Where is Your Property Losing the Most Value?
With reduced stamp duty rates and low-interest mortgages, the housing market is booming. So, how easily can you increase the value of your property or a prospective purchase?
Clean up and recuperate £7,762 in property value
Messy rooms can reduce the value of a property by 3.4% (£8,000) for the average household. A cluttered, dirty house fails to provide a clean slate to viewers, so they can’t imagine their furniture and family in the property, resulting in this price drop. Floordrobes and dirty rooms also suggest a lack of maintenance and care. When selling, take the time to clean and tidy, or hire a deep cleaning service if you’re tight on time – you could regain £7,762 in value after expenses.
Unpopular interior tastes aren’t just sore on the eyes
Out-there interior stylings have a massive hit on property value, knocking 10% (£23,783) off of the average household price. While you may want to keep your styling touches up until the sale, most people will need to redecorate the home, so will factor that money and time spent into an offer. Viewers might also be reluctant to buy the property as a more neutral house helps people imagine themselves living there.
The fix for this isn’t too expensive, however. Professional painting and decorating of a three-bedroom house maxes out at around £3,100 – a small price to pay for a 10% increase in property value. Select pale neutral colours to amplify the size of each room and to brighten naturally dark rooms.
Visible vermin control is visibly off-putting, but the cheapest fix
If vermin control is out when people are viewing a property, most buyers will run for the hills. A fair buyer could reduce the asking price by £4,500 – the cost of rewiring a house if rats have gnawed through the electrics. However, this issue has the cheapest cost to fix on the list.
Instead of littering the front yard and garage of a property with mouse traps, hire a pest control specialist to deal with the problem. Day rates are just £200 if the infestation is severe, while most jobs should take no more than three hours. Regaining a value of £4,300 after that expense (and a much better quality of life) make this fix a no-brainer.
Damp and mould can knock 20% off the value of a property, but the treatment can be cheaper than you think
One of the most visible signals that a house needs work is mould and damp on the walls. The health danger and poor maintenance indications that mould gives results in a considerable loss of 20% (£47,566.80) when trying to sell a property. However, proper treatment can cost below £2,500 for the average three-bedroom property, resulting in a recuperation of £45,067.
David Trivett, Marketing Manager at Allerton Damp Proofing, has this to say: “Mould and damp don’t always point to as severe an issue with a property as people often assume. Sometimes the problem can be due to a few loose roof tiles resulting in a leak.
“However, more severe issues, such as cracks in walls or established timber rot resulting from an untreated leak can cause the costs to pile up.
“Whether you’re looking to sell or not, address any damp/mould as quickly as possible, to reduce the chances of any severe issues unfolding. If you’re buying a building that contains mould or damp, have a property survey carried out, which should ensure no unforeseen costs accompany your new home.”
Avoid a property with Japanese knotweed
If you’re looking to purchase a fixer-upper, avoid any property with Japanese knotweed. This invasive plant burrows into the foundations of buildings, affecting structural stability, and costs £10,000 to repair – the highest cost fix on this list.
This weed can not only have a significant impact on value, knocking 10% off but can also permanently reduce the price of the building if its roots are deep enough. Therefore Japanese knotweed could be the only issue on this list where the value of the fix isn’t recuperated.
If you are concerned that you may have a Japanese knotweed infestation, get it treated promptly, as it can grow up to 10cm per day. Furthermore, there is legislation ensuring that you must disclose this issue if you are selling the property, as mortgage lenders may be hesitant to support the sale.
Regain 20% (£47,567) of your property’s value for just £694
With a cost of just £694 for re-turfing and building a shed in your garden, you can see a return of 6754%, recuperating £46,873. Fresh, healthy grass adds kerb appeal to your house, while 82% of property experts and estate agents agree that a shed adds the most value to your property.
David Truby, Spokesperson for Greensleeves Lawn Care, has this to say: “A well-manicured lawn is a key factor in the kerb appeal of your house. This time of year, we see plenty of gardens that are waterlogged and muddy – more akin to Glastonbury than a front lawn.
“Even though we’re heading into colder months, potential buyers will imagine themselves in the garden in the summer, and this will factor into any offers they give. Take the time to maintain your lawn well in advance of any viewings – a quality garden doesn’t grow overnight.
“I’m not surprised that a poorly kept garden can lose 20% of the value of your house – the level of care you put into the outside of your property makes a decisive first impression for buyers. In fact, 58% of potential buyers can be turned away by an unkempt front garden.
“At this time of year, scarify, aerate, and regularly rake leaves from your lawn for grass that’ll last through winter. View our lawn care schedule for the best practises of each month heading towards the end of the year.”
So, there we have our roundup of where your property could be losing the most value. The solutions and estimates provided will give a good indication of the time and money that each of these problems requires. If you’re considering buying a property to renovate, don’t be put off by some of these issues, as a few quick fixes can see a massive return on investment.
If your property has damp or mould, request a free damp survey, and check out the full list of services that Allerton Damp Proofing offer. Also, consider our 0% finance plans to help spread the cost of the work required.
See the full results here: Where Is Your Property Losing The Most Value?