Property expert and director of Red Cardinal Property Investment, Kazuki Topham, shared three common mistakes that “can significantly reduce the value of your property”.
The first one is having “inconsistent flooring,” such as a mix of carpet, wood, and tile throughout your home. Kazuki explained that “it can create a disjointed look that’s unappealing to buyers”.
“This kind of inconsistency can knock off as much as 5-10 percent from your property’s value, especially if buyers are considering renovation costs to make it more cohesive.”
The second mistake that can hurt your property’s value, according to the expert, is having too much carpet. The property guru said: “While some people love it for comfort, the trend is toward hard flooring, especially in high-traffic areas like living rooms and kitchens.
“Carpet throughout the house can feel dated and lead buyers to consider the cost of ripping it out. This could result in a value drop of about 3-5 percent.”
Finally, selling in winter is another pitfall. This is because the market tends to slow down during the colder months, with fewer people willing to brave the weather for viewings.
Kazuki added: “Not to mention, properties often don’t show as well without the natural light and greenery of spring and summer. As a result, selling during winter can reduce your property’s sale price by around 2-4 percent.
“These are simple things, but they can make a big difference when it comes to the final selling price.”
Speaking about the best areas to invest in property this year, the expert suggested Manchester, as it’s “performing particularly well from both a capital growth and rental yield perspective”.
The city has been undergoing significant regeneration in the past decade, with much more in the pipeline.
He also recommended Birmingham, as it has also been undergoing significant levels of regeneration in recent years. Birmingham has the youngest population of all European cities, thus having a huge tenant market for landlords.
