Features that can devalue a home are not always obvious and buyers can feel like they’ve missed out if problems are flagged after listing.
Property experts have shared six things that could knock thousands of pounds off the selling price of your home, but luckily some things can be easily fixed before listing.
Unmodern Property -£12.239
An out-of-date property can knock the value, according to the experts, but it is often one of the easiest things to fix. Redecorating does not need to cost a lot, but it can add value to a property.
However, it is worth noting large renovations may be needed for homes that are particularly run down and updates like that can be costly.
An unmodern property could cause sellers to drop their offer
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Experts said: “While it may be the least severe sign you have a problem property, an unmodernised home can still see you take an asking price hit when entering the market. Unmodernised homes typically need new bathrooms or kitchens, or a high degree of decoration, but in the worst cases they may have no power or running water.
“An unmodernised home is thought to devalue a home to the tune of 4.3 per cent, which equates to £12,239 in the current market.”
Subsidence -£56,938
Experts at Open Property Group said subsidence issues could devalue a home the most as structural damage can really deter a buyer. While it will require the most work to fix, experts suggest it could make the biggest difference to the price.
They said: “Structural issues of any kind can prove extremely problematic when it comes to selling your home. Cracks in the foundation or other issues can immediately deter buyers, or if it doesn’t, see them offer around 5.3 per cent less for your home.
“However, subsidence is by far the worst of the lot and indicates major structural issues that are sure to send potential buyers running for the hills. If they don’t, then selling a home with subsidence is likely to see you do so at a discount of 20 per cent.
“That’s a huge £56,938 on the current average UK house price.” While this is not an easy task, it is usually fixable so Britons could benefit from looking into this before listing their home.
Short lease -£42,704
Britons selling leasehold properties should check how long is left on the lease, and consider extending this if the date is near.
Experts said: “Not all signs of a problem property are visible during the viewing process. A short lease can be a real deterrent to potential buyers due to the time and cost involved in renewing it.
“It’s always best to renew your lease before it reaches 80 years or below and allowing your home to become a shore lease property can knock an average of 15 per cent of the value – a hit of £42,704 in the current market.
“However professional valuation advice from a chartered surveyor is fundamental as the figures can range significantly depending on the unexpired term, property value, ground rent and any usual features such as development potential.”
Britons who discover they have a “problem property” should aim to fix this before listing in order to get the best price. Alternatively, they could consider selling by auction.
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Britons are warned of things that could devalue their homes
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CEO of Open Property Group Gason Harris-Cohen shared advice. He said: “No one wants to be lumbered with a problem property, particularly in the current market where buyer demand levels have dropped and potential buyers can afford to be far pickier.
“There are a whole host of reasons you might find it hard to sell your home, but while some will ultimately depend on buyer preference, we’ve highlighted [some] that are sure to see you struggle.
“Of course, the alternative is that you take a sizable hit on your asking price in order to secure a buyer, but it’s always advisable to get your home fit for market as the majority of buyers won’t want to take the risk.
“If you are in need of a quick sale and don’t have time to tackle a major issue… there are other options available to you. You could look at a property auction, although you do run the risk of achieving a far lower price depending on the mood in the room on the day.
“Or you can opt for a quick sale specialist, who will accurately value your home, warts and all, while also providing you with a concrete timeframe in which to complete your sale.”
