Not tidying up the front of your home when you’re planning to sell it could result in you losing out as much as £100,000, a new survey has found.
According to research by Barclays Mortgages, just short of half (44 per cent) of sellers would put in an offer of 20 per cent less than the asking price if they’re put off by how a property looks from the road. This may not sound much, but in London it could be equivalent to more than £100k, the Telegraph reports. And going off the average house price in the UK (based on ONS figures), this loss would be more than £57,000.
This could mean the difference between you winning and losing the property you’d been hoping to buy using the money from the sale of your home. If you’re only able to attract offers and sell your home for 20 per cent less than its value, you’ll have less money in the pot for your own house hunt and may have to rely on either taking out a larger mortgage or looking for a cheaper house than you originally planned.
That’s all the time it takes for a buyer to make up their mind on whether or not they’re attracted to a property based on its exterior appearance, according to the research. So, if you haven’t trimmed your hedge or the paint on your fence posts is chipped and you’re thinking of putting your home on the market, now’s the time to fix it.
And your home’s curb appeal really shouldn’t be underestimated; the survey revealed that more than a third of buyers wouldn’t even go through the front door if they didn’t like what they could see from the outside. On the flipside, if the outside looked smart but the inside of a property needed a lot of cosmetic work, more than half of respondents said they’d still buy it – proving that, in the case of houses, it’s not what’s on the inside that counts.
When it comes to what buyers are attracted to, spotting a Mini parked outside was found to be very appealing – not that the car would come with the house! However, they would get the parking space it was sat in, as well as the well-kept lawn and double glazing, which were found to be among the most appealing features for buyers.
You might not own a Mini, but there are steps you can take to smarten up the façade of your property and get it market-ready. Whatever your budget, you should find a job you can do that helps, whether that’s simply mowing the lawn and pulling up any weeds, or investing in double glazing and a new front door.
For more inspiration on how you can improve your home’s curb appeal to attract buyers, click here.
Disclaimer: All information and links are correct at the time of publishing.