Five things that could negatively impact your home’s value

September 23, 2020 5:39 pm

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This summer led many people to renovate their property. Some for the enjoyment of their space and some hoping to increase the value of their asset. Those doing the latter should be aware there are some alterations with negative effects. Consider changes carefully.

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Unique decoration

If renovating your home to be a cosy space for years to come, then expressing your style through your décor is your prerogative. If you plan to sell in the near future however, a neutral colour palette and timeless style choices will easily allow those viewing your property to imagine themselves and their belongings there, predisposing them to your property quickly.

DIY imperfections

It can be tempting to save renovation costs by just doing some yourself. However, up-front benefits can be outweighed should a potential purchaser notice imperfections, concerning them about quality. They could wonder if they have to budget for fixing what they’ve seen and use it as leverage on the price.

Neglected outdoor space

Imposing or dilapidated features in a garden can potentially counter good work done inside. Choices such as AstroTurf, appealing for ease of maintenance, are off-putting to some. Whilst disintegrating boundary fences or walls risk security.

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Not getting a survey

A prudent buyer will commission a homebuyers survey cost of which they consider an investment against exterior problems encroaching on their home. Plants growing close to a property, unnoticed until they become an issue can be problematic. Roots can creep into building foundations or other structures causing deterioration, however moderate, so the homebuyers survey cost could be offset against repairs that may only get worse if left untreated. Being pre-emptive and getting one as the seller could save you missing out on selling your home.

Alterations and whether they were permitted

Once you get the renovation urge it’s tempting to go overboard to increase value, often extensions or conversions can fall foul of this. Assess the symmetry of the house and consider whether changes will add value and be fit for purpose. Turning the box room into a shower room will lose a bedroom and could actually devalue your home. Conversely adding more rooms can appeal to a large family but if the area mostly attracts students or single professionals that is not advantageous.

Whatever you decide to do, ensure you obtain planning permission and keep records.