Last month, you read about 10 weird and wonderful things that can boost the value of your home. Well, this month, discover some of the aspects that could reduce the price of a property.
Some of these factors may be expected, while some may seem so unusual that they never even crossed your mind. From destructive plants to dodgy DIY, here are 10 things that could erode the value of your home.
1. Japanese knotweed
Japanese knotweed must be one of the most infamous plants in the British Isles by now. This pretty but problematic plant was introduced to the UK in the 1850s as an ornamental shrub by botanist Phillip von Siebold. Little did he know the issues this plant would later cause.
Indeed, the notorious shrub can grow by a staggering 10cm a day and can burrow through the foundations of your home.
Not only will Japanese knotweed decimate the value of your home – by up to 20% according to CEL Solicitors – but you could even get into some legal trouble under the Anti-social Behaviour, Crime and Policing Act 2014 if you don’t deal with it promptly.
If the nuisance plant afflicts your garden, you should spray it with the appropriate chemicals, or hire a company that specialises in its removal. Who would’ve known that one small plant could cause so much damage?
2. Bad DIY jobs
If you fancy yourself as a dab hand at DIY, it may be worth reviewing just how proficient you really are.
In fact, Red reports that some incompetent DIY jobs can have a detrimental impact on the value of your home. For example, an ineptly converted garage could knock up to 7% off your property’s value, or a shabby garden feature, like a pond, could damage the value of your home by another 7%.
So, before you decide to make some of your own home improvements, you should first ask yourself whether they’re necessary and if you’re really the right person for the job.
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Living next to nuisance neighbours
Understandably, no one wants to live next to noisy neighbours. So, it may come as no surprise that having nuisance neighbours next door can reduce your property’s value.
In fact, the Express states that having neighbours that make noise long into the night can lessen the value of your home by up to 10%.
If you do have loud neighbours and you’re trying to sell your home, the best thing you can do is talk to them and try to reach a compromise. After all, they may be more accommodating than you originally thought.
4. Structural problems
Perhaps unsurprisingly, structural problems can also adversely affect your home’s value. Subsidence, cracks in the foundation of your home, or even water damage are likely going to cause many issues when it comes to a sale.
Unfortunately, these issues can sometimes be expensive as well as time-consuming to fix. Indeed, a report from Homebuilding & Renovating shows that the average price for underpinning walls that are suffering from subsidence could cost you upwards of £10,000 to £15,000.
If you are trying to sell a home that is experiencing structural issues, it may be worth contacting your home insurance provider to see if they can cover some of the costs.
5. Asbestos
By now, you will likely know the serious dangers of asbestos, so you could run into some problems if you’re trying to sell a property where it’s an issue.
It isn’t illegal to sell a property that has some of the carcinogenic material although, according to The Property Misdescriptions Act 2013, you are required to disclose its presence, or else you could face prosecution.
If the asbestos is undisturbed and in good condition, you may be able to leave it be. However, if it is in poor condition, you may need to contact experts to have it removed, as the price of removal may be cheaper than the hit your property’s value could take.
6. A cluttered house during viewings
On a lighter note, a cluttered home can turn away potential buyers too. This is a relatively easy issue to solve – simply tidy things away or sell anything you don’t need and put the money towards your new home.
After all, the key to selling your property is to give the illusion of space, and if you have lots of items cluttering the hallways and rooms, prospective buyers are going to think your home is smaller than it actually is.
7. Low energy-efficiency ratings
While people around the world have continued to push for a healthier environment, the government has introduced new restrictions that encourage you to make your home more energy-efficient.
Research from Money Supermarket shows that an energy performance certificate (EPC) rating of A or B could boost your home’s value by 14%.
Some of the best ways to boost your EPC rating include insulating your home’s loft or wall cavities, or by having double glazing installed. Of course, this can be expensive, so you could always try upgrading to eco-friendly LED bulbs or installing a smart meter instead.
8. Outmoded furnishings
While you may think your old 70s style furnishings hold sentimental value, some potential buyers may not feel the same way.
In fact, out-of-date furniture, wallpaper, or even old floorboards could deter buyers from purchasing your home. Luckily, this is a relatively easy issue to fix – just give your walls a fresh coat of paint, or have your old furniture moved into storage.
9. Poor kerb appeal
First impressions are everything – in fact, Property Wire states that 26% of Brits make the decision to buy a property before they’ve viewed the whole house, and 18% make the decision within 30 seconds. So, why not build a good impression before prospective buyers have even set foot in your home?
If your house looks unsightly from the front, this could negatively influence buyers’ impression of your home.
Even giving your street a quick sweep with a broom, or giving your exterior walls a fresh lick of paint, could boost the value of your property and leave buyers impressed before they’ve even been inside.
10. Artificial grass
There are several factors that can have negative effects on the environment as well as your property’s value, and artificial grass is one of these.
Fake grass may make it easier to manage your lawn, but House Beautiful reports that it could knock up to 5% from your home’s value.
Also, artificial grass brings no benefit to the environment, as it doesn’t soak up moisture, doesn’t provide a home for pollinators, deters birds from your garden, and commits more plastic to the world around us.
So, even if you want to stop worrying about tending your garden, avoiding artificial grass may be for the best.
Get in touch
As you can see, there are many different factors that can negatively influence the value of your home.
If you are thinking of moving house, or you’d like to explore whether you could get a better deal on your mortgage, please get in touch. Email enquire@london-money.co.uk or call (0207) 808 4120 to find out more.