There are dozens of fairly obvious issues that can reduce the value of your home. Rather than Location, Location, Location it can be more a case of Kerb Appeal, Kerb Appeal, Kerb Appeal when it comes to making that solid first impression on a potential buyer.
You wouldn’t turn up for a job interview looking dishevelled or in a poor state, but many sellers do present their properties in that way and then wonder why their home is on the market for less than everything else in the street.
And, in some cases, even if the exterior of your property makes a great first impression, the inside leaves a lot to be desired.
Dogs are indeed a man’s best friend, but they might not be your potential buyer’s and the scent of a pet can put many off or reduce the value of your home if the pong is putting people off and reducing demand.
Those are just two key issues that can lower the potential of your property, but here are five more that could have an impact on your property’s value – and they may surprise you!
THE SUPERMARKET EFFECT
What’s more important to you? Value? Quality? Or, perhaps, the type of carrier bag you’re seen with when walking down the high street!
It seems home buyers are also a little fashion conscious when it comes to supermarkets – and this could have a marked impact on the value of your home depending on its location.
According to Lloyds Bank, living near a Waitrose branch can add a whopping £36,000 to the value of your home, while a nearby Marks & Spencer comes in at an also very hefty £29,000.
However, if there is an Asda, Lidl or Morrisons close to your home, premiums come in at between £4,000 and £10,000.
Who knew food could have such an affect?!
WHAT’S IN A NAME?
Well, quite a lot actually, according to Zoopla.
If you live in a ‘Warren’ it could mean a higher than average return of £607,267, while being located in a ‘Chase’ could net you £482,867.
‘Street’, ‘Court’ or ‘Terrace’, meanwhile, come in at a far more affordable £184,722-£194,403.
If your property’s foundations lay on a ‘royal’ street, however, you could be quids in.
Roads with ‘King’, ‘Queen’ or ‘Prince’ in the title can fetch between £299,572 and £279,593!
LESSONS LEARNED
Families looking to move to your area will be almost certain to look into the Ofsted reports of the local schools.
According to the Royal Institution of Chartered Surveyors (RICS), a poor Ofsted report could slash as much as £20,000 off the value of your home.
At the other end of the scale, a top secondary school with a good Ofsted rating could add the same figure to the value, according to Lloyds Bank.
So, if you live near a good school, make sure you shout about it!
APPLES AND PEARS
No, not stairs! Although having stairs always helps if you live in a house! No, we’re talking about market towns.
According to Lloyds, homes in market towns can be worth a huge £25,000 more than in your standard town. Chipping Campden in the Cotswolds for example, boasts an average sale price of £549,851 – some £324,220 above the UK national average of £225,621.
And if the town boasts a farmer’s market, that can add another £87,180 to property values!
UNLUCKY FOR SOME
Ever wondered why Downing Street in London has no Number 13? Well, if you were the Prime Minister would you want bad luck on top everything else?!
It’s not just that prestigious London postcode without the dreaded number, either. According to research, those who own a ‘Number 13’ on their street should prepare to sell for as much as £6,500 less than their neighbours, while around 30% of buyers claim to avoid homes with the number.
If you want any advice on selling your home, contact your local Whitegates office today!
