As a property seller, one of the most important things you can do to entice prospective buyers is ensuring your home is tidy and well-presented for viewings.
However, there are potential pitfalls or problems with a home that can dramatically impact its desirability and, ultimately, its value.
In fact, a recent study has revealed the biggest homebuyer turnoffs to be subsidence, nuisance neighbours and structural issues, among other factors.
While these issues might be beyond your control, catching them early on and rectifying them with the help of your estate agent can mitigate any problems cropping up when you come to sell.
Here at Kings Group, we take a closer look at the top turnoffs and the financial consequences they can have on the value of a home.
Subsidence, Japanese Knotweed and poor upkeep the top gripes
In a list of 15 problem areas, subsidence was considered the top deterrent for prospective buyers.
Subsidence refers to situations when the ground beneath a property is sinking, pulling the foundations of the home down with it. According to the study, subsidence can reduce the value of a home by an average of 20%. This loss equates to around £51,000 in the UK.
Second on the list is Japanese Knotweed, a destructive plant that can grow up to 10cm in a single day. Able to cause severe damage to the structural integrity of a property, the invasive plant can reduce the value of a home by 15% – a drop of just over £38,000.
If a property is suffering from poor upkeep or the garden has overgrown, it could reduce the value of a home by as much as 14% (or £36,000) on average.
Other major turnoffs for property buyers revealed
The study shows buyers are going to be far less inclined to pay top price for a home that is nearby new powerlines, mobile phone towers, or wind turbines – especially if visible from the house itself. Typically, this could see an average of 13% (£33,000) wiped off in value.
Both nuisance neighbours and flood risks or water damage can reduce a property’s value by 10% – equal to just under £25,500; lack of convenient parking can knock 7.1% (£18,000) off the value; and an unlucky house number, such as 13, can reduce the value of a home by 6%, just shy of £15,000.
Structural issues (-£13,500), local power stations (-£12,700), damage or odours left by pets in the home (-£10,200), cluttered rooms (-£10,200), damp and mould (-£2,500), asbestos (-£2,500), and woodworm (-£1,300) can also have a negative impact on the value of your home.
However, the latter issues like asbestos and woodworm can be very hard to detect and so you might not even know they are there yourself.
The prevention and the cure for sellers
Unfortunately, some of these buyer turnoffs could be down to general wear and tear of the property and could be tricky to prevent from happening. However, there are clear signs you can spot.
Tell-tale signs of subsidence, for instance, can include wallpaper crinkling at wall and ceiling joins, cracks where an extension joins the house, and any cracks that are thicker than 3mm.
And while spotting Japanese Knotweed can be a challenge, it’s important to keep a look out during mid-summer and the early autumn, when reddish/purple shoots appear from the ground and asparagus-like ‘spears’ rapidly lengthen from bright pink ‘crown’ buds.
The good news is some issues can be easily – and sometimes cheaply – fixed, a process that would be well worth the effort due to the value they can restore to your home.
So, before you come to sell, ensure your property is in top condition, as potential buyers will view your home and are likely to pick up even the smallest of issues.
To do this, you will need to work with an experienced, reputable estate agent – one that can provide you with expert advice on dealing with your property, as well as getting it sold.
Fortunately, here at Kings Group, we can do just that, helping you to achieve the best possible price for your home in such a frenzied market. For more information on our services for sellers, please contact one of our branches in Essex, London or Hertfordshire today. We also offer a free and instant online valuation to give you an idea of how much your home could be worth on the current market.
