Despite property prices experiencing a rise on an annual basis for the first time in a year, houses can quickly lose their value through certain features.
While the exterior of a property can impact the value of a house, the interior can do just as much damage, if not more.
Estate agent and founder and CEO of Watson Buys Jennifer Spinelli has shared several house features that “devalue a house and put potential buyers off buying a home”.
With experience transforming properties into inviting homes and profitable ventures, Jennifer has just the advice you need.
Poor curb appeal
Curb appeal is the first thing that a potential buyer sees when they come to view a house.
It refers to the overall appearance of the house from the outside, including the exterior paint, landscaping, and cleanliness.
A poorly maintained exterior can “turn off potential buyers” as it gives the impression that the house has not been taken care of properly. This can “devalue a house by 10 to 15 percent”.
Outdated kitchen
Often considered the heart of the home, the kitchen is where families gather and meals are prepared, making it a “crucial room for many buyers”.
Jennifer warned: “An outdated kitchen with old appliances, worn cabinets, and outdated countertops can significantly decrease the value of a house by 20 to 30 percent.”
It pays to invest in features like vertical shelving, a pantry, or even a built-in utility room if it’s within your budget.
Unappealing bathrooms
Similar to the kitchen, an unappealing bathroom can also “turn off potential buyers and decrease the value of a house”, but by 15 to 25 percent.
This includes outdated fixtures, cracked tiles, and poor ventilation. Buyers want bathrooms that are clean, modern, and functional.
A lack of storage space
In today’s world, people have a lot of stuff and need ample storage space. A house without enough storage options can be a “major turn-off for potential buyers”, according to the estate agent.
This could include small closets, lack of shelving, or no garage. Jennifer claimed: “The value of a house can decrease by five percent if it lacks proper storage space.”
Poor location
Although not part of the house, location is a “crucial factor” when it comes to the value of a house.
A house located in an undesirable neighbourhood, near busy roads or industrial areas, can “significantly decrease its value by 20 to 30 percent”.
Buyers want to live in safe and convenient locations, so if the location of the house is not desirable, it can be a “major deal-breaker”.
