Moverly compiled a list of the most common issues that will often send the nation’s homebuyers running for the hills during the property viewing process and what impact these issues are thought to have on the value of a home based on the current UK average of £289,818.
Subsidence
The worst of the lot is subsidence and any signs of structural damage are sure to deter a buyer from taking the plunge on your property. Should they decide to take a chance, it’s thought that a property suffering from subsidence will see a reduction in value to the tune of -20%, that’s a drop of £57,964 on the average UK home.
Japanese Knotweed
Japanese Knotweed is extremely hard to eradicate and doing so comes with a raft of legal loopholes and costs that must be incurred. As a result, any signs of the tenacious plant pest are likely to put buyers off, but those that do press on are likely to pay around -15%, or £43,473 less for your home.
Power lines, Mobile Towers and Wind Turbines
Despite their vital role in powering our properties, these are considered some of the worst home owning eye sores and the presence of a power line, mobile phone tower or wind turbine is enough to shave around -14% off the value of your home – that’s a reduction of £40,575 on the average UK home.
Flood Risk –
Flooding is becoming more and more of a problem as our weather becomes less predictable and looking to sell within a known flood plain is sure to deter buyers. For sellers desperate to put down less saturated roots within the property market, shifting a flood risk property is likely to see them do so for £39,415 less on average (-13.6%).
Poor Upkeep & An Overgrown Garden
It might sound like a minor aesthetic issue, but a poorly kept home and garden is likely to have potential buyers wondering about what else has been neglected. Not only does it create a bad first impression, but it will immediately have them thinking about keeping some budget back to get things spick and span, resulting in a reduction in value of £37,097 on the average home (-12.8%).
Nuisance Neighbours, Lack of Parking, the No.13, Power Stations and Pets
Nuisance neighbours are estimated to reduce the value of a home by as much as £28,982 (-10%). A lack of parking is likely to cost you £19,78 (-6.8%). Living in the number thirteen could deter superstitious buyers altogether, but at worst is thought to reduce the value of a home by £17,389 (-6%). The close proximity of a power station could knock £14,491 off the value of your home (-5%), while the obvious presence of pets could see buyers pay £13,911 below market value (-4.8%).
Moverly co-founder Ed Molyneux, commented: “Property values have been cooling in recent months but regardless of how the market is performing, these common property selling nightmares are likely to cause sellers some sleepless nights in any market conditions.
At best, you’re going to have to seriously reduce your asking price expectations in order to secure a buyer. At worst, you could see your home sat on the market for some time with little to no interest.
The key is to try and rectify any issues that you can before bringing your home to market and for those that you can’t, such as structural issues, be upfront from the offset and ensure that your agent has all of the information they need to make buyers fully aware.
The vast majority of problems are only going to be uncovered further down the line and you might be surprised at how many buyers are willing to take a risk on your property, while others simply won’t be as phased by a project property, or a modern day issue like a lack of parking.”
