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5 things that could be affecting your house value

Home Value

MyPropertyLife 07 Apr 2016

Five Things That Could be Affecting Your House ValueAre you unhappy with your property’s valuation? Perhaps you think it’s worth more than the market suggests? Here are five surprising things that may be affecting your house value (in the eyes of potential buyers) – and what to do about them.

1. Problematic neighbours

Your property is in perfect condition, featuring a tidy outdoor area and spotless exterior. When it comes to curb appeal, it’s definitely winning. Yet when prospective buyers approach, all their attention is drawn to your neighbour’s derelict property and overgrown garden. If you live next door to people who are relaxed about the state of their home, this might cause buyers to perceive your property in a negative light – even if it’s in fantastic condition.

So what can you do about this pesky problem? Unfortunately, what happens on their property is likely out of your control, but there’s no harm in striking up a conversation to see if they’re willing to make a few small adjustments while your home is on the market. Try to be polite, non-judgmental and friendly – showing your frustration might not help your cause. You could even offer to lend a hand. If the garden is really overgrown – to the point of being a health hazard – you may be able to take it up with your local council.

 

Read more: When is the best time to sell your home?

 

2. Location, location, location

What can you do if the location of your property leaves much to be desired? Whether there’s a loud motorway nearby or your street has developed a ‘bad’ reputation, this can cause your sale price to plummet.

The trick here is to focus on all the things you can control and do your best to offset any surrounding negativity. For example, you might not be able to control the amount of traffic that drives down your street – but you can invest in an attractive fence for privacy and install double-glazed windows to keep the noise to a minimum. If your neighbourhood has a reputation for being unsafe, you could install a state-of-the-art alarm system and electronic gate, which will give prospective buyers peace of mind. Aim to be the ‘best house on the worst street’ to distract buyers from location-specific traits.

 

3. No point of difference

Even properties in the best locations can struggle to sell for maximum value if they have no unique selling points. Look at what your competitors are doing and think of ways that you can make your property stand out from the crowd. What makes your home better than others in a similar price bracket? If you can afford to make renovations, think about adding features such as a fenced outdoor area, additional bathroom or timber floors.

If renovations are not within your budget, try to identify something which makes your home special or quirky and draw attention to it in your marketing material. It may be a good idea to get a professional wordsmith to come up with an eye-catching headline and some engaging sales copy. Great writers can make even the dullest of houses shine on paper.

 

4. Highly personal interior design

Buyers are often drawn to homes with neutral interior design, as this gives them plenty of opportunity to make it their own. If your property features unique feature pieces, such as brightly-painted walls, graphic wallpaper or OTT light fixtures, this could send some buyers packing. Unless you feel the interior design adds value to the home, then you might be best to go with safe options.

 

5. Creative home improvements

Following on from wacky interior design is ‘creative’ home improvements. By this we mean, home improvements which do not have resource consent (and therefore may actually be illegal!). For example, you might have added an extra bathroom without applying for the proper permission, or extended your kitchen. No matter how fantastic your DIY skills, if you don’t have a piece of paper to confirm your renovations are within the law, then buyers may not be willing to take on the risk. Do your best to ensure everything is council-approved and follows best practice building guidelines. Read more abih

 

Want to give your home the best chance of success on the property market? Check out the tips in our free guide:


A Guide on How to Prepare Your Home for Sale

The information provided by MyPropertyLife is general and is not intended to serve as advice. Please see our Disclaimer for further details.