Simple tasks like cutting the grass could be the difference between getting the full value of your home or losing £34,000. There are other things homeowners should know
Homeowners have been warned that neglecting a simple maintenance task could potentially decrease the value of their property by £34,000.
According to research from My Home Move Conveyancing, an overgrown garden or pets in the home can significantly deter potential buyers. The expert warned that this could collectively reduce the average property price by more than £34,000. The experts stated: “While a well-maintained garden can create a welcoming first impression for potential buyers, failing to keep your garden in check could reduce the offer they are willing to make by 8.2 per cent. This could equate to £23,000 based on current market values, reports Birmingham Live.
“Managing pet-related aspects such as pet hair, odours or damage around your home can make it feel fresh and inviting,” adding that: “It’s thought that evidence of an overly pet-friendly home could see buyers offer minus four per cent below market values, which equates to £11,255 in today’s market.”
Alistair Singer, director of My Home Move Conveyancing, added: “Issues that arise during the survey process can seem daunting for home sellers, as they can ultimately reduce the value they are able to obtain for their property. However, by taking proactive measures and being upfront and honest with any potential buyer you can build trust, ultimately leading to fairer negotiations.
“Often a surveyor will recommend that appropriate specialist reports are instructed which not only give an in-depth analysis of the problem, they usually recommend appropriate action to overcome the issue. It is important that you don’t underestimate the impact of these issues as it is likely to affect a lender’s decision as to whether they are prepared to give a buyer a mortgage on the property and will also affect the building’s insurance premium and in the worst cases, whether insurers are prepared to take the risk.
“By addressing potential issues and rectifying any problems before listing your home, you’ll ensure a smoother transaction process and maintain the value of your property.”
