And that factors like poor kerb appeal, an old roof in need of repair or obvious water damage are likely to detract from a home’s value.
We also understand that when it comes to getting our properties ready to sell, it’s important to make sure that it looks as good as possible in order to realise the best return on investment and will give the exterior a fresh coat of paint and tidy the garden.
However, over and above these factors, there are other, less obvious features that come into play and which can negatively or positively affect a property’s value.
If you're interested in selling your property - or looking to buy - these are the features to take into consideration:
Bright colour schemes
The deep red lounge and bold yellow kitchen might make you happy but those colour schemes are also very likely to put off many potential homebuyers because they’ll be thinking that they would have to spend time and money redecorating.
And if they decide to make you an offer anyway, chances are they will lowball you, citing the redecorating costs. Always stick to neutral colours which will appeal to the majority of people.
A black front door
While it’s important to pay attention to the exterior as a whole, there’s one particular part of a home’s exterior that can instantly add value – an appealing front door and, according to Zillow, homes that have their doors painted black or charcoal generally for more.
House numbers
It seems superstition is alive and well because according to a study done in the U.K., homes with the number 13 in their addresses took longer to sell and sold for significantly less than their neighbours.
Too many (or too specific) customisations
We all personalise our homes to suit our lifestyles and tastes, but when it comes time to sell, some of these customisations can negatively affect your price or even the ability to sell your home.
Research has shown that whilst one or two unique aspects will attract buyers, if your home is too different it can also deter.
This is especially true of changes like lower or higher than usual countertops to suit your height, and buyers may ask for a price reduction — or pass on the house altogether.
Inconsistent upgrades
When renovating your home, it’s important to be consistent otherwise you could risk a loss in overall value. For instance, you upgrade the kitchen to a high spec but leave the worn 70’s linoleum flooring in place.
Billboards
Not only can proximity to billboards negatively affect a home’s value, the resale price can decrease even further for each additional billboard located within 150m of a property.
Greenery in the neighbourhood
Living on a tree-lined street or very close to a well-maintained park can add to your home’s value. Likewise, if there are no mature trees in your garden or along the street and very little sign of greenery anywhere, it can also negatively affect the value.
Dodgy neighbours
If your neighbours regularly keep their lawn mowed and their pavements neat and tidy, it is likely to impact positively on your home’s value whereas if their garden is messy and overgrown and toys are strewn everywhere, it’s likely to have a negative effect.
Smart home technology
Thanks to the fast development of smart technology, it has become much more mainstream and, while there are varying reports on how much value these devices will add to your home, you can expect to see anywhere from a 5% to 35% increase.
Future plans for the area
If your property is close to a planned and highly publicised project such as a new major road or housing development, you can expect to see your home’s value decrease because even if it will be an advantage once complete, long-term construction is always a deterrent for numerous reasons.
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