Lots of people throughout the UK choose to invest in property. It is generally considered as an intelligent way to spend your money – and purchasing a flat can enable the buyer to sell it at a significant profit many years later.
There are many issues which flat owners need to look out for, so that the value of their flat is not decreased. After all, if you want to sell it at a profit in years to come, you need to be aware of problems which might decrease its value.
So, what exactly devalues a flat? And what can be done to prevent these things from happening? If you’re a flat owner in the UK, read on, as this blog was written for you.
One of the most common issues with flats in the UK, which reduces the property’s value, is the presence of damp. When damp is left untreated, it can cause deterioration to the structure of your flat, and may also result in health issues for the people living there. This means that flats with damp present are less valuable.
The amount that damp devalues your property will vary depending on how severe it is, as well as the flat’s initial price to begin with. However, on average, it is estimated that damp will devalue a property in the UK by around 10%.
If you are worried about damp decreasing your flat’s value, then there are steps you can take to rectify this. There are lots of specialists throughout the UK who will help you to combat damp in your property – and in the meantime, you should try to increase natural ventilation throughout the flat as much as possible.
Most people want to live somewhere which is quiet, and where it is easy for them to sleep peacefully at night. Noise and light pollution can negatively impact both of these things – and that’s why they will make your flat less valuable.
If one of your flat’s windows is right next to a light on the street outside, then this may be seen a significant drawback. Buying strong curtains to combat the problem may help. Similarly, if there is lots of noise nearby (perhaps from railway line, or a motorway) then this will impact your property’s value as well.
Unfortunately, there is not always something you can do about either of these things – especially if a busy main road, or a strong streetlight, was implemented after you first bought the flat. The degree to which your flat’s value is affected will vary depending on the type of issue, and how much of a ‘dealbreaker’ it is for the potential buyer.
You are likely to receive reduced offers on your flat if you have a negative relationship with your neighbours, or if they are particularly loud or unpleasant. In apartment buildings with very thing walls, ceilings or floors, a neighbour who is partying or shouting at all hours of the night will be a significant drawback for anyone looking to purchase your flat.
On some occasions, there may be steps you can take to improve the situation. If you have not done so before, you could speak to your neighbours about keeping their noise down. If you have a negative relationship with the neighbours, then you could try fixing this before selling the flat, so they do not speak badly about you to potential buyers, and do not treat the new owners with contempt, too.
Sometimes, flat owners will delay selling their property by a few weeks or months, if they know that the noisy neighbours are moving out soon. This enables the seller to receive more money for their flat – but you will want to be certain that the neighbour is moving out soon, before you delay your sale for no reason.
New developments in the surrounding area
It is highly recommended that you get a clear understanding of any potential new developments in the area surrounding your flat, before you choose to sell it.
For example, if a busy shopping centre is being built across the street from your flat (but is not yet completed when the time comes for you to sell) then this will negatively impact how much your buyer is willing to pay. New developments like this can impact traffic, noise pollution, and litter in the area.
While you cannot control which developments are/aren’t approved nearby, you can do your research to be aware of any new developments which potential buyers will want to know about.
The amount that a new development impacts your flat’s value will vary significantly depending on what it is, where it is, how soon it will be in place, and more.
Selling your flat for the maximum value
When the time comes to sell your flat, you will want to get the maximum value for it. However, lying/hiding external factors which potential buyers will want to know about is a bad idea, because they can take legal action against you in the long-term. You should always be up-front and honest about details which may devalue your flat. It is always the best approach in the long-term.