Research* has revealed the most off-putting property features for potential buyers and calculated how much each one could potentially knock off the value of the average property. That sinking feeling Taking the number one spot on the list is subsidence, which can apparently reduce the value of a property by a shocking 20% – around £51,000 for the average UK home.
Coming in second is Japanese knotweed, which can severely damage a property’s structural integrity as well as its value, knocking off an average of £38,000 (15%). And taking third place is neglect, with poor upkeep or an overgrown garden reducing a home’s value by up to 14% (£36,000). Other ‘turnoffs’ include plans for power lines, mobile phone towers or wind turbines close by, nuisance neighbours, an increased risk of flooding and a lack of good parking spots, among others.
All these factors could potentially lose you tens of thousands of pounds on your property sale. A quick fix? Some of these turnoffs, for example neglect, are easily and cheaply fixed. Others, like severe subsidence and structural issues, are likely to be significantly more expensive and stressful to rectify.
If the cost of fixing the issue is higher than the value it has knocked off of your property, you may save yourself a great deal of time, money and stress by simply selling the property at a disappointing price and moving on to pastures new. Onwards and upwards We can assist you in securing a suitable mortgage for your next property, so that you’re ready to move as soon as you’ve found a buyer.
*Yes Homebuyers, 2021
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