It might be one of the largest purchases we make, but one in six of us take only 10 seconds to decide whether we like the property.
Figures from Barclays Mortgages show 33% of buyers make their decision simply on the property’s exterior, not even bothering to go inside if they are really unimpressed.
James Skidmore, head of Mortgages at AAG, says “A third of us could be missing out on a good investment opportunity. This could be because we are focused on what other people think or because we are concerned about the resale value. But, there could be more scope for adding value to an ugly property.”
“By improving the kerb appeal, as well as the interior, you can certainly add value to a property. Turning an ugly property into something more desirable, will at least get more people through the door when you come to resell it.”
The report also shows that nearly half of house hunters would offer up to 20% off from the asking price if they found the interior unappealing. “Putting in a cheeky offer below the asking price could free up some money for making the property more aesthetically appealing, or it could reduce your monthly mortgage repayments. Either way, it could be a good investment strategy.” James concludes.
Your home or other property may be repossessed if you do not keep up repayments on your mortgage.