When you think about property value, you might think it’s all about location and size. These factors certainly play a key role, but even with lots of space and a great area there are several elements that can decrease your home value – and some of them may surprise you.
1. Bad neighbours
Even the best properties can be affected by neighbourly disputes. It’s estimated that one in five UK homeowners will run into problems with their neighbours at some point, and these disagreements can cut as much as £31,000 off the average property price.
2. The name
If ‘a rose by any other name would smell as sweet’, then why does ‘Warren’ fetch higher prices than ‘Street’? It might just be a coincidence, of course, but research has found that buyers shell out more money for homes on a Warren (£607,267 on average) or Chase (£482,867) than they do on Terrace (£194,403) and Street (£184,722). Streets and towns with rude or embarrassing names also tend to get lower prices.
3. Pets and kids
Even if you’re selling a property in a family friendly area, your little darlings can quickly cause asking prices to plummet. According to ING Direct, a messy children’s bedroom can knock up to £8,000 off your property value. Pets can decrease your asking price by as much as 5% – especially if they’re badly behaved. So make sure you do everything you can to avoid your pet scuppering a sale.
4. A poor broadband signal
Recent research found that around seven out of ten people would turn down their ideal home if the broadband wasn’t great, and just over a fifth said they would try to negotiate a lower price with the seller. A study from 2014 suggests this could be as much as 20%. Ouch.
5. Decorating choices
‘Bad’ taste can knock 5–10% off the price your property fetches. If your decor is likely to divide the crowd, it’s better to be on the safe side and bring out the neutral paints before the photographer arrives.