There are a number of clear factors that determine house prices, such as age, size and location. However, there are also hidden factors that may affect the value of your house, which aren’t as obvious.
Using free tools available online, such as Rightmove’s House Price Index and Zoopla’s House Price Estimator, you can track fluctuations in the housing market in your local area. This will give you a good indication of how prices are changing locally, but should only be used as an estimate. There are a number of other issues which affect individual house prices, which can increase or reduce their value.
Factors affecting house prices, which might not be easy to spot and could prove costly include:
Problems with structural timber
Structural timbers may deteriorate as a result of over-loading, decay or poor design and alterations carried out in the past. These problems can be hard to detect without a thorough survey, but can be expensive to fix.
Subsidence usually results from a property being built on clay soil, or by trees and bushes close to the foundations, water leaking into the soil or from previous mining activity. Typically, subsidence claims cost between £5,000 and £50,0000 – so will have a significant affect on your property value.
Leaks can be difficult to detect and can cause damp patches or mold on your ceilings or walls. This can be both unsightly and cause a bad smell in your property, as well as causing potential issues such as structural damage to supporting timber or other materials in your property.
Plumbing issues can be expensive and intrusive to rectify. Old, poor quality or damaged pipes can decrease the value of your property. However, energy efficient fixtures and a well maintained plumbing system could increase the value of your property.
An out-dated, unsafe or damaged boiler will reduce the value of your property, as it will need to be replaced which can cost £2,000 – £5,000.
Unsafe or faulty electrical wiring or fuses box will reduce the value of your property, as these issues can be expensive and intrusive to fix.
Broken roof tiles
Broken roof tiles suggest a poorly maintained or old roof. It may also lead to leaks, which can cause further issues such as damp, mold or structural damage. A new roof can cost more than £5,000 and therefore a damaged or old roof will decrease the value of your property.
Homes and their fixtures and fittings decay naturally over time and the level and quality of maintenance is a common factor for why some homes sell for less than others. If you are looking to sell your property and are concerned there may be underlying issues or factors decreasing your property value, you should seek the advice of a Chartered Surveyor.
Future developments in house prices
Most people buy properties as a long-term investment and there are a number of long-term factors, which may affect the value of your property. Empty properties in the vicinity and undeveloped land may be developed in a way that could positively or negatively affect your property value. Similarly, you should also take into account any planning issues that may arise nearby.
About the Author:
Zak Arden is the Managing Director of surveybooker.com, a national online brokerage for RICS Chartered Surveyors. You can obtain fixed quotes from local surveyors and book your survey online, by visiting www.surveybooker.com or by contacting Zak Arden on 0333 011 6683.