5 things which can reduce the value of your property
The London property market is subdued at present. Over the past year, 42% of all London postcodes have seen house prices fall. No property owner will want to see a decrease in the value of their property.
So here are the issues you should know about, and some simple fixes you can implement to help your property maintain its value.
1. Too many improvements
You may think you’re adding value to a property through improvements and renovations, but there is such a thing as too much. Examples include creating an open-plan area downstairs so there is no quiet corner or turning two single bedrooms into a double bedroom. Buyers want to create the house layout themselves. So, don’t make too many decisions for them.
2. Poor schools
Buyers with children will doubtless be looking for a home which is reasonably close to good schools. According to Rightmove, parents are willing to pay £52,000 more for a home to secure their child a place at an outstanding primary school. A negative Ofsted report for a local school may devalue your property. Don’t worry too much, as school catchment areas change annually. Just be aware of the best local schools in the current catchment area for your property.
3. Nightmare neighbours
Annoying neighbours are not exclusive to reality TV. Neighbours can prove problematic. Some buyers may find pets and children next door to be a nuisance due to noise and mess. Similarly, if a neighbour doesn’t take care of the exterior of their property, it can put people off. Overgrown gardens and rubbish lying around next door is not appealing. A simple fix would be to put in hedging or fencing to block any mess from view and make your property more private.
4. Noise pollution
It is not just neighbours who make a racket. There may be noise from traffic to contend with, or a nearby train station or airport. Proximity to transport routes might be a plus for some, but for others it will be unappealing. It is best to schedule viewings outside of peak hours i.e. when the street is less busy. Install double glazing (if you haven’t already) to limit noise. It can also help to make sure that the property is properly insulated.
5. Clutter and cleanliness
Potential buyers may be able to overlook décor faux pas. But there’s no overlooking dirt and smells. It’s hard for buyers to have an open mind when a property seems unclean and unhygienic. A deep clean is a must before you even think of selling a property. Clutter can also affect the value of a property. Some might use a room in a house for storage, but if you’re advertising the property to potential buyers as a bedroom, then it needs to look like a bedroom.
Don’t let these problem areas reduce the value of your property. Be proactive and keep your property well-maintained.
If you’re looking to sell your property in West Kensington, Barons Court or the surrounding areas, request a sales property valuation.