The Property Nightmares That Can Knock The Value Of Your Home
They say you can fall in love with a property in under seven seconds. However, newly released research from Yes Homebuyers shows how you could be in trouble if you can’t see significant issues with your new home. Many things factor into how much your home is worth, such as the location, the square footage, the school district and the number of bedrooms and bathrooms. Although several of those parameters aren’t easily changed, some are under a homeowner’s control.
Britons love dreaming about their future homes, especially when it comes to redecorating. But sometimes, even Britons’ dream houses can be impacted by property issues beyond their control. Japanese Knotweed, subsidence and flood risks can all have a significant impact on property value.
Research by home buying platform, Yes Homebuyers, looked at 11 of the most common property nightmares, how much they can devalue your home, and what it costs to remedy them.
Subsidence came out on top as the number one property issue.
Subsidence is the number one nightmare for homeowners, and any structural damage is likely to deter buyers completely. If it doesn’t, you can expect to see your property devalued by as much as -20%; that’s over £50,000 on the current UK average of £251,500.
Japanese Knotweed is the most commonly covered homeowner nightmare and comes in a close second, with the destructive plant causing a -15% drop in the value of your home. That’s nearly £38,000 wiped off when you come to resell if you don’t get rid. Click here to learn more about selling a house with Japanese Knotweed.
While we all search for good connectivity in this modern age, living too close to a powerline, mobile phone tower, or wind turbine can be a bad thing when we come to sell. When it comes to selling your home, if one of them has been erected nearby, you could see the value of your home drop by as much as 13 per cent (£32,695). Similarly, a new power station within view can also cause a -5% drop in the value of your home.
Living in a known flood risk area with the potential risk of water damage could see the value of your home fall by around £25,150 (-10%).
Not maintaining your garden is also another deterrent for buyers. An untidy garden could reduce the value of your home by as much as 8.2% (£20,623) of your home.
Other more minor structural issues ranked as the next biggest nightmare, causing a 5.4% reduction in value (£13,581), while nuisance neighbours can also see your property fall by -5% in value (£12,575). To have someone nice next door can positively affect a home’s price by 9.4%, or £19,856.
While a pain to rectify, damp (-1%), asbestos (-1%) and woodworm (-0.5%) have a far lower impact on the value of your property.
In the most serious cases of subsidence and Japanese Knotweed, homeowners can see thousands wiped off in value, and this can also be the case for external factors such as new mobile phone towers and flooding. These challenges can not only reduce the value of your home but can also make it a struggle to find a buyer at all.
Contact me today and see how I can help you with your home and move.
Liana Loporto-Browne MNAEA President.
020 8265 5028