What brings down the value of a house?

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TPFG

2 months ago - 22-04-2019

Anyone selling their home would want to achieve a sale price that matches their own valuation.

But even after adding value to your home, a huge number of properties still fail to sell for their asking price.

And while much of a property's value can depend on market conditions, there are a host of other issues than can bring down the value of a house.

Here are nine things that could be affecting your property's value...


What devalues a house?


1. 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.

It's an immediate turn-off.

And even if a buyer can find a way past the rubbish and leaves on the pathway and peeling wood-work, 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.

And 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 or buyers - or at least that it is neutral, meaning a blank canvas for its next owner.


3. Your neighbours

"Everybody loves good neighbours" according to the well-watched Australian soap opera.

And regardless of whether your property is in London or Erinsborough, that statement rings true.

So, while your property could be 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 changes 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 the scent of cigarettes or dogs 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

While most London home buyers will want to be near an Underground station or bus stop for an easy commute to work, they'll also be mindful of pollution caused by traffic and noise.

So, 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.

It's very much a case of being 'close' but 'not too close...'


8. Economic changes and legislation

This one, unfortunately, is out of your hands to an extent.

We've all seen how recent economic and political uncertainty fuelled by the UK's exit from the Eu-ropean Union has affected property prices in London.

Changes to regulations regarding things like Stamp Duty can also have an effect.

As a seller, 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.


9. An unsavoury past

It's probably likely that you didn't do any extensive research into your property's history when you purchased it.

Most buyers don't.

After all, why would you?

However, if your buyer does do their due diligence and discovers your property has a grizzly past, perhaps where murders were committed or other serious crimes, this can really eat into your property's value.

As an example, 23D Cranley Gardens in London's Muswell Hill sold in 2013 for more than £100,000 less than other properties in the plush street.

Why?

Because serial killer Dennis Nilsen murdered three people inside the top floor apartment in the 1980s...


If you're unsure of what your home is worth, download your free instant online valuation now or speak to your local Ellis & Co office.



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