June 16, 2024
Finance

I’m a finance expert and over personalising along with 10 other things is devaluing your home


NOBODY wants to devalue their home – especially when the property market is so sensitive to a wide range of issues.

Luckily, experts have revealed the most common errors they see in people’s homes that are taking the pounds off of their properties.

Experts have shared 11 things that can devalue your homeCredit: Alamy
It’s bad news if you have a van parked on your streetCredit: Alamy

Finance expert Gary Hemming, from ABC Finance, has come up with a handy guide to make sure you avoid these eleven mistakes.

It includes all the dos and don’ts for both the inside and outside of your home.

And he also provides estimates on how much each factor could potentially decrease a property’s value.

Gary said: “The UK housing market values properties based on a combination of location, condition, and presentation.

“Homeowners looking to preserve or increase their home’s value should focus on regular maintenance, timely updates, and avoiding over personalisation.

“Addressing structural issues, improving energy efficiency, and keeping decor relatively neutral can help ensure a property remains appealing to a broad audience and retains its market value.”

Poor exterior appearance

According to experts, first impressions are everything when it comes to buying and selling a home.

Gary explains: “First impressions count immensely in the property market.

“A neglected exterior can devalue a property by up to 5-10 per cent.

“This includes unkempt gardens, peeling paint, and damaged roofing, which can deter potential buyers before they even step inside.”

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Dated decor

If you have some old-fashioned decor in your home and you’re thinking of selling up then you might want to make a few changes.

Experts say: “Outdated decor, such as old-fashioned wallpaper or carpets, can detract from a home’s value by approximately 5 per cent.

“While cosmetic changes are relatively easy to make, they can impact a buyer’s first impression.”

Outdated kitchens and bathrooms

It’s not just outdated decor that can be problematic when it comes to devaluing a property.

If you’re considering a move, then you might want to update your kitchen and bathroom.

They said: “Kitchens and bathrooms are pivotal in evaluating a home’s worth.

“An outdated kitchen or bathroom can reduce a home’s value by approximately 5-10 per cent.

“Modern, functional spaces, on the other hand, can significantly increase a property’s appeal.”

White vans parked on the street

It’s also bad news if you have a white van parked on your street – which may come as a surprise to homeowners.

While you can’t control who parks on the street, it doesn’t give off a good impression.

Gary explains: “This perception is often tied to concerns about congestion, reduced parking availability for residents, and the implication of commercial activity in a primarily residential area.

“While less quantifiable than other factors, the presence of commercial vehicles can potentially impact a property’s desirability, potentially affecting its value by a marginal but noticeable percentage, say around 1-2 per cent”.

Inappropriate renovations

Converting a loft or garage space without going down the official channels may seem like a good idea at the time, but it can have a massive impact when you go to sell your home down the line.

Experts say: “Ill-considered renovations, such as removing a bedroom or converting a garage into living space without proper planning permission, can reduce a home’s value by 5-15 per cent.

“Such changes can make a property less appealing to the majority of buyers.”

Having a messy and unclean home can be offputting for buyersCredit: Alamy

Clutter and lack of cleanliness

Before you put your home on the market, you might want to give it a quick clean and tidy.

Experts advise: “A cluttered and unclean home can make spaces appear smaller and less appealing, potentially reducing the sale price by up to 5 per cent.

“A clean, decluttered home is more attractive to potential buyers.”

Undesirable location factors

This is another thing that is out of your control, but it might be something to bear in mind before you buy a property.

It might seem like a good idea at the time to buy a home next to a motorway to get on the property ladder, but when you go to sell your home in the future it could put potential buyers off.

So you might want to be a little bit more choosy about where you want to buy.

Gary explains: “Being close to sources of noise pollution, in an area with high crime rates, or in a flood risk zone can devalue a property by 10-20 per cent.

“Location factors are often beyond a homeowner’s control but are crucial in determining property value.”

Neglected maintenance

Similar to getting rid of clutter and giving your home a clean, you might want to think about keeping up maintenance before you sell your home.

Experts say: “Deferred maintenance can lead to a decrease in value by 10-20 per cent, depending on the severity of the neglect.

“Issues such as a leaky roof, outdated electrical systems, or inefficient heating and cooling systems are particularly off-putting to buyers.”

Structural problems

If you have any structural issues with your home then you should definitely look at getting them fixed before putting it on the market.

Experts say: “Structural issues can be a major red flag and potentially reduce a property’s value by up to 20 per cent.

“Problems like subsidence, significant dampness, or roof issues are expensive to fix and can significantly affect a home’s marketability.”

Over personalisation

Everyone wants to personalise their property to make it feel like home – it’s yours, after all!

But experts have warned that you shouldn’t go over the top with personal decor if you want to sell as it can put off potential buyers.

Gary explains: “Highly personalised decor and unconventional home improvements can detract as much as 5-10 per cent from a home’s value.

“Potential buyers may struggle to see past distinctive personal touches and consider the cost and effort required to neutralise the space.”

Poor energy efficiency

It might not seem like a big deal, but making sure your home is energy-efficient can keep the value of your property up.

Experts say: “In an era focused on sustainability, a home’s energy efficiency is increasingly important.

“Poor energy ratings can decrease a property’s value by around 5-10 per cent.

“Features like double glazing, efficient boilers, and good insulation are highly valued.”

Making sure you have double-glazing windows can keep the value of your home upCredit: Alamy



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