If you’re a landlord or homeowner trying to sell a property, you may be surprised to find that some features you’ve added could actually devalue your property. NAEA Propertymark (the National Association of Estate Agents) has the top features to look out for…
“The house-moving process is undoubtedly stressful, so it’s important to know what adds value to your home and what might detract or put off potential buyers,” says the President of NAEA Propertymark, Katie Griffin. “Sometimes, the improvements you have made might not appeal to buyers, so even though you’ve spent money on them, they might not necessarily add any value.”
Basically, don’t add any of these features to your property:
While solar panels may save you or your tenants money on energy bills in the short-term, and they’re environmentally friendly, they might not actually add any value to your property. The problem with technology is that it ages quickly and can be expensive to upgrade. The same applies to built-in kitchen appliances, which are great to begin with, but within five years are out of date. Solar panels can also appear unsightly and unattractive, and those more concerned with aesthetics than the environment don’t usually want them stuck on their roof.
This one applies more to homeowners than landlords, but, when decorating a home, you should design it your personal taste. However, if your taste is particularly colourful or bold, it may be worth re-decorating before you start to market the property. Typically, modestly decorated homes are more desirable, as potential buyers can easily see how their own belongings would fit into the space and how they could make it their own.
Although they’re great fun for a weekend or two in the summer, swimming pools in the UK aren’t usually considered an attractive feature. They’re expensive to maintain, use up a lot of space and the Great British weather means that you can’t actually use them very often – this makes them a lot more fuss than they’re worth.
Extensions and conversions
Although having works carried out to your property, such as extensions or conversions, can add lots of value to the home, you must make sure that you obtained appropriate planning permission and building regulations, and that you have access to these documents.
If you have two identical properties and one is bright and airy, while the other is dark and dingy, nine times out of ten, the brighter one will be worth more, as it’s more desirable to buyers. Foliage around windows and large trees should be cut back before marketing your property, to give the impression of a light and spacious home.
The infamous Japanese Knotweed is more common than you think, and can damage the foundations of your property and significantly devalue it if it’s at risk of subsidence as a result. If you think you can see it in your garden, call in a professional to excavate it as soon as possible. We have a guide to help you identify the troublesome plant: https://www.justlandlords.co.uk/news/a-guide-to-japanese-knotweed/
If you’re thinking of carrying out work to add value to a home, be sure that you don’t get caught adding one of these features – they’re more likely to devalue your property!