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Seven Surprising Impacts On The Value Of Your Home

MORTGAGES | 05.05.2022

When we think about how our homes are valued, we think of the size, location and condition of our homes and how these can affect the current value. However, there are many more, often unexpected factors that you may not have considered when thinking about the selling price of your home or the price of the home you’re looking to buy.

What’s the address?

It has been found that certain street names and even house numbers can affect the price of a property. Did you know that homes on ‘lanes’ are more likely to be far more costly than those homes on ‘streets’?. In addition, for properties with regal titles, the value increase can be as much as £30K, whilst homes including the number ‘13’ can see a considerable decrease of up to £9K!

Children and pets

Whilst many of our homes revolve around our children and pets, unfortunately, they can negatively affect its value. Toys lying about or drawings on the walls are often likely to put off potential buyers - especially if they don’t have children themselves. But did you know that your child's untidy room could deduct around £8000 from the value of your home? Be sure their rooms are neat and tidy before viewings to avoid this. In terms of pets, having a cat or a dog around the house won’t affect the estimated value, but the associated smells, animal hair, or loud/unpleasant animals could knock the value price down by up to 5%. 

It’s not just the interior

The interior of a home is undoubtedly important, but it is not just what is on the inside that counts. The outside areas of the property will affect its value. If you have a garden, this can be a highly prized amenity compared to homes without one. However, similarly to the child's bedroom, it’s got to be kept neat and tidy to be seen as an appealing factor to potential buyers, and not a hindrance to upkeep. 

The Local 

A home located close to a noisy pub, or bustling club, with customers hanging around at all hours of the day can have a substantial negative impact on potential buyers and your house price. Contrastingly, having an upscale restaurant or supermarket such as Waitrose in the area can add up to £40,000 to the average property. 

Parking

In town centres, tourist towns and cities occupied by students, being able to park right outside a property can give an instant appeal. It has been estimated that a parking space can add as much as £50,000 to a property when living in busy areas.

Getting around

For those that don’t drive, living next to transport links can be a big factor in where they decide to buy their home. In 2016, Transport for London commissioned research to look at whether transport projects had an effect on the surrounding land values. It showed an average uplift of residential properties of more than 50%. However, when transport links are noisy, or disruptive to the greater community, this can cause a negative impact on the area and therefore the value of homes nearby. 

Love thy neighbour

Disputes with neighbours are more common than you think - but these may be worth resolving. The Property Information Form asks you to disclose any issues with neighbours, so it’s a good idea to keep on good terms. Experts suggest that a home can lose £30K off the value on average due to neighbour boundary disputes. If you are purchasing a property, 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. When searching for a home, prices can seem a bit inconsistent sometimes. If you are looking to buy a property, these are all factors that can dramatically affect the property price, so make sure you know what you’re looking for. If you’re considering buying a home in 2022, or think you’ve found the property for you, contact TaylorMade Finance today to benefit from our experience and expertise with the mortgage application process. Our team of mortgage advisors are here to chat and guide you through the application process.
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