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Are you Fulfilling Your Home’s Potential?

June 12, 2017 by Carol Peett

What features make purchasers put in lower offers for properties?

A new property report discovers how sellers are not always unlocking the full potential of their homes when putting them on the market.

The new report from Satsuma exposes which features put potential homebuyers off a property and how much they are likely to deduct from an offer for a property for off-putting features.  An outdated kitchen may deduct £700 from the offer; £333 for an unkempt garden and £267 for old tap fittings.

Gloucester and Belfast have been found to have the most features which would put a potential viewer off from renting/buying – sellers in both cities are potentially losing over £1,000

The report questioned 1,850 UK respondents, asking them how much they would reduce the asking price of a property per feature. As well as finding out how much those selling a property could be losing out on!

How much buyers are reducing from the asking price:

When home-buyers were asked how much they would reduce an offer by for undesirable features, the below was identified as the average price:

 

ChoiceAverage price to reduce (£’s)
Old and dated Kitchen697.32
Overrun/messy garden333.49
Lack of storage360.96
Lack of natural light450.61
Run down carpets/flooring476.50
Bathroom/kitchen mould504.50
Old tap fittings267.56
No double-glazed windows725.94
Old electrics721.60
Old boiler type/old radiator741.94
Old bathroom701.63

Gloucester home-sellers losing over £1,000 due to undesirable features in their homes:

Following the above table, we asked landlords and home-owners (who are currently selling/renting their property) which of the off-putting features they had in their house. The below table reveals, by city, how much money they could be losing per house, by having the these;

The below table is displayed by highest value to lowest:

 

CityTotal (£’s)
Gloucester1,093.02
Belfast1,021.10
Worcester844.63
Leeds783.18
Leicester782.11
London694.16
Aberdeen686.09
Oxford588.59
Liverpool582.68
Glasgow546.46
Cambridge540.74
Bristol510.68
Edinburgh509.93
York479.61
Sheffield473.72
Manchester468.93
Swansea454.74
Coventry418.51
Birmingham413.91
Plymouth409.13
Newcastle400.54
Norwich395.12
Portsmouth379.21
Chelmsford360.23
Cardiff341.76
Southampton326.70
Brighton and Hove157.80

https://www.satsumaloans.co.uk/room-for-improvement/

If you are looking to move to West Wales, or purchase a second home or buy to holiday let in Pembrokeshire, Carmarthenshire, Ceredigion or Gower, give West Wales Property Finders a call on 01843 862816.  We can help you find you dream home whilst saving you time, stress and money.  Over 90% of the properties we find for our clients never hit the open market; thus ensuring they get the pick of the crop. http://www.westwalespropertyfinders.co.uk

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Filed Under: Property News, Property PricesTagged With: Buy to Holiday Let, Buyers' Agent, Holiday Homes, Home Finder Pembrokeshire, Home Finder Wales, Homesearch, Homesearch Carmarthenshire, Homesearch Ceredigion, Homesearch Pembrokeshire, Pembrokeshire, Popular Towns in West Wales, Property Expert Wales, Property Expert West Wales, Property Finder, Property Finder Carmarthenshire, Property Finder Ceredigion, Property Finder Gower, Property Finder Pembrokeshire, Property Finder West Wales, Property Finders West Wales, Property Pembrokeshire, Property Search Carmarthenshire, Property Search Ceredigion, Property Search Gower, Property Search Pembrokeshire, Property West Wales

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