Factors That Can Reduce Property Value

Factors That Can Reduce Property Value

When selling a property, the last thing you want to do is reduce its value. When selling your home, ideally you want to achieve the optimum value and gain the best return for your money unfortunately some factors will reduce the value of your home if you’re not careful.

Some of these will be out of your control but there are some you have a chance to put right before it’s too late.

1) Neglecting your home’s exterior

If your home doesn’t have the ‘kerb appeal’, your potential buyers may not even make it through the front door.

It takes approx 10 seconds for a buyer to decide whether they like the look of a property from the exterior, which in this case means that the property needs to look attractive when they first step foot outside.

A good clean up of windows, bins and the outside space will at least give it a good chance.

2) Noisy neighbours

A survey carried out for Moneywise found that one in four people are put off a property by nightmare neighbours. Almost a third admit to disagreeing with their neighbours over noise, broken fences and walls, and untidy gardens – including overgrown trees and hedges overhanging a neighbour’s garden. Living next to nuisance neighbours in the UK has the potential to reduce average homes values by up to £31,000.

3) Pet smells

While you may be a pet lover, your potential buyers may not be. Therefore if your home has  the smell of pets as people walk through the door, or if people are greeted by aggressive or dirty pets as they walk in, this may be a factor that reduces the value of your home.

If you own pets, it may be worth asking a friend if they notice any unpleasant smells or odours that you are able to eradicate prior to putting your home on the market.

4) Niche home improvements

There’s always going to be something a buyer will want to change when they move into their new home, however if there are big jobs or cosmetics that turn people away to start with, the value of your property will decrease.

When thinking about selling your property, think about aspects that buyers may want to change when they move in and work out whether it would be worth you completing the job before advertising the property, rather than the value of the job being taken off your asking price. Large jobs will decrease the amount of people that are interested in the property to start with too, so if jobs can be done beforehand, it’s always worth a try.

5) Storage options

Having a decent amount of storage is a plus for most potential buyers. If your property lacks in this area, it could be beneficial to add storage options where possible to show that there is space to do so. Try adding some shelves or cupboards perhaps around the chimney breast or under-stairs area. And once you’ve got your storage, be sure to keep them tidy when people are looking around the house – everyone loves to peep inside a cupboard!

6) Parking

If you’re selling a property in a busy urban area, having a parking space could increase the value by up to £50,000. If you’ve got a driveway that is overgrown or not appealing to swing a car onto, take time to clear it away and make it inviting for any family car to pull straight onto.

From noisy neighbours to funny smells many things can put a buyer off when purchasing and are worth investigating before you lose a potential sale. Don’t forget that first impressions count!

Here at Clarkes, we’re here to help you in the selling process and to advise you along your journey. If you’re looking for an estate agent that has years of experience in the Bournemouth and surrounding areas, then we’d love to speak with you.

 

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