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Property prices can be affected by lots of different factors. An expert has revealed the features that could be knocking more than £49,000 off the cost of your home.
When selling a house, making big renovations can add value to the property.
Simple touch-ups that don’t cost a lot of money can also boost the value of a house.
While making changes to a home can make it more appealing, there are some features that could put buyers off.
Experts at Hammonds Furniture have discovered the features that could be knocking money off the selling price of a property.
The research found that mould or damp on the walls would deter 62 percent of potential buyers.
While many homes will experience this, the experts stressed the importance of getting mould dealt with quickly.
Fifty-seven percent of homeowners also explained they would be reluctant to buy if there were any signs of pest infestation.
Michael Patterson, Managing Director of WeBuyAnyHouse, explained these issues could knock the value of a house by 20 percent.
With an average house costing £247,355, this could mean a price drop of £49,471.
Michael said: “Mild cases of mould may not affect value too dramatically if all is needed is a dehumidifier and some mould-resistant paint.
“But, very severe cases can reduce a property’s value up to 20 percent.
“Pests can also cause extensive damage, especially rats that are prone to chewing through electrics and wooden beams, which you would need to repair.
“Depending on the damage done, you could be looking at between five to 20 percent of a decrease in value.”
Not only are features like mould and pests off-putting, they can cost buyers a lot of money to put right.
These costs can be factored into the buying price and ultimate drive down how much money the seller gets.
A messy garden was also shown to put off those looking to buy a house.
If hoping to add more value to a property, the expert explained homeowners could add thousands by updating the garden.
Larger renovations like a loft conversion or conservatory can also be of value to potential buyers.
Michael said: “A nice sized garden can add up to 25 percent more on a house price, especially if it is well maintained with a seating area for the summer.
“A carriage driveway can add up to 15 percent, and an attractive conservatory can add up to 10 percent to a house price.
“If a loft conversion can be used as an extra bedroom, it can add 20 percent to a property price.”
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