North East UK news How your home could see £30,000 knocked off its value PremierLeague-News.Com
PremierLeague-News.Com - Research has revealed the property nightmares which hit the value of your home the hardest
PremierLeague-News.Com - Breaking Sport Transfer News ! Buying a house is most people's dream but it can soon turn into a nightmare if the property purchased has one of a series of serious issues. Not only is it a problem to deal with, according to research the worst of them can take up to 20% off the value of your house. As the Office for National Statistics revealed just this week the average house price in the North East is £141,000, that adds up to around £30,000. The research was carried out by home buying platform, Yes Homebuyers, which looked at the most common property nightmares and what the cost to remedy these issues means in terms of devaluing your property’s worth. They came up with the following list. - Subsidence is the number one nightmare for homeowners with homes devalued by as much as 20%; that’s almost £30,000 on the current North East average house price of £141,000, according to the Office for National Statistics (ONS). - Japanese knotweed comes a close second, with the destructive plant causing a 15% drop in the value of your home. That’s over £20,000 wiped off when you come to resell if you don’t get rid of it. - Living too close to a powerline, mobile phone tower or wind turbine can devalue a home by 13% or £18,000 based on the ONS figure.
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. - Living in a known flood risk area and the potential risk of water damage that comes with it can see the value of your home fall by 10%.
- Simply failing to maintain your garden can be a big deterrent to buyers, reducing the value of your home in their eyes by as much as 8.2%. - Other more minor structural issues ranked as the next biggest nightmare, causing a 5.4% reduction in value, while nuisance neighbours can also see your property fall by 5% in value. - While a pain to rectify, damp (-1%), asbestos (-1%) and woodworm (-0.5%) have a far lower impact on the value of your property. Matthew Cooper, founder and managing director of Yes Homebuyers, said: “Working hard to climb the property ladder, only to find your property fall in price due to matters that are largely out of your control, can be a bitter pill to swallow."
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