Why Might Your Property Value Decrease?

Estimated reading time 3 minutes

Buying a property is a serious investment and it is important to protect that investment by keeping it maintained to a high standard. Basic maintenance frequently can prevent your home from losing value – it may even help to increase it. Whether you’re planning to stay in your home for years or if you are looking to sell, here are some handy tips to reduce the likelihood of a property value decrease.

Kerb appeal

If the exterior of your property makes a great first impression, everyone will want to see what’s inside. However, if the front of your house has an overgrown hedge, peeling paint or an abandoned sofa, visitors and potential buyers will be put off.  Admit it, who has done a drive-by of a property only to discount it because of its scruffy appearance? An unkempt exterior can be easily remedied – tidy the garden, remove all rubbish and make your home look loved.

Clean regularly

Reduce the likelihood of a property value decrease by ensuring that you keep your home looking spic and span at all times. Let’s be honest, a clean home will be more attractive to potential buyers as it shows you care about your property and it is well looked after.

Remember visitors and buyers may like shabby chic, but shabby just won’t do! You don’t have to spend all your time cleaning though, tackle one room at a time to keep on top of things.

Painting

A lick of paint can transform a tired-looking abode look clean and fresh instantly. As a general rule of thumb, interior walls should be re-painted every five years, but they may need a re-paint more often if you have children or pets.

Summer jobs

Check the roof and gutters for signs of damage every summer – don’t leave it until the cold, wet weather arrives. Rendered walls need to be painted every ten years or so, but it is a good idea to annually check for cracks and holes to prevent water damage.

Even if you want to sell your property fast, it is advisable to make any repairs before you put your property on the market. Don’t be tempted to leave repairs to the new owners unless you don’t mind a substantial property value decrease. A survey will reveal any problems and when getting estimates for the work, buyers will choose the most expensive one to reduce cost of the property.

Don’t wait until you have a problem, prevent the extra expense and inconvenience of emergency repairs by following the advice above, as a neglected home will cost you more in the end.

Feature image credit: Ewelina Wachala/Shutterstock