Britons love dreaming about their future homes, especially when it comes to redecorating. But sometimes even Britons’ dream houses can be impacted by property issues that are beyond their control. Japanese Knotweed, subsidence and flood risks can all have a major impact on property value.
Research by home buying platform, Yes Homebuyers, looked at 11 of the most common property nightmares, how much they can devalue your home, and what it costs to remedy them.
Subsidence came out on top as the number one property issue.
Structural damage can deter buyers completely and could see homes devalued by as much as 20 percent.
The current average UK house price is £251,500 which means £50,000 could be knocked off the asking price.
A new power station can have the same effect, with the price of your home possibly dropping by as much as five percent.
Living in a known flood risk area with the potential risk of water damage, could see the value of your home fall by around 10 percent.
Not maintaining your garden is also another deterrent for buyers.
An untidy garden could reduce the value of your home by as much as £20,623 or just over eight percent of your home.
He continued: “Working hard to climb the property ladder, only to find your property fall in price due to matters that are largely out of your control, can be a bitter pill to swallow.
“In the most serious cases of subsidence and Japanese Knotweed, homeowners can see thousands wiped off in value and this can also be the case for external factors such as new mobile phone towers and flooding.
“All too often we see home sellers opt to use our service, as such an occurrence has caused them to struggle to find a buyer and is preventing them from progressing with their onward purchase.
“While we have to carry out our own due diligence on every property, opting for a homebuying platform can at least allow them to recoup the majority of their investment and proceed with their plans to move.”
Published at Wed, 24 Feb 2021 00:01:00 +0000