Common Mistakes That Can Reduce the Value of Your Property.

2nd June 2020

Selling your home in East or North London is a huge undertaking, so of course, you want to make the right decisions to achieve the proper resale value for it. Some of the decisions surrounding resale value are more involved than the basic preparation you do when placing your home on the market and of course, these specific decisions can be made months or years before you actually consider selling your home, so you may not even think about it until it’s too late and the value of your home has plummeted.

So, if you’re considering selling anytime soon, it’s time to start thinking about your property through the eyes of potential buyers. As property experts, here at Simon Taylor we know all too well the common mistakes you may make that can reduce the value of your home. But we also know how to remedy them.

Setting the price unrealistically high

Everyone would like to think their home is worth more than their neighbours’ home, especially after finishing a renovation or upgrade of some kind. However, the truth is that your home is really only worth what someone else is willing to pay for it. You have to be realistic about the value of your home when setting your price. If you set your price at an unrealistically high number, it could sit on the market for months without selling. The longer a property is on the market unsold, the more unattractive it becomes to potential buyers. You may inevitably end up slashing the price to meet expectations, which may make potential buyers question why the price has been reduced so much. It’s a position you don’t really want to put yourself in, so getting a realistic valuation from the start is important. 

Not deep cleaning your home before viewings

Nobody wants to view a home that is dirty for two main reasons: one, it’s definitely not appealing, and two, it invariably means that the new homeowner will eventually need to spend time, money and effort cleaning it themselves. Major issues like carpet stains and grubby or mouldy tile grout can leave a poor impression on potential buyers when they view your home. In terms of carpet stains, you may be used to ignoring them every day but an interested buyer will notice them immediately. If an offer is forthcoming, your buyer may then look to negotiate on the asking price to cover the cost of replacing the carpet or having it professionally cleaned before moving in.

In terms of tile grout, ignoring it is detrimental to the sale of your home. It’s one of the most tedious chores, yes, but leaving dirt along your tile grout can create permanent discolouration, ruining the look of your tiles forever. Even worse, if the area is humid, mould and mildew can build up and can become a major problem.

When it comes to cleaning, being proactive is the best course of action. Make sure you regularly clean your home and deal with any spills before they set, which makes them much more difficult to remove later on. 

Not properly maintaining your home

Taking care of the mechanics of your home is important, especially when it comes to your plumbing and heating. These are directly related to your monthly utilities and can be costly to repair when a big problem arises. Sometimes these issues are unavoidable, but with the right maintenance and care in the long term, smaller problems can be taken care of with plenty of time before they get worse. Potential buyers are likely to ask questions about the state of the plumbing and heating and will be less likely to want to offer on a home that has a history of high utility bills or will need major repairs in the near future. 

Not updating decor

Old, outdated design trends will make your home look dated, which can lower the value of your home simply because potential buyers know they will need to spend money to update the decor once they move in. Wood panelling is a major culprit in this regard, even if it’s restricted to small areas. Viewers will be a little more inclined to offer on your property if the decor is modern and fresh.

Letting personal taste get involved

When showing your home to potential buyers, you’re trying to get them to imagine their new life in their new home, so having your personal taste right in front of their noses can make this difficult for them. Brightly painted walls in colours that are unusual, having too much wallpaper, or having unique or over the top design elements throughout your home is a major turn off. It just means more work once the new owners move in as they try and get the property back to a neutral state. Before putting your home on the market try and make it look as neutral as possible so it can appeal to a wider number of people.