Even if you have no intention of ever selling your home, there is always a possibility, however, small, that you will have to do so and a reality that, after you die, your heirs may wish (or need) to put it up for sale.
That being so, it can be helpful to think about how any decisions you take as a home owner could, ultimately, impact on the resale value of your home. With that in mind, here are 3 issues which could end up devaluing your home.
Failing to maintain the fabric of the property
In very simple terms, if a buyer knows, or even just thinks, that the seller has neglected to maintain the fabric of a property, then at the very least, they are going to take this fact into account when deciding what to offer and it is entirely possible that they may decide to look elsewhere.
It’s also worth noting that the law requires you to declare any issues with your property which might impact the buyer’s decision to proceed with the purchase. For the sake of clarity, in this context, the term “property” should be read to mean the property as a whole, including the garden and anything in it, such as Japanese Knotweed.
Failing to keep your home’s paperwork in order
As a rule of thumb, any time you make a change to the exterior of your home or a significant change to the interior of your home (basically anything which impacts the usability of a property), then it is very much in your best interests to ensure that any and all necessary administrative steps are taken so that your change is in full legal (and insurable) order.
The obvious example of this is double-checking whether or not planning permission is required for any building work on your home. This could go a long way to preventing any nasty surprises at sales time. Another example is holding on to warranty documentation for any major updates which do not involve actual building, for example, new doors, windows, heating or changes to electrics and/or plumbing. These may not be legally required for a sale, but buyers are likely to find them reassuring.
Making niche updates
Ideally, you want to offer a potential buyer as much scope as possible to make a home their own, hence you want to avoid doing anything which will limit the buyer in their options (or make it more inconvenient and/or expensive for them to do what they want to do). This goes double for updates which can only be used some of the time and triple for updates which require upkeep. Outdoor swimming pools, for example, may be great additions to homes in places where there is a lot of sunshine all year round, but that is not the UK.
In the UK, they take up valuable outdoor space, even though they are only (generally) used for part of the year and they require maintenance to keep them clean and safe. For all these reasons, they are best avoided unless you really want one for yourself and are prepared to accept the consequences with regards to resale value.
Author Bio: Indlu are estate agents in Denton Manchester, offering a no sale, no fee estate agency service. For more information or to complete your free online property valuation, please contact Indlu today.