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5 features that could reduce the value of your home
Submitted by B Smith » Wed 27-Sep-2023, 20:00Subject Area: Testing | 6 member ratings |
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5 features that could reduce the value of your home
As the predictions of a fall in house prices in 2023 now seem to be bearing fruit, anyone with plans to sell their home may be fretting about losing money, which in turn could have a big impact on their ability to move up the property ladder. With mortgage rate uncertainty also still a concern, affordability is still a major issue for homebuyers and every penny counts when it comes to selling your existing home.
Of course, your home should always be somewhere that you want to live first and foremost, but if you think you may be on the move in the next few years, introducing particularly bespoke features or décor when it comes to home renovations may not be the wisest move and could actually cost you money when it comes to selling up.
With this in mind, here is our roundup of the top 5 features which could actually decrease the value of your home.
• Taking it outside – Both the often-maligned conservatory and our newer fixation, garden offices, are very much a sign of the times. In the nineties, anyone who was anyone had a glass or uPVC conservatory installed with the hopes of bringing the outside in. Unfortunately, in the intervening years we have realised that these types of extension can be pretty unusable for much of the year, becoming piping hot in the summer and unbearably cold in the winter. Indeed, it is all about the more energy efficient orangery now, and properties with a dated, nineties or noughties style conservatory attached could actually see a decrease in value by around 15%. The impact of pandemic lockdowns saw around 1 million UK homeowners installing an office room in their garden. Whilst this can still be a sought after feature for many prospective homebuyers since we have retained an element of flexibility in our working lives post-covid, taking up too much garden space with a poorly designed or maintained garden room will put off many homebuyers, especially those with young children who are on the hunt for plenty of garden space.
• Out with the old – Ripping out period features like fireplaces, decorative tiles, moulded coving and sash windows can have a huge impact on the value of your property, with a decrease to the tune of 10%. Buyers seeking out a period property will be specifically in search of these features, and therefore they will factor in the cost of restoring them when it comes to making their asking price.
• Customise at your peril – Whilst home saunas and steam rooms may be all the rage and you may enjoy the ostentatious display of wealth associated with a home swimming pool (sorry Rishi!) or wine cellar, these features are very much about personal taste. If you are planning to move in the near future, then the cost of installation is not something you will be able to recoup, and buyers may be put off by the idea of maintenance and heating costs and the risk of damp and condensation if ventilation isn’t up to scratch. If these features aren’t for them, they will also be factoring in the costs of removal when they make an offer, which could seriously affect the value of your property.
• Fitting a brand-new kitchen or bathroom – Whilst kitchens and bathrooms often seal the deal when it comes to selling a property, there are also one of the most expensive rooms to remodel, which means you are unlikely to recoup the cost of the installation when you sell. By all means, refresh both rooms (see below for more tips on how to do so) so that they can be seen at their best. You could also consider tweaking the layout of your kitchen to allow space for cooking and dining by moving any freestanding islands, furniture, or white goods. But remember, everyone’s taste differs, so adding a brand-new kitchen or bathroom could actually put off a potential buyer if they sense a costly remodel is in order.
• Reducing bedroom space – The idea of the aforementioned sauna or steam room may seem tempting, and ditto to a walk-in wardrobe or large ensuite. However, if you must sacrifice a bedroom to create these spaces you are also likely to sacrifice the value of your property, so proceed with caution! Indeed the allure of an extra bedroom saw vendors in the North of England nearly double the value of their property last year.
And 5 features that could add value?
• Refresh, refresh, refresh! If you are happy to put in some elbow grease, this can be a very cost-effective way to make a big impact on the value of your home. Refreshing interior and exterior paintwork, retiling or regrouting kitchen or bathroom tiles and replacing mouldy shower seals that have seen better days can give your home that turnkey appearance that so many buyers crave. Consider your home’s kerb appeal too, and make sure that the front garden and drive are tidy and free of weeds, bins are out of sight and doors and windows are sparkling clean. You might even go the whole hog and get the jetwash out to really make those paving slabs shine. With a likely boost of 3-5% to the price of your property it is certainly well worth the effort.
• Structure is key. Hopefully, you would have undertaken a structural survey of your home when you purchased it, but if not, take the opportunity to do so before you put it on the market. If you have just one or two specific areas of concern – which may have been highlighted in your original survey for instance – then you can always request a defect report which focuses just on these areas and is less expensive than a full survey. If you can confidently show prospective buyers that your home is structurally sound and that the roof, windows and doors are all in good working order they are more likely to part with their hard-earned cash and put in a reasonable offer.
• Hop on the energy efficient bandwagon. Given the on-going cost of living crisis, it makes sense to make your home as energy efficient as possible for your own benefit, let alone as an incentive to prospective homebuyers, of whom a whopping 77% consider this a dealbreaker in a new property. The good news? You don’t have to shell out mega bucks on solar panels and heat pumps to increase your home’s energy efficiency. Consider minor upgrades such as energy efficient light bulbs and appliances, draught-proofing and water saving kettles, shower heads and cisterns. You should also make sure your EPC is up to date, since moving up the scale can add some serious value to your home.
• Take advantage of unused space. If you already have on-street parking or a driveway and your garage has become a bit of a dumping ground for dusty tools and tired garden furniture, converting it into additional living space could add value to your home to the tune of 15%. Garage conversions are also a much more affordable option than an extension or loft conversion (with an average cost of £625 – £1,250per m²) and won’t cost you any existing space like a loft staircase. Garage conversions are also generally covered by permitted development rights – although do double-check with your local authority to see if you need planning permission before you pick up that sledgehammer! Another inexpensive refurbishment of unused space which can add a lot of value is the installation of a small, downstairs WC in an understairs cupboard or porch area. According to the Home Owners Alliance this will cost less than £2,000 and net you a potential increase in value of over £25,000.
• Exercise those green fingers. Whilst lockdown may seem like a distant memory, our love of the outdoors shows no sign of abating, with a spacious, family friendly garden still top of most buyers’ wish lists when it comes to finding a new home. According to the Post Office Money, spending less than £3,000 to landscape your garden can increase the value of your home by more than 75%. Food for thought indeed!
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