20 Quickest Ways to lose money on your property
Summarized and adapted from the BBC program hosted by Colin McAllister and Justin Ryan.
The following tips were presented by interior design and property experts Colin McAllister and Justin Ryan, hosts of such shows as The Million Pound Property Experiment and How Not To Decorate. The amounts are given in British Pounds, although it must be kept in mind that the market, location and comparables determine property values so these amounts are arbitrary.
20. Carpet in the bathroom (1000 pounds)
Carpet simply does not belong in the bathroom, especially if there are men
or boys in the house. It becomes a sponge harbouring bacteria, skin and hairs.
Wet carpet around the tub is bad enough, but wet carpet around the toilet
is much, much worse.
19. Themed rooms (1500 pounds)
Popularized by home decorating shows (Changing Rooms, Trading Spaces), themed
rooms are a great way to express your personality. However, they are not going
to appeal to the potential buyers who don't share your same interests. Neutral
is always better when trying to sell. Give your buyer a blank slate to work
with.
18. Laminate Flooring (2000 pounds)
Cheap flooring with the look of more expensive hardwood is a do-it-yourselfer's
dream. The problem with looking like hardwood is that it's not real wood.
The real thing is always better than imitation. Three laws if you must have
laminate flooring: Keep it away from period homes, be careful where you put
it, and be sure to fit it properly. Avoid using laminates in the kitchen or
bathrooms as moisture will cause warping.
17. Patterns (2500 pounds)
According to Ann Maurice of The House Doctor, patterns are another
form of clutter, making rooms seem smaller. And again, patterns are reflective
of personal taste that may not be shared by potential buyers.
16. Fake period features (3000 pounds)
*sorry...I don't remember the exact details of this one... But again, I believe
the basic rules apply: The real thing is always better than imitation; and
architectural elements should fit in with the architectural style of the house.
15. Overgrown garden (3500 pounds)
"Garden" refers to what we North Americans call our backyard. Simply
put, if you don't care about the garden then it appears that you don't care
about the rest of the house. Get rid of the weeds, trim the shrubs, cut the
grass and tidy up.
14. Gigantic sofas (4000 pounds)
The bigger the furniture, the smaller the space. Furniture should be scaled
to the room.
13. Pine (5000 pounds)
Apparently in the UK, pine was all the rage in the 70's. Here in North America,
we overindulged in wood paneling. The simplest solution is to paint it to
make it look like tongue and groove.
12. Toilets in weird places (6000 pounds)
A bathroom just off the kitchen is a definite no-no. And you don't want it
immediately adjacent to a main entertaining area (like a family room) where
guests can hear your business.
11. Nightmare neighbours (7500 pounds)
Your yard can be in pristine condition, but if your neighbour's yard is full
of junk, you won't get top dollar for your place. A diplomatic approach would
be to offer to help clean it up. Noisy neighbours, on the other hand, are
more challenging. You may have to arrange showings when they are not home.
Interestingly, in the UK, you are required by law to disclose any disputes
that you've had with your neighbours (such as calling the police for a noise
complaint).
10. Avocado (or any other colour) bathroom suite (8000 pounds)
White is best. Coloured fixtures date the house.
9. Bad DIY (10,000 pounds)
This one should be self-explanatory! If your projects are less than professional,
hire a pro sort it out.
8. Animals (12000 pounds)
Not everyone is a pet lover. A potential buyer might be turned off by the
smell, fur and stains. Worse, Fido may trigger an allergic reaction. Consider
enlisting the services of a friend or relative to look after Fido until you
move.
7. UPVC (vinyl) windows (12500 pounds)
They look cheap, and especially have no place in a period house. However,
on this side of the pond, most homeowners replace their old single pane windows
with double pane vinyl windows, so that "cheap" look is an indication
that the windows are newer and more energy efficient-- an actual selling point.
So at best, this one is debatable. It all comes down to what is typical for
your area.
6. Textured finishes (13000 pounds)
Stipple effects are a good way to hide problems. The problem is that buyers
know this and will assume that there is a problem. Stipple is also messy and
expensive to remove, so that will usually be factored into any offer to purchase.
5. X-Rated exteriors (14000 pounds)
This relates to curb appeal. Cladding that does not fit into the neighbourhood,
odd exterior colours and even those pesky garden gnomes and other kitschy
garden decor can detract from your home's curb appeal.
4. Outdoor swimming pools (15000 pounds)
A pool should take up a maximum of 25% of the yard. Maintenance costs, upkeep,
and the potential safety hazards make pools unappealing to a lot of buyers,
especially in climates where they are only used for a few months out of the
year. On the other hand, in the southern United States (Florida, Texas, California,
etc), a pool is more of a selling point because it gets more use throughout
the year. Personally speaking, my wife and I never even bothered to look at
a house if it had an inground pool.
3. Smoking (16000 pounds)
Let's face it, cigarettes and cigars smell terrible to non-smokers and that
smell is in the drapes, fabrics and carpets of the smoker's home. And then
there are the nicotine stains on the walls, and cigarette burns in the carpet....
2. Bad extension (20000 pounds)
A house with no addition is preferable to one that has a badly built or ugly
addtition.
1. Structural disasters (100,000)
There are two main issues here: damp and "subsidance." Buyers are
turned off by moisture problems and by major structural issues such as movement
in the foundation.
Additonal notes:
Based on this list and the assigned valuation, we should have got our current
house for nothing! In fact, knowing what we know now, we should have walked
away. But then, purchasing a house is an emotional decision and we looked
past some of the deficiencies to see the potential. However, not all buyers
will do that.
See also: 20 Quickest Ways to Make Money on your Property