Some helpful tips from The Telegraph if you are looking to improve the value of your home.
Unexpected ways you can boost – or unknowingly reduce – the value of your property
Location, location – local pub? There are many factors in play when it comes to valuing a property, some much more obvious than others. From the quality of your nearest drinking hole to the toys strewn on a kid’s bedroom floor, issues that may seem insignificant can have a shocking impact on a buyers price. Whether you’re looking to sell or moving to a new area, it’s important to be aware of anything that could have a negative impact on your property’s market value and impede a future sale.
Now there’s another reason to get children to tidy their toys away. A messy kid’s bedroom can knock £8,000 off the value of the average house, according to ING Direct. That threat to withhold pocket money doesn’t sound so mean now, does it?
What’s in a name?
Quite a lot, actually. Research by Zoopla found Warrens are the priciest types of road – with houses fetching up to £607,267 more than double the national average of £282,978. Streets are much cheaper, at an average of £184,722. As for the other half of the name, Kings are 20 per cent costlier than Queens. Rude names sell for less, too, simply because of the embarrassment. Fancy living on Lancashire’s Slag Lane or Bell End in the West Midlands?
Counting the cost
Numbers, too, have a surprising influence. A Zoopla study revealed that, on average, odd-numbered houses fetched £538 more than even-numbered equivalents.
And it seems we are a nation of superstitious so-and-sos. If you own a number 13 (deliberately missed out on Downing Street and others) your home is likely to sell for £6,500 less than its neighbours. Unlucky.
The truth about cats and dogs
Don’t worry – there’s no need to give up Fido or Fluffykins just yet. Most of the 39 per cent of people who own a dog or cat in the UK will have no related issues selling their house. However if your pets are intimidating, smelly or there are just too many of them, that could cost you dearly, knocking up to five per cent off the asking price.
A decent local
A noisy, rowdy drinking hole with ne’er-do-wells spilling out on to the pavements every night can really put potential buyers off and have a negative impact on your house price when it comes to a valuation. Equally, a lovely local pub with craft ale and a delectable line in homemade pies is a major plus. Similarly, the “Waitrose effect” is a real thing – last year a report by Lloyds Bank suggested an upscale supermarket can add 12 per cent or £40,000 to the average property.
A question of taste
You might completely adore that jacquard wallpaper and have read that wood panelling is back in fashion, but does everyone else? Perceived “bad” taste can knock between five and 10 per cent off the value, according to experts. If your main purpose is to sell your home for the highest possible return, stick to relatively neutral, non-offensive decor and external landscaping. That way potential buyers can visualise their own stamp on the place.
Everybody needs good neighbours
No matter how well-heeled an area, how good the schools and how lovely the local pub, disputes with neighbours can have a terrifying impact on prices.
An estimated one in five homeowners will encounter serious problems with neighbours, whether it’s arguments over noise and territory or just living next door to people with anti-social habits or behaviour. A survey by Halifax Home Insurance suggested this can shave up to £31,000 off the price of the average property. Before exchanging, talk to the seller about the neighbours and try to get a feel for the area. You can also contact the local council to see if any disputes have been recorded.
Good storage is a massive plus point for potential buyers, especially if you’re competing for sales against other houses of a similar style and layout. Make the most of the space under the stairs or next to the chimney breasts – put in shelves or cupboards. And if you do have lovely big storage, make sure it’s tidy for viewings. Buyers can’t resist a peep behind closed doors.
Being close but not too close
A survey by Nationwide found that the closer you are to public transport, the greater can be the impact on your house price. In London, being within 500m of a Tube station can increase property values by 10.5 per cent, but move 250m further down the road and that figure drops to 7.6 per cent.
Living 500 metres or less from a Glasgow rail station adds an average of £9,400 to property values; and in Manchester, living close to a Metrolink station is worth an extra £8,300. However, you don’t want to get too close – bus stops outside front doors or blocking views from windows aren’t seen as desirable.
In crowded town centres, the ability to park right outside your own home will give your property instant appeal. It is estimated that a parking space could add as much as £50,000 in an expensive urban location. Figures like that make it well worth converting the front garden if you can. You might need planning permission first though – and use a porous substance to lessen the risk of floods.