Moneywise reveals the 10 most common problems that are likely to impact the value of your home.
LIVING ON A FLOOD PLAIN is number three only being beaten by ANTI-SOCIAL NEIGHBOURS and ILLEGAL HOME ‘IMPROVEMENTS’ and will cost between £20,000.00 to £40,000.00. Accordingly living next door to the neighbours from hell when you have extended or significantly altered your own ‘Palace’ without planning permission are the only circumstances that reduces your home value more than being on a flood zone
LIVING ON A FLOOD PLAIN
The recent level of flooding is testament to the changing global climate – something homeowners can do nothing about.
“A local authority search will throw up whether a house is situated on a flood plain, so it’s not something vendors can mask,” explains Charles Smailes, former president of the National Association of Estate Agents.
Protect your home from flooding
The value that could be washed away from your home will depend on its own particular flooding history as well as measures taken by the local council to prevent it happening again – both of which should be flagged up to potential buyers, he adds.
But, at the very least, sellers should brace themselves for a discount equating to the cost of repairs. According to the Association of British Insurers, the average cost of flood damage is between £20,000 and £40,000.