into the UK in the 1850s, resembles bamboo and grows rapidly. This invasive plant can cause Structural Damage by targeting weak building structures as it aggressively grows. Its deep roots can lay dormant for up to 20 years.
Local authorities deny planning permission on infested sites, and mortgage lenders refuse loans on affected properties.
3. Structural Damage
Structural Damage to your home should never be ignored. Dealing with it promptly because one problem can lead to another, resulting in higher expenses.
Estate agents will factor in these issues when determining the price and will inform potential buyers. There are many signs of structural damage, which can consist of:
- Wood worms
- Sagging or leaking roof
- Wall and ceiling cracks
- Uneven floors
- Damp
- Wood rot
- Crumbling concrete
- Ill-fitting doors and windows
- Exposed gaps between walls
Don’t forget about your outbuildings, such as conservatories, extensions, and orangeries. Any structural damage could lower the value of your home.
4. Pets
If you have a lot of furry friends spilling out of your sofa, you could get up to 5% off the asking price for your House. Pets like dogs can also cause damage from scratching, biting, and tracking muddy paw prints on your floor.
Pet odour is the biggest deterrent for potential buyers. The smell can be costly to clean and may require new flooring and furniture.
5. Challenges with the Area
The price of your house is greatly influenced by the area you live in, regardless of its features or perceived value. Even if you have a large home, an undesirable neighbourhood can diminish its value.
Here are a few things that can affect house prices:
- Buyer demographics– If your target audience consists mainly of commuting working professionals and you have a four-bedroom house, it may not appeal to them.
- Competition – If you possess a four-bedroom house and a housing developer wants to build 50 more four-bedroom houses next to yours, you will face increased competition.
- Low school ratings – Buyers are willing to pay to live in areas with good schools because they want their children to have access to quality education. The quality of schools in the area can also impact the price of your house.
- Environmental pollution– Living near an industrial area such as a factory or polluted area can impact the price of your house. This is a recent consideration that has gained importance. Equally, living near a busy, noisy road can put off buyers.
- Noise pollution– Motorways and train lines can be noisy, and homeowners often desire peace at home. The presence of a new or existing road or train line near a property can impact its value.
6. Economic Influences
The economy plays a huge part in the affordability of homes. First-time buyers are unable to purchase if there are high interest rates.
Buyers are also worried about falling house prices.
So what do you do if you need to sell now?
Not being able to sell your House keeping You Up at Night?
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