We know there are many things buyers love to see when looking at a home, but what about the things that buyers hate to see when looking at present. It is vital vendors know what turns buyers off, and what can cost them money when it comes to the value of their home.
At Williams of Petersfield, we are pleased to say we help buyers and vendors connect. If you are looking for support or guidance in the local housing market, we are here to help.
What do you hate to see in a home?
A study carried out by Yes Homebuyers found the things that buyers hate to see when looking at property, and which significantly lower the value of a property:
- Subsidence can lead to a reduction in value of 20% in a property
- Taken at the average price of property in the UK (stated as £254,624), a 20% reduction would equal a loss of £51,000.
- Japanese Knotweed is also recognised as an issue which has a serious impact on property value, and this can reduce your home’s worth by 15%
- At the average price of property, a homeowner suffering from Japanese Knotweed can lose £38,000 in the value of their home
- Even poor upkeep can impact the value of property, with a bad garden or shoddy conditions leading to a reduction of 14% in value
- This drop is equal to £36,000 when you consider the average price of property in the UK
- Items that impact the view of your property, such as mobile phone towers, new power lines or wind turbines, you can expect an average of 13% to be wiped from your property value
- This reduction is around £33,000 based on average property prices
- Having a nuisance neighbour is annoying, and this can reduce the value of your property by 10%, or close to £25,500
- Similarly, if your property has suffered water damage or is a flood risk, the value is likely to drop by 10% and see you lose around £25,000 in value
- If there is no convenient parking at your property, you can lose 7.1% of your value, which is around £18,000
- Even having an unlucky house number, such as 13, can reduce the value of your home by 6%, which is around £15,000
There are many things people hate to see in a house
Other issues which reduce the value of your property include:
- Structural issues can see you lose £13,500 in value
- Local power stations can see your property drop £12,700 in value
- If there is damage or odours left by pets at home, your property value can drop by £10,200
- Cluttered rooms can cause a drop of £10,200
- Damp and mould lead to a loss of value of £2,500
- Asbestos can lower property value by £2,500
- Woodworm can lead to a drop in property value of £1,300
Matthew Cooper, founder and managing director of Yes Homebuyers, commented: “Many of these buyer turnoffs can be easily and cheaply fixed, a process which should be well worth the effort and money thanks to the value they will restore to your home. Some of them, however, can be very expensive indeed. Severe damp issues and subsidence, for example, could cost as much to rectify as the value they restore. Furthermore, they can take an awfully long time to fix.”
Matthew Cooper also said; “In such instances, it might be worth considering selling your home at a reduced price rather than undertake the task yourself. Of course, you might struggle to find a buyer, as a result, but in most cases, a bonafide quick buy platform should take your property off your hands. Leaving you stress-free and able to focus on your onward purchase.”
At Williams of Petersfield, we aim to support the Petersfield community as much as we can, and we know this is an extremely trying time. A lot of people are looking for support and guidance, and if you have any property or housing related questions, we are more than happy to assist you, so contact us today.