We all know that moving house can be a stressful process, especially when finding a buyer can sometimes be a challenge. New research identifies the top ten factors most likely to deter potential buyers, and how much these aspects could devalue your home.
Just as tenants have a list of requirements when viewing a buy to let property, homeowners will have their own criteria and even higher expectations when looking to buy their own home.
According to Zoopla, it now takes, on average, 25 weeks to sell a home, from its first listing to the moment you hand over the keys. However, the process could actually take anywhere between 17 and 34 weeks. With such timescales in mind, it’s important you identify what might deter a potential buyer from your property, as this could considerably speed up your own process.
Moverly conducted their research and compiled a comprehensive list of the most common issues that deter homebuyers. The list also examines how much each factor could impact the property’s value. These figures are based on the average UK home value of £289,818.
10. Pets
Despite being a pet-loving nation, an obvious presence of pets when viewing a house can, according to the research, result in a value drop of 4.8% (£13,911). So, while you’re likely to ensure the property you’re selling looks as close to a show home as possible for viewings, make sure you don’t overlook pet paraphernalia!
9. Power Stations
Properties close to a power station could see a 5% (£14,491) reduction in property value, which is worth considering if you’re buying a property you’re likely to sell on in the not-too-distant future.
8. The Number 13
Whether you believe in superstitions or not, property experts Moverly found that properties at number thirteen put off many buyers, which could reduce the value by 6% (£17,389).
7. Parking
Perhaps not so surprising, properties with limited parking options may see this reflected in the value. The research found that a lack of parking can reduce property prices by 6.8% (£17,987).
6. Nuisance neighbours
Unfortunately, not only can nuisance neighbours be, well, a nuisance, they can potentially reduce the value of a property by £28,982 (10%).
5. Poorly kept home and garden
At number five on the top ten factors that could impact your resale is an apparent lack of upkeep of both the property and the garden. It may seem just an aesthetic issue, but this can lead to concerns over what else has been neglected in the property. Buyers will have a bad first impression and be left worrying over their budget and the costs to bring a property back to a high standard. As such, this could result in a reduction of 12.8%, or £35,097!
4. Flood risk
With our weather becoming increasingly unpredictable, a property located within a known flood plain will likely deter many buyers. Sellers can expect to see an average value reduction of 13.6% (£39,415).
3. Powerlines, mobile towers and wind turbines
Having visible powerlines, mobile towers, and wind turbines by your home could discourage prospective buyers from your property. These ‘eyesores’ could knock 14% off the value of your home - £40,575 for the average UK property.
2. Japanese Knotweed
At number two on the list is Japanese Knotweed. This is extremely difficult to eradicate from the property and can involve an abundance of legal work and costs that can make the process both slow and stressful. Additionally, many mortgage lenders will not offer on properties that have Japanese Knotweed on the premises. As such, the plant could reduce your resale value by 15%, or £43,473.
1. Subsidence
Coming in at number one on Moverly’s list, perhaps unsurprisingly, is subsidence and any signs of structural damage to the property. Buyers are most likely to be deterred by this factor, and sellers can expect to see a reduction in value of 20%, a drop of £57,964 off the average UK home.
Ed Molyneux, the co-founder of Moverly, 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.”
What’s next?
If you are looking to move home and would like to see what type of rates you could access, then get in touch with our team of residential brokers. Our highly experienced mortgage brokers can help to push your case through from application to completion, simplifying the process and allowing for a stress-free mortgage application.
Call us on 0345 345 6788, or submit an enquiry here.
