If you are thinking about selling, there is a good chance you have wondered what causes property values to decrease? This week, we will discuss the numerous things that could have a negative impact on your property’s value.
What causes property values to decrease? Kerb appeal!
Kerb appeal plays a crucial role in selling your home. If you don’t leave potential buyers with a positive first impression, they may not even want to walk through the door! It doesn’t take long for buyers to decide whether they like a property or not just by viewing the outside.
Therefore, you should tidy up your home’s exterior before taking photos or having visitors over to ensure it is presentable. This could mean a fresh coat of paint, neatening up your garden and maybe adding a plant pot or two.
A low energy efficiency rating
More than ever are buyers looking for properties with a high energy efficiency rating. Though it may not be the be-all and end-all, for those buying to rent out, this could be an issue. This is because it is now illegal to rent out a property with an energy efficiency rating below E. Therefore, you might be cutting out a huge chunk of your target market if your home has a low rating. So, how can you improve your property’s energy efficiency rating?
- Install insulation in your property
- Add lagging jackets to your water pipes
- Swap to energy-saving bulbs
- Upgrade to a more energy-efficient boiler
- Review your EPC for some specific steps for your property
Any current home issues
Before selling your property, it is always wise to have a survey done to see what issues may need addressing first. If you can rectify these issues before putting your property on the market, you won’t come face to face with any nasty shocks during the buyer’s survey. This will also give the buyer less reason to put in too low an offer.
Too much clutter
A common need for most house buyers is space. But how can you show that to them if your home is completely cluttered? If you want to give your home the illusion of a bigger space, it’s time to Marie Kondo your home, and remove the items in your life that simply don’t spark joy! And if there are items you cannot part with but don’t want on display, a self-storage unit might provide a temporary solution.
Though you may think a home renovation could help boost the value of your property, going too far could have the opposite effect. By creating a property that is designed too much to your personal taste, you are taking away the potential that buyers should be able to see.
So, if you plan to make any changes with the hopes of adding value to your property, we suggest doing some research behind what areas to truly focus on. This will help you avoid going overboard and give you the best chance of making a sale.
Get in touch with Joules Estate Agents today for the best advice on buying or selling a property.