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Devaluing a property

Devaluing a property


Ben Roberts

By Ben Roberts, Director

The good maintenance of a home is essential to ensuring its value stays up. For some, usually because of time commitments, it can be easy to let standards slip. We all have lots going on in our lives, don’t we?! But, as a result, you could see the value of your property decrease.

What devalues a property?

Judging a book by its cover is never a good idea but first impressions do matter. To ensure that you get the best deal possible when selling your home, it’s important to know what to look out for. Not everything will be under your control, of course. Location plays a part, as you’ll see below, and there’s nothing you can do about that!

So please put your feet up whilst Keystone shares our eight pointers on what could hugely impact the value of your property.

Neighbourhood

Your local area’s reputation can have a big impact on how potential buyers view your home. Living in a ‘rougher’ area of town will, unfortunately, devalue your property. However, with many areas around the UK going under the hammer and regenerating, there’s a massive market for newly revamped neighbourhoods.

Crime figures

These numbers can be easily accessed online to give you an idea of how much of an impact crime is having on your home. Obviously, the lower the crime figures, the higher the value of the property. This is something that can’t exactly be changed, but it’s an important issue to be aware of.

Nightmare neighbours

Whether you’re selling your property or searching for another, neighbours can affect how attractive a property is. Whether they’re blaring out house music (no pun intended) when you’re having a viewing or the outside of their place is a mess, it’s worth mentioning to your neighbours that you are having viewers.

Poorly performing schools

If you don’t have children, the people looking to buy your home might. How is the reputation of schools in your area? How long is the commuting time to get there? For some parents, indeed many, this will be their main priority.

Close to recycling centres

Properties close to recycling centres tend to have a lower value. Between the noise and smell, most prefer to steer clear of these areas. But if this is something you could tolerate, you may be able to find cheaper properties in these areas.

Poor exterior and interiors

Unmaintained properties, both inside and outside, will always bring a property value down. Sometimes a lick of paint is more than enough to spruce up a place, so if you want to increase the value of your property or you’re on the hunt for a cheaper house, it’s something to consider. Walls, flooring and a nice kitchen especially can seriously add value to a home. Refurbing a property doesn’t need to cost the earth. There are quite a few property programmes on TV that show you how you can do this.

Poor energy efficiency

In an ever-more environmentally conscious world, energy efficiency is extremely important. An efficient home also has big benefits for your wallet. Not only will your property have a higher value, it will also cost less to maintain in the long run – something most potential buyers will be taking into consideration.

Clutter and dirt

Something so easily rectified, but often overlooked, is clutter and dirt. Your property value could skyrocket if you gave your house that extra little bit of TLC. That can be done on an ongoing basis or one big Spring Clean blitz! Whip out the feather duster and polish, and you’ll see great improvements. We know many homebuyers who see dust and it will make them wonder how well the rest of the property has been maintained.

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