They say you can fall in love with a property in under seven seconds. However, newly released research from Yes Homebuyers shows how if you can't see major issues with your new home through your rose-tinted glasses, you could be in trouble.
The home buying platform looked at 11 of the most common property nightmares and what the cost to remedy these issues means in terms of devaluing your property’s worth.
While Knotweed is the most commonly covered homeowner nightmare, there is one other issue that can knock more money off the value of your home. Subsidence is the number one nightmare for homeowners and any structural damage is likely to deter buyers completely. If it doesn’t, you can expect to see your property devalued by as much as -20%; that’s over £50,000 on the current UK average of £251,500.
Japanese Knotweed does come a close second, with the destructive plant causing a -15% drop in the value of your home. That’s nearly £38,000 wiped off when you come to resell if you don’t get rid.
While we all search for good connectivity in this modern age, living too close to a powerline, mobile phone tower or wind turbine can be a bad thing when we come to sell. Should one be erected close to your home while you’re living there, you can expect to see as much as -13% (£32,695) wiped off the value of your home. Similarly, a new power station within view can also cause a -5% drop in the value of your home.
Living in a known flood risk area and the potential risk of water damage that comes with it can see the value of your home fall by £25,150 (-10%).
Believe it or not, simply failing to maintain your garden can be a big deterrent to buyers, reducing the value of your home in their eyes by as much as -8.2% (£20,623).
Other more minor structural issues ranked as the next biggest nightmare, causing a 5.4% reduction in value (£13,581), while nuisance neighbours can also see your property fall by -5% in value (£12,575).
While a pain to rectify, damp (-1%), asbestos (-1%) and woodworm (-0.5%) have a far lower impact on the value of your property.