As more and more people see their home as their greatest asset, that will help boost their saving when they decide to upsize their home or downsize as they get older, it is important to be aware of factors that can affect the value of the property.
We have produced a list of the top factors that could affect the value of a house:-
- Neglecting the external appearance of the house. A house that is poorly maintained outside e.g. peeling paintwork and an overgrown garden can knock up to 5% off the price of house. So it is important to maintain your property’s ‘kerbside appeal’
- Illegal home improvements. Small extensions and refurbishment that have been carried out without following building regulations or seeking the necessary planning permission can be costly to put right. Any problems that require attention will have to be reflected in the sale value.
- Living on a flood plain. Over the last few winters flooding has become an increasing problem. A house that has flooded in the past or is likely to flood in the future may be difficult to insure and therefore difficult to sell. Flood damage can cost £20000-40000 to repair
- Anti-social neighbours. Noise or aggressive neighbours can cause a stressful and anxious situation. Before buying a house always ask the seller about the neighbours.
- Offensive odours. Although we are a nation of animal lovers, many people are instantly put off buying a house that smells of animals. Equally offensive are strong cooking odours. Before selling a house a thorough clean is essential to remove these odours.
- The standard of the local schools can affect house prices. Poor Ofsted reports can pull down the price of a property as parents with child will seek to live in the catchment area of schools with a high standard of academic achievement.
- Crime levels. An increase in crime will have an adverse effect on property prices. Increasing home security will help protect your home but setting up a neighbourhood watch scheme gives an area social cohesion.
- A sinister history. Sometimes people can be put off buying a house because it has been the scene of a crime or tragedy and this will affect its resale value. Talk to locals before you buy and find out the background to your potential new home.
If you would like more advice on maintaining the value of your property, or are planning to sell your property in the New Year contact Peter Robinson & Co
Call us now on 0161 678 7996