Preparing your home for the market can be a tedious task, but one that pays off tenfold if you know which areas to target.
Luckily, most value-threatening problems can be resolved with little effort, which is why it’s important that you’re aware of them while you’re getting your home ready.
Here are 10 potentially value-reducing issues and how to resolve them:
1. Neglected kerb appeal
First impressions matter, and the exterior of your home is the first thing potential buyers will see. Neglecting your home's kerb appeal can lead to a lower perceived value.
Research by EvolutionMoney reveals that most people (93%) judge a property based solely on how it looks from the outside. The exterior appearance of a home has the power to affect its value too, with 30% agreeing that they would pay an extra £5,000 or more for a home with a well-maintained exterior.
Solution: Repaint the front door and window frames, and maintain a well-kept front garden to boost your home's kerb appeal.
2. Outdated interiors
If your home's interiors feel dated or are in need of a few cosmetic improvements, it might put off prospective buyers.
Solution: Update your home with modern fixtures, fresh paint, and stylish furniture. Consider open-concept layouts to create a more spacious feel.
3. Poor maintenance
Regular maintenance is crucial to preserving your home's value. Neglecting routine upkeep can lead to visible signs of wear and tear.
Solution: Create a maintenance schedule to address issues like leaky roofs, plumbing problems, and cracked foundations promptly.
4. Outmoded kitchen
Kitchens are often the heart of a home. An outdated or poorly designed kitchen could mean that your home is not living up to its full potential. According to Checkatrade, an upgraded kitchen can add up to 10% of your home’s value.
Solution: Invest in a kitchen remodel, update appliances, and consider an open-plan kitchen if feasible.
5. Worn-out flooring
Dull and damaged flooring can make a property seem uninviting and outdated.
Solution: Replace old carpets with hardwood floors, laminate, or tile for a modern and clean appearance. Additionally, you can renew your carpets by hiring a professional carpet cleaner.
6. Inadequate storage space
Limited storage might be a big drawback for some potential buyers, especially if they are used to apartment living or cohabiting with their parents.
Solution: Add built-in storage solutions like closets, shelving units, or even a walk-in wardrobe if space allows.
7. Dampness and mould
Mould and damp issues can cause health concerns and affect property values. According to TapcoHomeDry, dampness can reduce a house’s value by around 10%, and even up to 50% in severe cases.
Solution: Address the source of moisture, repair leaks, and hire professionals for mould removal and remediation.
8. Electrical and plumbing problems
Outdated electrical systems or plumbing issues can be a red flag for buyers as it might suggest that your home is not ‘move-in ready’.
Solution: Hire professionals to inspect and upgrade these systems as needed, ensuring they meet current safety standards.
9. Unfinished attics
Unused or unfinished spaces can be seen as wasted potential, especially if your home has a large room without an apparent function or purpose.
Solution: Finish these areas to create additional living space, such as a guest bedroom, home office, or recreation room.
10. Poor energy efficiency
Inefficient heating, cooling, and insulation can lead to higher utility bills and a lower property value.
According to Money Supermarket, there is a correlation between a higher energy efficiency rating and a higher house price. The higher the rating is, the property value can increase by as much as 14%.
Solution: Invest in energy-efficient upgrades like double-glazed windows, insulation, and a modern boiler.
Should you resolve issues to add value to your home?
It's important to remember that addressing these issues may require an initial investment, but the return on investment can be significant. Moreover, a well-maintained and upgraded home is likely to sell faster and at a higher price, making it a wise financial decision in the long run.
If you’re thinking about moving home, contact your local Whitegates branch today