It’s important to every homeowner that their property retains its value. Home improvement work can be expensive, but nonetheless we all know the value of updating a property.
After all, a property grows old, just like us. It will need redecorating, refurbishing, or renovating from time to time throughout its life.
Home improvements are intended to enhance the value of a property, but sometimes this can work against you. Sometimes, a property can be devalued because of circ*mstances outside your control. We’ve highlighted a few factors that will devalue your home.
1) Poor workmanship
Doing maintenance jobs ‘on the cheap’ usually backfires. It’s important to know where you should spend money and where you can save money. With most renovation/construction work, you get what you pay for, and if the finish is poor, it will show. Poor plasterwork or badly-fitted kitchen units – because it was a DIY installation – will give a potential buyer grounds to try and negotiate a lower sale price.
2) An increase in crime levels
It’s easy enough for a potential buyer to check the crime statistics in the area they plan to buy in – a quick search on Google is all that’s required these days. If crime levels are high or if they have increased, this may work against you when it comes to selling a property. Obviously, there is nothing you can do about this, but you can try to compensate by making the property more secure. If the property feels secure to a potential buyer, they may not be so concerned about local crime levels.
3) A substandard kitchen
An impressive kitchen will usually help to sell a house, but a second-rate, shoddy-looking kitchen will not help you sell it. The kitchen is the ‘heart of the home’, as we’re so often told. A kitchen is the most expensive room to have redesigned and refitted, which is why a potential buyer may be put off if they realise they’ll have to do a lot of work on the kitchen.
If you’re planning to sell, naturally you won’t want to spend too much time and money carrying out improvements. The solution? Try and depersonalise the room as much as possible to create a blank canvas. You don’t need to spend a small fortune to depersonalise the space; small changes can make a big difference. Just replacing the taps or worktops and changing the cabinet doors can do a lot to improve and reinvigorate a kitchen.
4) Noise pollution
Living in London brings many benefits, but it also has its downsides, and noise pollution is usually one of them. Central London living doesn’t suit everyone for this reason. Can a buyer reconcile themselves to the noise? Installing double glazing can go some way to keeping the noise out, but you’ll still be aware that you’re living in a city where ambulance sirens, police sirens, car horns, London buses, and pavement chatter are a permanent fixture, with each seemingly trying to drown out the other. If the property is on a main road or the area is a busy one, you can’t do much other than investing in some form of sound-proofing.
5) Uninspiring exterior
The front/exterior is the first impression prospective buyers will have of your property. If the paving stones need replacing, the fence fixing, the front door repainting, and the windows cleaning, then your property won’t make a positive first impression. Make sure the front of your property is as neat and appealing as possible before any marketing shots are taken. If you have any outside space, such as a rear garden or even a balcony or terrace, make sure it is as presentable as the interior of your property, rather than a neglected dumping ground for rusting garden furniture and unwanted possessions.
6) How silent are the neighbours?
In central London, neighbourliness (or lack thereof) is a big issue. Many renters and buyers are forced to live in close proximity with other people, and if those people lack consideration, it can become a headache for those around them. If you are selling a semi-detached property or an apartment within a building, having friendly neighbours who don’t make too much noise and respect your privacy will be important to potential buyers. It’s important to note, that when selling a property, you may have to declare any previous disputes with neighbours.
7) Not energy efficient enough
It’s not only renters who want to see energy efficient properties, buyers will also want to save as much money as they can on their energy bills. Energy performance has become increasingly important, so if your home needs an energy efficiency boost, take steps to make it happen.
As of April 2018, it is illegal for landlords to rent a property to new or renewal tenants if that property has an Energy Performance Certificate rating of less than E. This won’t immediately impact someone looking to buy a home, but it will affect things if you plan at any time to let the property to tenants. Generally, buyers will find an energy efficient property appealing, while an inefficient rating will likely devalue the property.
8) Phone a friend
If you are thinking of selling or letting, a great way to find out if anything about your property is likely to put off buyers or tenants is to invite a friend round and see what occurs to them that is negative about your property. You are used to it ‘the way it is’, and may not see the downsides, whereas someone else’s objective view might raise points you had never thought of. It’s also a good excuse to open a bottle of wine and talk about something other than Brexit and Donald Trump.
Are you thinking of selling or letting your property in Central London? We have experience of selling and letting property in the Pimlico, Westminster, Belgravia and surrounding areas. Contact us today.[/vc_column_text][/vc_column][/vc_row]
