Major Factors That Can Lower The Price of Your Home
If Your Home Has Become a Flood Risk
The full effects of last winter’s floods on property values are yet to be felt Potential buyers are slightly iffy about moving into areas with a high flood risk, although it’s unlikely that the most attractive areas will lose their appeal. Parts of York have suffered flooding for years, properties have been adapted to cope with it and in the past have sold perfectly well, But the city got more than its fair share of bad publicity in last winter’s floods, despite only one per cent of property there being affected, so buyers have become much more sensitive.’ It’s estimated that prices have dropped by 30-40 per cent in areas that were flooded, but many people in the hardest hit spots aren’t prepared to risk putting their homes.
Structural Issues could mean you have to Lower the Price of Your Home
It has been calculated that one in 50 homes are at risk from subsidence or settlement, but that needn’t mean the worst if the movement is historic and the property is fully insured. Properties currently suffering from settlement will probably have to be discounted by around 30 per cent – enough for a speculator to buy them, carry out the work and sell them at a profit But it’s a different story if the house is underpinned.‘People run a mile,’ says Neil Mackwood.
Living near a Electricity Pylon or Mobile Phone Mast
Nobody’s ever been too thrilled to live within buzzing distance of one of the UK’s 23,000 electricity pylons, but now that the government’s radiation watchdog has admitted a weak association between pylons and childhood cancer, the effects on properties next to pylons or mobile phone masts could be dramatic. Although the health risks have not been proven, the public believes there’s reason to be concerned.
There are already around 10,000 phone masts across Britain and 30,000 more are needed to serve our 31 million mobile phone users. For this reason a mast on your doorstep can devalue your home by as much as 20 per cent. What this means is that you should consider opposing any such planning applications if not for your health, then definitely for your wealth!
A New Railway or Road
The prospect of a new road, railway line or runway usually devalues surrounding properties as soon as word gets ou prices can fall by 30-40 per cent. For the whole time the proposal is a possibility, property will be blighted. For instance, prices in parts of Kent were depressed for years while the Channel Tunnel route was being decided. But one person’s blight is another person’s bargain. There’s scope for making what estate agents call a ‘compromise purchase’ if you are prepared to gamble.
Buying a House on the Main Road can be a Bargain
Homes on main roads tend to be cheaper, especially if they’re in rat runs, but there may be no more than a five per cent difference in price if there are other things in the property’s favour. On the plus side, you may find a house that’s blessed with better-sized rooms or a bigger garden than its side-street neighbours.
If you’re trying to sell on a busy road, it’s worth considering planning permission for off-street parking. A couple in Bracknell, The prospect of a new road, railway line or runway usually devalues surrounding properties as soon as word gets out prices can fall by 30-40 per cent. For the whole time the proposal is a possibility, property will be blighted. For instance, prices in parts of Kent were depressed for years while the Channel Tunnel route was being decided. But one person’s blight is another person’s bargain. There’s scope for making what estate agents call a ‘compromise purchase’ if you are prepared to gamble.
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