abbotFox’s top 10 factors that can decrease the value of your property

03/07/2015

There are a diverse range of houses for sale in Norfolk, so how can you guarantee that your property sells for the right price? We have compiled a list of our top 10 factors that could possibly decrease the value of your home and effect the figure that your property sells for.

 

  1. 1.      Neighbours from hell

 

Anti-social neighbours are one of the most commonly reported causes for decreasing the value of a property. Excessive noise, invasions of privacy and intimidating behaviour are just a handful of reasons that have been described by experts that can reportedly shave a mammoth £31,000 off the value of a property.

 

  1. 2.      No kerb appeal

 

The face of the house is often the deal breaker when it comes to a potential buyer proceeding with interest in a property. If an owner hasn’t devoted some love and affection towards the kerb appeal of their home, then it is highly likely that their valuation will drop significantly. 5% of a valuation could potentially be wiped without a lick of paint, a tidy garden, washed windows and effective guttering.

 

  1. 3.      Local schools Ofsted report

 

Having a home within the catchment area of a reputable school is able to work wonders for the estimated value of a property, being able to add up to an 8% premium. The easy access of Ofsted reports allows the nation an insight into how well a school is performing and a black mark on a school in the same catchment area as a property can correspondingly tarnish the valuation of your home.

 

  1. 4.      Crime Levels

 

The digital age has allowed the average Joe the easy ability to be able to look online to check crime statistics in a certain area. If there is a high number of recorded crimes within a close proximity to the property you are attempting to sell, you will highly likely encounter problems and can expect to witness your home’s value plummet.

 

  1. 5.      Ghost Stories

 

However farfetched it may seem, reports of deaths in a property or morbid tales of a darker past have been well known to have a knock on effect on the price a house may sell for. Extreme cases can even make the home completely un-sellable.

 

  1. 6.      No planning permission

 

In the eyes of most people, making substantial additions to a home, in the form of a conservatory or out building would surely add value to a property, but if compliance has not been followed with building regulations and planning permissions, it can have a disastrous effect.  The answer to, do I need planning permission is yes. The costings that it may take to rectify the situation will inevitably effect the monetary value of the property.

 

  1. 7.      Flood Risk

 

Insurers have stated that homes in a position susceptible to flooding could theoretically be forced to shell out anything from £20,000 to £40,000 in damages. Flooding has the potential to literally wash away the value of your home, so ensure that you research into the area’s flood plains tendencies.

 

  1. 8.      Maybe don’t DIY

 

 

Some of the homely decorations you may have made to the property whilst residing there may not be quite so appealing to a future buyer. In fact, it is said that 5-10% of the property’s value can be knocked off due to bad taste and obnoxious workmanship. So, if you are considering selling in the future, make sure you decorate accordingly.

 

  1. 9.      Who let the dogs out

 

Over a third of UK households own either a dog or a cat and more often than not, the loveable pets do not pose a problem to the value of a home. However, it is not unheard of for potential buyers to be deterred by smells or intimidating behaviour from your furry friends. Some cases have been known to devalue the home by up to 5%.

 

  1. 10.  The local boozer

 

We all like to be in walking distance of the pub; to make those wobbly walks home just that little bit easier, but in terms of the value of your home it can have a detrimental effect. The noise of activity that can be echoed from the bar stools of a public house can decrease the value a property by anything up to a titanic 20%.

 

Josh Cousens – abbotFox

 

Image sourced from Mic445 via Flickr

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