Property buying in recent years has grown increasingly difficult due to the escalating house prices, especially in London with the average house price reaching a substantial £478,142 according to Nationwide. But recently this has begun to decline and home's are losing value, to the delight of many homebuyers, but to the dismay of sellers. For the third month in a row, house prices across the board in Britain have fallen for the first time since the height of the financial crisis in 2009.
Basic home maintenance can help to prevent the price of your home falling too drastically following recent events in the United Kingdom, such as Brexit and the recent General Election. Whether you’re looking to sell immediately or are thinking about the future, it’s important to upkeep the basic maintenance work in your home to ensure that the value of your home doesn’t reduce too much – that’s the last thing anyone wants. Preserve your home’s value by following these small, simple steps:
Kerb appeal is highly important. If your home looks visibly pleasing, it’s going to draw a lot of attention from buyers and sellers alike. If the exterior looks great, the chances are people will want to see what’s inside. It’s a completely different story if the exterior of your home looks overgrown, tired and a little lost amid the peeling paint and rubbish, it will leave little to the imagination and put potential buyers off. In a survey by Barclays Mortgages, 44% of people would consider knocking between 10% and 20% off a property’s asking price if the property looked visually unappealing. One in 20 (5%) people surveyed would try to knock 21% to 30% off the asking price of a home which looks unattractive externally.
This doesn’t have to cause problems and can easily be changed with a few simple jobs, such as giving the exterior a lick of paint, tidy the garden, remove any rubbish and perhaps add a hanging flower basket to provide some colour and homeliness to the property.
A clean home will instantly become more attractive to potential buyers because it shows you’re interested in your home and suggests that it’s a homely place to live, which is what buyers want to see. Despite the fact many people may like the popular Shabby Chic interior design style, ‘shabby’ looking homes will not do. You don’t need to do a lot in order to upkeep your property, but a simple dust, wipe down and hoover will go a long way, as well as a lick of paint depending on how long it’s been since you picked up a paintbrush! Tackle one room at a time and don’t rush.
"Little details" such as these can help boost the financial value of your home, according to Craig Calder, director of Barclays Mortgages.
Painting walls can be an easy way to revamp your home without having to invest a large amount of time and money. The secret to modernising and upgrading a room can be used by just one simple item: paint.
A simple lick of paint can completely transform a home from tired and dated to fresh and modern-looking – the same goes for both the interior and exterior walls. Ideally, interior walls should be painted every five years (at least), but this entirely depends on the individual and if you have pets or children in which case it could be substantially earlier!
Small DIY jobs can go a long way when maintaining, or adding to, the value of your home. Check the roof and gutters for signs of wear and damage as this can throw up problems for potential buyers. Do this when it’s summery and warm – don’t wait until it’s wet and cold because you won’t want to work outside when it turns winter. The same goes for painting the rendering of your home. Experts suggest the exterior of your home should be painted every 10 years, but advise you to check for any cracks and holes annually to avoid water damage.When selling your home, don’t be tempted to leave repairs for the new owners, unless you don’t mind dropping the asking price. You will most certainly attract more buyers, and more money, if you get these minor jobs fixed before putting your home on the market as problems such as a broken gutter or a broken light can put buyers off or force them to drop hundreds off the asking price. This will inevitably be highlighted in a survey on the home whereby buyers will take into account the most expensive estimates for the job so they can reduce the cost of the property overall.
Before you put your house on the market, be sure to take these points into account. If there’s a problem, don’t wait to fix it as that can make the price increase further as a neglected home will cost more in the long run.
Photo credit: Monkey Business Images / Shuttershock
Photo credit: WDG Photo / Shuttershock