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Selling your home in 2022? 10 things that could decrease its value and lose you money

For sale sign outside a home in an affluent suburb of London

Are you thinking of selling your home in 2022? Perhaps you’d like to downsize to a smaller property. Or maybe you are planning to move to a new location. Whatever your reason, many experts agree that now could be the best time to get your property on the market. Skyrocketing house prices mean that sellers who choose to list their properties now stand to profit handsomely.

That said, some sellers could be leaving thousands of pounds on the table by ignoring issues with their homes that could be easily fixed before listing them. To help you maximise your return in the current market, home furniture and appliances retailer VonHaus has revealed the top 10 issues likely to turn off potential buyers. 

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Housing market outlook for 2022

It’s fair to say that in 2021 it was a sellers’ market. It was a year in which the market saw high buyer demand but not enough properties for sale.

With buyers being forced to compete for the few available properties, house prices went off the charts and most buyers who went ahead with a purchase had to pay a premium for it.

Indeed, new data shows that nearly a third of homes in England and Wales were sold for more than their asking price in 2021.

According to experts, some of the trends witnessed in 2021, including high prices, insufficient supply and intense competition, are likely to continue into 2022. In other words, 2022 will continue to be a sellers’ market.

10 most off-putting issues that could devalue your home

A sellers’ market typically means that sellers have the upper hand. It doesn’t mean, however, that everyone who is selling is likely to get the maximum value out of their home.

Here are the top 10 issues that are likely to turn off potential buyers and prevent you from getting the most out of your home, according to VonHaus.

Issue

% of Brits less likely to buy a property with this issue

Mould

37%

Damp

37%

Bad smells

33%

Cracks in the walls

32%

No garden

28%

Cracks in the floor

26%

Lack of storage

22%

Stains on the walls

20%

Dark rooms

19%

Not having a bath (only a shower)

16%

 

Mould and damp are the most off-putting issues, with a massive 37% saying they are unlikely to buy a property with these problems.

Bad smells and cracks in the walls are also high on the list of the most off-putting issues, making 33% and 32% of buyers less likely to buy, respectively.

Not surprisingly, lockdowns and the emergence of a ‘work from home’ culture have resulted in space and gardens being high on the list of many buyers’ priorities. The data shows that 28% of buyers are now less likely to buy a property without a garden.

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Creative ways to increase the value of your home

In addition to revealing the most off-putting issues in a home, VonHaus has also consulted experts and recommended a few creative touches that could increase the value of your home.

Lighting

Dark rooms were found to be a deal breaker for nearly 20% of buyers. One way to address this and potentially increase the value of your home is to add light colours in the décor.

According to Chris Lawton, managing director of CK Architectural, this can help to “create a more open and spacious feeling, and this itself can be a big contributor to higher prices for properties.”

Bathrooms

As revealed by VonHaus, 16% of Brits said they would be less likely to buy a property if it has no bath. But what if you don’t have enough space in your bathroom for one? Well, there are other ways to increase the attractiveness of your bathroom.

Adele Brennan, buyer for kitchens and home electricals at VonHaus, recommends focusing on appliances, materials, overall room functionality and the atmosphere it creates. She says that “incorporating stylish storage racks and mirrored cabinets will help transform the room whilst also adding value.”

Kitchen

The kitchen is usually the main selling point of a property. So what can you do to increase its appeal? It’s all about the finer details, according to Lawton. Islands and more intricate furnishings, for example, can increase your kitchen’s practicality and social potential.

Coordinating your appliances is also another great way of adding flair. According to Brennan, having the same style selection for pots and pans can lead to a smarter and more sophisticated feel for your kitchen.

Finally, she advises homeowners not to be afraid to experiment with light colours when it comes to kitchen appliances and accessories. This can also increase a kitchen’s appeal, and thus, the value of the home.

The post Selling your home in 2022? 10 things that could decrease its value and lose you money appeared first on The Motley Fool UK.

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