In the ever-changing world of UK real estate, staying informed is crucial. As we step into August 2023, a consensus among banks and property websites is emerging: house prices are on a downward trajectory. Nationwide’s housing market data reveals a 3.8% decrease in house prices this year, marking the most significant decline since 2009. Halifax’s findings mirror this trend, reporting a 0.3% dip from June, marking the fourth consecutive decline in 2023.
If you’re considering selling your home but are wary of selling it short in this challenging market, fret not. There are several cost-effective steps you can take to prevent unnecessary and maximise your property’s worth.
Enhancing Your Property’s Value: Small Changes, Big Impact
- Streamline and Simplify
Tackling the clutter within your home might seem like a small step, but its impact on your property’s value is substantial. Research suggests that a cluttered home can diminish your property’s value by an average of £9,290. Decluttering your space, unless you’re dealing with unwieldy items, comes at no cost and can significantly bolster your property’s value. You might even consider selling some items, thereby not only decluttering your home but also boosting your budget by nearly £10k.
- A Personal Touch
Owning a property allows you the freedom to personalise it to your liking. You decide the decor, the artwork on the walls, the vibrant tiles, and the bright rugs. However, when it’s time to sell, this personal touch can work against you. Prospective buyers need to envision the space as their own. Removing personal photos, keepsakes, and fridge magnets can help potential buyers see your property as a fresh canvas for their own journey, potentially accelerating the sale and supporting your property’s value.
- Stub out Smoking Indoors
If you’re a smoker, it’s essential to refrain from smoking inside your property. Indoor smoking can have a significant impact on your home’s value for various reasons. Cigarette smoke can stain furniture, window frames, walls, and floors, leaving behind stubborn odours that are hard to eliminate. These visible stains and lingering smells can dissuade potential buyers when viewing your property.
- The Damp Dilemma
Dealing with dampness can be a challenging and sometimes costly endeavour, with treatments ranging from £2,000 to £6,000. The extent of dampness can devalue your home by anywhere from 10% to a staggering 53%. Given the potential impact on your property’s value, it may be wise to invest in damp treatment, knowing that you can recoup the expense when you sell your home.
- Battling Japanese Knotweed
Japanese knotweed is an invasive and tenacious plant that can wreak havoc once fully grown. Conventional weed-killing methods won’t suffice, and professional herbicide treatments, while effective, can be time-consuming and environmentally unfriendly. Physically removing the plant from the root is the most effective solution.
- Curb Appeal Matters
The first impression is crucial in the world of real estate. What greets potential buyers at your front door can significantly influence their perception. Is your driveway unkempt, overrun with weeds, or housing a disused vehicle? Neglected front gardens and driveways can instantly deter viewers, even if the interior of your property is impeccable. A little DIY effort, clearing leaves, and debris, and mowing overgrown grass, can go a long way in preserving your home’s value when you’re trying to sell.
- Energy Efficiency Matters
The Energy Performance Certificate (EPC) rating of your house can profoundly impact living expenses and property value. A low EPC score indicates poor energy efficiency, which can motivate potential buyers to lower their offers.
By adopting these strategies and embracing the evolving dynamics of the property market, you can ensure that your home retains its value and stands out in an increasingly competitive landscape.