As homeowners and potential sellers, we all know the right ways to add value to a property. But, have you ever stopped to think about factors that might decrease the value of your property? As unreal as it may seem, there are quite a few factors that can bring down the value of your property and these are not only limited to size or location. If this has got you wondering about the value of your home, you can discover how much your house is really worth with Scottfraser, quickly and effortlessly. But, before doing so, let’s talk about 5 important factors that can bring down the value of your property in 2022.
1. Poor interior decor:
Every individual has their own taste and style, so naturally, every homeowner will decorate their home as per their personal preferences. However, if you are thinking about putting your house on the market, you should consider opting for simple, classic and chic décor. According to the experts, ‘bad taste’ or bad interior decor can reduce the value of your property by 5 to 10 per cent. So, while you might love the elaborately patterned sofa in your living room or the dark gothic paint on your bedroom walls, other potential buyers might not feel the same way. When you are trying to sell your home, change the quirky and ecstatic interiors to something simpler and universal.
2. Any form of structural damage:
Structural damage can really bring down the value of your property, especially if potential buyers hire a surveyor to inspect the property thoroughly. While a crack in the wall or crumbling concrete may not seem to bother you, it will certainly impact the value of your property in the long run. Surveyors look out for red flags such as cracks and leaks, uneven floors, exposed gaps in walls, ill-fitted windows or doors, termites and black mould, damp smells, leaking roofs and faulty plumbing.
3. Location problems:
Buyers are willing to pay more money to live in good school districts. So, if there is no good school in and around your area, the valuation of your property could drop. Also, houses that are close to a factory or any other form of pollutants generally have a lower valuation as people do not want to live in an area that is polluted. While being close to transport hubs is considered a plus, being too close to a noisy train line or the airport might negatively impact the value of your property. A property near a strip could lose 14.7 per cent of its value, a property near a funeral home or a cemetery could lose 6 to 12 per cent of its valuation whereas a house near a bad school could drop in value by 22 per cent! Speaking of locations, bad neighbours can also bring down the value of a property. As per a recent study, neighbourly disputes can reduce the value of your property by a whopping £31,000!
4. Pet smells:
While having a family pet is one of the greatest joys of life, the ‘pet smell’ in the house can turn off potential buyers. Scratched tables and chewed sofa legs, fur balls and loose hair all around the house and the pet small can knock off up to 5 per cent of the value of your property. Replace any scratched or eaten furniture, get rid of any fur balls and gather their toys in one area. Before you decide to let potential buyers visit your house, be sure to opt for a thorough cleaning. You could also light a few candles or bake some fresh cookies to really mask the ‘pet smell’ till the cleaners can get the job done properly.
5. Not understanding buyer demand:
Understanding the demand of the buyer in your area is very important. If you live in the city-centre that is filled with young students and professionals, then you might have a very hard time selling your four-bedroom house. Similarly, if you own a one-bedroom flat in the suburbs which is very close to a good school district, you might have a hard time selling your flat because most potential buyers in this area will be families with kids. Essentially, as a seller, you need to be able to understand the local buyer demand and attempt to alter your property in a way that will meet that buyer demand. However, if your property does not meet the local buyer demand then you can expect the value of your property to fall, which in turn means low offer prices.