In May 2020, the Bank of England feared that property prices would fall because of the pandemic, but in fact the exact opposite happened. The sector not only survived but thrived and in January 2022, the average house price jumped to £276,759 which is a record high.
We are confident that it will continue to be a sellers market and advise buyers and sellers to put themselves in a strong position to obtain the highest possible prices. But there is still room for improvement and there are still things that can reduce the value of your property that you may not be aware of.
A messy exterior
Kerb appeal is one of the most important things when it comes to selling your home fast. Failing to give your home that “kerb appeal”, potential buyers may not be interested to book a viewing and walk through the door. According to a survey by Barclays Mortgages, house hunters take just 10 seconds to decide whether they like a property from looking at its exterior façade. Interestingly, the research found that 44% of people said they would try to knock between 10% and 20% off a property’s asking price if it looked unappealing from the outside.
As a result, it is a good idea to tidy up your homes exterior to make sure it’s looking its best. This may include adding a fresh lick of paint, adding a potted plant or hanging basket, mowing the lawn, washing any windows and removing bins from the front of your home.
Bathroom renovation
While many interior designers will tell you that shower only bathrooms are the way to go, buyers may be put off of a property without a bath. With relaxation and self-care being at the top of our wishlist, prospective property purchasers are often less than impressed by bathless bathrooms.
Even if the property isn’t devalued by removing the bath, the simple fact that so many people, especially families with young children, still enjoy a long soak in hot water means you’re likely to slow down your sale when the time comes to move on. Getting rid of your bathtub could narrow your buyer pool considerably, so be sure to take your property’s future target market into account before you get rid of your bath.
Illegal home improvements
It goes without saying, if you want to undertake any home improvements that require permission from your local council, then you should definitely be getting that approval. In the event that you haven’t sought out approval for work done to your home, this could cause issues when you try to sell it and reduce the value of your property.
For example, if you’re looking to sell a four bedroom house but only two of those rooms were council approved, once a buyer finds out, they’ll be able to renegotiate the price based on this, or even pull out of the contract all together.
Bold colours
Keeping the two main selling points of any home – the kitchen and bathroom – relatively neutral will stand you in good stead when it comes to maintaining value and pleasing the greatest number of potential buyers when you come to sell. Bold colours are always a personal preference but may not be to everyone’s taste. Greys, cream and beiges often give people the plain canvass they require to the put their own mark on it.
Odours
Although we all love our furry friends, the associated odours that can come with this responsibility is not one which all enjoy. It’s important to ensure your home doesn’t smell of cat or dog – it’s also easy to become accustomed to the smell, so bring in an impartial friend who will tell you the truth. Be mindful that other odours can make for an unpleasant environment as well – look out for leaking drainage, damp and slow drips from cisterns.
For further details on things that can reduce the value of your property, please contact us here.
