What Decreases Your Homes Value
As a homeowner in the UK, it is essential to maintain your property’s value, especially if you are planning to sell and want the maximum valuation possible for your property.
Estate agents and potential buyers will value your home by comparing it to other similar properties in your local area and taking an average property value. Many homeowners overlook small home improvements that can be made to their home when selling property which can negatively affect the house price and property valuation by estate agents.
Some factors can decrease the value of your home, which can be detrimental to your sale or valuation price. In this article, we will discuss some of the most common factors that decrease your home’s value in the UK and how you can prevent them by making small changes to your home.
Table of Contents
Introduction
Poor Property Condition
Damp and Mold
Lack of Curb Appeal
No Off-Street Parking
Undesirable Location
Over-Personalisation
Noisy Neighbors
Old or Damaged Roof
Poor Energy Efficiency
Structural Issues
Outdated Kitchen and Bathrooms
Lack of Storage Space
Inadequate Lighting
Conclusion
FAQs
Poor Property Condition
A poorly maintained property is one of the most significant factors that decrease a home value. Issues such as peeling paint, broken tiles, and damaged walls can make your home look uninviting and less valuable. Keep your property in good condition by carrying out maintenance and repairs prior to a valuation and viewings.
Damp and Mold
Damp and mold can have a huge impact on your valuation, as it can be a sign of poor ventilation or water damage. These issues can make your property look unattractive, and in some cases, it can be harmful to your health. If you notice any signs of damp or mold in your property, it is essential to deal with them immediately by fixing the underlying cause and treating the affected area. If someone comes to view your property and sees mold, they are likely to either dismiss the property altogether or offer a reduced price to reflect the problems.
Lack of Curb Appeal
The exterior of your property is the first thing that potential buyers will see, so it is crucial to make a good impression. If your property has poor curb appeal, it can decrease its value and make it harder to sell. You can improve your property’s curb appeal by carrying out simple tasks such as cleaning the windows, painting the front door, and maintaining the garden. It is relatively inexpensive to cut the grass, trim bushes and shrubs and plant a few flowers.
No Off-Street Parking
In the UK, off-street parking is highly desirable, and properties without it can be less valuable. If your property does not have off-street parking, it can be a significant disadvantage, especially in busy urban areas. Consider adding off-street parking to your property to increase its value and make it more attractive to potential buyers. This can be an expense to yourslef initially, but property values are much higher with off street parking.
Undesirable Location
The location of your property can have a significant impact on property values. If your property is in an area with high crime rates, poor transport links, or noisy surroundings, it can decrease its value. However, if your property is in an area with good schools, transport links, and attractive surroundings, it can increase house prices. Consider the location of your property when making any improvements or renovations to ensure that they add value and don’t exceed the ceiling price of your home according to the area you live in.
Over-Personalisation
While personalising your home is essential to make it feel like yours, over-personalisation can be a turn-off for future owners. If your property has too many personal touches, it can be challenging for buyers to envision themselves living there. Consider toning down any over-personalisation before putting your property on the market. Ensure colours are kept neutral and on trend, having bright orange walls isn’t for everyone, personal pictures, photos etc are not over bearing, and personal items are put away as much as possible. Many buyers want to see a lived in home but to still be able to visualise it as their own.
Noisy Neighborhood
A noisy neighborhood can be a significant deterrent for potential buyers, especially if they are looking for a peaceful place to live. If your property is in a noisy area, consider soundproofing the walls, installing double-glazed windows, or adding thick curtains to reduce noise levels. Although this cannot be seen, once someone is inside the property it can shield the noise to help a home sale. Research shows that noise pollution from a busy road, train tracks, or small children in a playground can be off putting for a potential buyer.
Old or Damaged Roof
A damaged or old roof can be a significant turn-off for buyers, as it can be a costly repair and a safety hazard. If your roof is in poor condition, consider repairing or replacing it before putting your property on the market. This can increase the value of your property and make it more attractive to buyers.
Poor Energy Efficiency
Inefficient homes can affect property value, as they can result in high energy bills and poor environmental performance. If your property is not energy efficient, consider making improvements such as installing or upgrading double-glazed windows, upgrading the insulation, and replacing old appliances. This can not only increase the value of your property but also save you money on energy bills in the long run. There are many smart home devices now available to help make your home more efficient, and these devices are very appealing to home buyers when browsing the market and booking viewings on properties.
Structural Issues
Structural issues can be a significant concern for buyers, as they can be expensive to repair and affect the safety of the property. If your property has any structural issues such as cracks in the walls, sagging ceilings, or uneven floors, it is crucial to address them before putting your property on the market. If you don’t address these issues, they will come up on a home survey, which could result in the buyer pulling out of the sale.
Outdated Kitchen and Bathrooms
Outdated kitchens and bathrooms can decrease the value of your property, as they can make it look old-fashioned and unappealing. Consider making updates such as replacing old fixtures, painting or replacing cabinets, and installing modern appliances to make your property more attractive to buyers. A new kitchen or bathroom can be very expensive, but the property value increase may outweigh the initial cost of the renovations. These improvements will make your home stand out on online listings over others listed on the housing market.
Lack of Storage Space
Lack of storage space can be a significant issue for buyers, especially in smaller properties. If your property does not have adequate storage space, consider making improvements such as adding built-in storage or creating storage solutions to increase its value. Getting a local joiner to add Cupboards to under stairs spaces or alcoves can add storage space fairly inexpensively.
If your home looks cluttered, for example clothes are not put away, childrens toys are piled up, kitchen surfaces are full. This looks like your home does not have sufficient storage to a potential buyer. If you struggle for space, consider having a clear out prior to moving, donate unwanted items to charity or sell online.
Inadequate Lighting
Inadequate lighting can make your property look dark and uninviting, which can decrease its value. Consider adding lighting solutions such as installing additional lights or upgrading to brighter bulbs to improve your property value.
Conclusion
Maintaining the value of your home is crucial for maximizing its potential as an investment. By addressing the factors that can decrease your home’s value, you can ensure that your property remains a valuable asset that generates wealth over time. From regular maintenance to energy-efficient upgrades, there are many ways to maintain and increase the value of your home. If you are selling your home and would like to get near the asking price of the property value, small DIY projects can attract more buyers to view your home.
What can Increase the value of my home?
When preparing a home to sell you need it to look as appealing as possible to buyers, by ensuring it looks well maintained, desirable and adding extra features to make it stand out from other similar homes available on the market, you can significantly increase the value and improve your chances of a quicker sale.
Smart Home Feature
New or upgraded kitchen and bathroom
Fresh coat of paint
Tidy gardens, hanging baskets, lighting, paving
Painted Fencing
New carpets or flooring
Repair cracks and damages
Keep things minimal but lived in
Dress Windows and beds
FAQs
What are some cost-effective ways to improve the value of my home?
There are many cost-effective ways to improve the value of your home, such as decluttering and cleaning, painting the walls, and maintaining the garden. You can also make small upgrades such as replacing old fixtures, adding lighting solutions, and upgrading appliances to increase your property’s value without breaking the bank.
How much does the lack of off-street parking affect the value of a property?
The lack of off-street parking can affect the value of a property, especially in urban areas where parking is limited. The value can vary depending on the location and demand, but generally, properties with off-street parking can be more valuable than those without.
How can I find out if my property has any structural issues?
You can find out if your property has any structural issues by hiring a professional surveyor or structural engineer to carry out an inspection. They can identify any issues and provide recommendations for repairs or improvements.
Is it better to renovate or sell my property as-is?
It depends on your financial goals and the condition of your property. If your property is in poor condition and needs significant repairs or upgrades, it may be better to renovate before selling to maximize its value. However, if your property is in good condition and only needs minor improvements, it may be better to sell it as-is to save time and money.
What are the most important factors to consider when trying to maintain or increase my home’s value?
The most important factors to consider when maintaining or increasing your home’s value are regular maintenance and repairs, energy ratings, curb appeal, and updating outdated features. It is also important to consider the location and the local market demand to ensure that any improvements you make will add value to your property.
What is the best colour to paint a home when selling?
Keep colours neutral or on trend. Muted warm tones make a home look inviting but without any personal touches. If your rooms are painted bright orange and purple, consider painting them a more natural colour. Think show homes, they are designed to try to appeal to anyone and not a certain taste. If you need some inspiration go take a look around a local show home for ideas.
