10 Things That Can Reduce the Value of Your House

You’ve finally decided it’s time to move house. A new job, the arrival of a child, or simply a fresh start is on the cards and as a result, you need to find a new home.

You know it’s not going to be easy, the property market is a competitive place, and you know that to sell your house fast and for the best possible price, you’ll have to have everything at its best.

Unfortunately, all too often, homeowners fail to capitalise on many of the features that help maintain or increase the value of the property they are trying to sell. And in some cases, issues they are unaware of or unable to fix rear their heads and see the value of the property tumble drastically.

In this blog, we look at ten things that could reduce the value of your house and potentially make it an unsellable house.

1.     Poor energy efficiency

With energy bills more a of concern than ever, potential buyers are paying more attention to the EPC rating of a home before deciding on making an offer. This becomes even more of a concern if the plans are to rent the property out after buying it. All rental properties must have an EPC of C or above by 2030. To achieve this could cost considerable sums, especially if the home is currently languishing near the bottom of the EPC ratings.

Mortgage brokers Habito dug a little deeper and in a report, it was uncovered that the cost to upgrade from a D EPC rating to a C would cost approximately £6,000 on average. Large, detached houses could see this cost double, with expected expenses of £12,500 likely.

These costs could see a buyer come in with an offer much lower than you hoped, or even see them look elsewhere. You can help stop the value sliding by investing in insulation, considering energy-saving lightbulbs and investing in more efficient appliances.

2.     Japanese knotweed

Japanese Knotweed is a huge problem if it is discovered. Labelled the worst weed in the UK for its destructive properties, its presence can soon see the value of your home tumble. Whilst not dangerous to humans, it can be devastating to property. It sets its roots deep into the ground, causing damage to foundations, and is so hardy that at -35 degrees, it still thrives. It’s been reported that the presence of Japanese knotweed can shave up to 15% off the value of your home and you can’t just cut it back and assume it’s been dealt with or pour some weed killer on it. You need to hire a specialist who can hopefully eradicate it for you.

Worth noting too is that it is in fact illegal to sell a home without disclosing the presence of Japanese Knotweed.

3.     Poorly rated schools

People often look at buying a new home to satisfy the needs of their family. As a result, schools play a large part in where a house should be bought. The more sought-after the school, the more likely house prices are to remain high. Supply and demand come into play as many people fight for the limited properties sitting within a specific catchment area.

If your home sits within the catchment of a school with a poor rating, the demand will be lower and therefore, your price may need to be reduced to encourage the sale.

4.     Crime levels

If crime is prominent in your area, it is safe to say, people will be less inclined to make you an offer. Back in 2019, Churchill Insurance reported that more than 29,000 house sales fall through every year due to fears over local crime. It was estimated that this leads to £6.6bn worth of lost sales. If you live in an area with a medium-high crime level, you could find yourself becoming part of these statistics, often leaving you with lowering your price as the only way to generate a sale. Consider investments in home security features to help give a little more peace of mind to those thinking about buying.

5.     Kerb appeal

When someone wants to buy a house, they envisage what it would be like for them to live there. If the first impression they get upon viewing is an overgrown garden, damaged windows, flaking paint or a leaking gutter, it may be hard for them to generate that vision. In fact, money experts, Evolution Money surveyed 2,000 people and found that a huge 93% of people pass judgment on a house based on how it looks from the outside. In addition, 30% of prospective buyers would be willing to spend at least £5,000 more on a house that was well looked after on the outside. A few quick fixes could see you benefit from restoring the value of your property and even see it become part of a bidding war!

6.     Unfinished DIY

If you had grand plans to paint the living room, transform the garden or recarpet a bedroom but have only half finished the job, you could find a sale a struggle. Why would someone else want to finish what you have started? Plus, they might not even like what you were doing in that room or space!

These are, of course, extreme cases and fairly unlikely. However, DIY mistakes are a lot more common and will see people think about offering much less if they have to spend time and money fixing them. Whether it be wiring issues, some faulty plumbing or a poorly hung door, potential buyers won’t expect to pay full price if you’ve left jobs unfinished or done badly.

7.     Troublesome neighbours

The home may be beautiful and tick all the boxes for a buyer, then suddenly, they hear stories of nightmare neighbours. And there is no hiding from it. When completing your TA6 form, you must declare if there has been any dispute with neighbours. This could range from boundary issues to noise complaints and whether there have been any criminal issues. Declaring this could see buyers remaining interested, but they will almost certainly look to reduce their offer. If you don’t disclose these issues, you could find the legal costs outweigh the reduced offer they would have made, therefore putting you out of pocket even more!

8.     Structural issues

You may remember when we mentioned Japanese Knotweed earlier. This can be incredibly devastating to the structure of the home, but many other issues can cause the same level of damage.

Subsidence can be a huge issue and it will certainly see buyers offer less for your home. Even when rectified, you can often see people hesitant to offer the typical property price. Some reports indicate that you will see as much as 25% wiped off the property value should it have evidence of subsidence.

Fixing it can cost vast sums too. Much depends on the severity of the subsidence, but should the home require underpinning, you could spend £50,000 or more in extreme cases. It’s been estimated that the average cost to repair subsidence could range from £10,000-£20,000.

Like with Japanese Knotweed, you’ll have to declare the home has had subsidence issues before you can even try and sell it.

Book a survey before you plan to sell. That way, any problems can be uncovered, allowing you to rectify them and hopefully drive the value of your home up rather than down.

9.     Too much personalization

If you remember earlier, we touched upon how buyers want to picture themselves living in the home. This could be the place they spend the rest of their life in!

Think about the changes you have made or plan to make. Could they deter people from being interested in your home? Extreme design choices and bold colours for example could be a major concern to some. For others, it could be that renovations that have altered the natural layout of the home make it feel unlivable.

These factors could reduce the pool of buyers or see many remain interested but look to come in with a low offer so they can spend cash on giving the home the facelift they believe it needs.

10. Pets

We hate to say it, but pets can see the price of your home fall. Now buyers may love dogs, they might adore cats, and they might even have happiness for hamsters, but should signs of a pet’s presence be too noticeable, the offers may not come in. Scratches on surfaces or furnishings, stray hairs and the expected smells could make it hard for a buyer to be happy with the expected asking price. You may need to adopt a vigorous cleaning routine and consider having the pets looked after by someone else for a while. That way, the smell can dissipate, and you can clean up any cosmetic damage that may have been caused.

These are just ten reasons you could see the value of your home fall rather than rise. Even if an estate agent believes it maintains its value, it is unlikely you will get it. In some cases, such issues see your house deemed unsellable. Those looking to buy simply don’t want to spend cash rectifying issues or feel uncertain about the quality of the property. This is why companies like SellHouseFast.co.uk exist. We buy any house, regardless of condition, location or type. With our streamlined process, we buy your house for cash, enabling the full process to be completed as quickly as required. As cash house buyers, you have no worries that the chain will break and no concerns that some hidden fees will see you lose more of the cash you are offered. Why not contact our team today and allow us to get your house sold fast.