A new survey has revealed that buyers would reduce their offer on a property by as much as 20% if it lacked ‘kerb appeal’.
This could result in a seller being offered an average of £57,600 less than the asking price, if the buyer finds the exterior of a house off-putting. Research by Barclays Mortgages discovered that 44% of people looking for a home would offer less than the asking price if the outside of the property wasn’t up to scratch.
The research also revealed that sellers need to be aware of the type of car parked outside their home, with a MINI being acceptable, but a BMW being off-putting. Over 2,000 home owners were questioned, with 35% admitting that they wouldn’t bother to view the inside of a property if the outside wasn’t appealing.
Buyers make up their mind about a property in the initial 10 seconds, when viewing houses. More than half of respondents said that they would make an offer on a house with an appealing exterior, even if work was required on the inside.
If a buyer knocked 20% of the asking price, this would have a big impact on a property, especially in London where 20% could equate to £107,400 being knocked off a house with an average price of £537,000.
Black or white front doors are the most popular choice when it comes to front doors, while vermin or an untidy garden are likely to scare the buyers away. To make sure you make the most suitable choices, seek advice from a CeMAP qualified mortgage adviser.
