Owning a home is a very large investment. It can often prove to be the most valuable asset you are ever going to own. One thing to be aware of is that according to new research around one-third of all homes in the UK are now selling for less than their asking price. So what factors might bring down the price of a property?
When it comes to the value of your home there are a wide array of different factors that can have an effect on the market price of a property. Below we explain some of these factors that can prove detrimental to the value of your home.
A. Exterior of Your Home
1. Curb Appeal
First impressions are important, as most buyers will decide if they are interested in your home before they step through the door. So you need to maintain the exterior of your home, so keeping the garden tidy is vital.
2. Street Name
The name of your street where your home is can really affect the price of it. If you live in a road such as “The Warrens” or “Kings Road”, you will find that the price of your home is quite a bit more to say if you live in “Bell End”, or a typically “poorer” estate.
3. House Number
Houses with odd numbers are often valued slightly higher than those with even numbers. Unfortunately, if you live in 13 Acacia Drive the price of your property can be as much as £6,500 less than that of your neighbours.
As parking often comes at a premium these days a home with space to park at least one vehicle can dramatically enhance the market price of a property.
B. Interior Of Your Home
Most people want to be able to view a house with the opportunity to put their own mark on it when they buy. So it is best to keep décor within your home simple. The wrong kind of décor could end up knocking between 5 and 10% off the price of a property.
Actually making improvements to your home can have an effect on its value, especially if you make the wrong kind. It is best to never over personalise or overextend your home.
Too many personal items in a home can really be off-putting to some buyers. Also, it can make your home look untidy and unhygienic. If you really want to ensure that you get a good price for your property then clear away as much clutter as you can.
8. Energy Efficiency
This is something that has become very important with many buyers today especially since the introduction of Energy Performance Certificates. If you need to make any improvements to the heating system in your home, do so.
You may not realise it but pets can really have an effect on the price of a property. If you don’t take proper care of your home, of course, they can leave a lingering smell around your home that you may not notice but buyers will. Ensure to keep your home clean of pet mess, and ensure it stays and smells fresh if you plan on selling your house.
Any kind of dispute with your neighbours can have a really big impact on the price that your property is valued at. Although it may be difficult you need to ensure that you don’t upset them too much or if you have problems with them then you need to get any issues rectified.
11. Crime Levels
Crime levels do play a big role in the price of a property. If you live in an area where you’ve seen a rise in crime, of course, the value of your property will drop. But you can consider setting up a neighbourhood watch scheme that will help to improve the value of your home.
12. Local Facilities
The kind of facilities that you have close by can also have an effect on your home’s value. Living too close to a train station, supermarket or pub may well bring down the price of a property, especially if noise levels are high.
13. Public Transportation Links
How close you live to local public transport links can have an impact on the price of your property. The closer you live to local public transport can increase the value of your home, but living too close isn’t such a great idea due to noise levels.
14. Increased Traffic
Any alterations to the layout of roads in the area where you live can prove detrimental to your home’s value. If this results in more traffic having to pass by where you live will certainly make buyers warier especially if they need to commute to work each day.
15. Power Lines & Mobile Masts
If these can be easily seen from your home these can have quite an impact on your property is priced at on the market. Even more so if they happen to be situated very close to the boundary of your home.
16. Base Rate
If there is an increase in the base rate set by the Bank of England, this can then have an effect on what your mortgage rates can be. Buyers are unwilling to spend more than they can afford on buying a new home. They are of course in a much stronger position to then put in offers on a property that is often below the original asking price.
17. Economic Downturn
Anyone who owns a home needs to be able to afford to pay their mortgage. However, incomes fall or unemployment rises there is likely to be fewer people looking to buy. Also, anyone who is considering investing in property will have a lot less to spend, so of course this will, in turn, affect how much your property is valued at.
After the referendum back in 2016, house prices didn’t seem to falter. But now as the date for departure draws ever closer it is beginning to have an effect on house prices. In fact, during the last few months, we have begun to see a slowdown in sales, which of course will now have an effect on the price of a property after Brexit. As a result of this, the fewer homes sold of course will have a big impact on how much each property is valued at.
As you can see above there are quite a few factors that might bring down the price of a property. But keeping these in mind can help to ensure that selling your home isn’t all that difficult and you get the best price possible for your home. By using Midland Home Buyers assisted sales services you can sell your home much faster and more efficiently. If you would like to learn more about the services we offer please call us on 0800 092 5838. Alternatively, you can contact us by emailing us on firstname.lastname@example.org or by completing our online Enquiry Form. We will then arrange for one of our experienced members of staff to contact you to discuss your requirements further