Buying a home is a huge financial decision, and if you intend to live there for a long time, it benefits you to be picky.
There are a whole host of different reasons why properties might prove unpopular with homebuyers, sometimes forcing sellers to make substantial reductions to their asking prices.
Whether you’re buying or selling a property, it’s a good idea to think about some of the things that could be off-putting, and how much impact they’re likely to have on property values, as well as whether they might affect chances of getting a mortgage.
In this article, we’ll go through some of the issues, both big and small, that can be a real sticking point for homebuyers – potentially knocking down the value of a property or turning away potential purchasers.
If you’re thinking of putting a property up for sale, you can see which agents will do the best job of selling your home, based on past performance, using the GetAgent.co.uk website.
Subsidence
Unsurprisingly, one of the most damaging issues for a property’s chances on the market are signs that the structure of the building might be unstable.
One example is subsidence, a serious problem caused when the ground under the property begins to sink, leading to issues with the foundations and potentially shifting the walls and floors of the property and causing cracking. A property suffering from subsidence can turn off homebuyers and decrease in value by as much as a whopping 20%, according to property pack provider Moverly.
Subsidence can not only be dangerous but is also expensive to repair. The most common method of treating it is through hiring a professional contractor to carry out underpinning, where extra support is added to the foundations to help prevent them from sinking. This is thought to cost about £12,500 on average, according to the CheckATrade website, though of course it can be more or less depending on the size of the property.
Common signs of subsidence include large cracks in the walls (3mm or over) near doors and windows, wallpaper creasing where it meets the ceiling and door and window frames warping. You can find out more about subsidence in our guide What is subsidence and what are its warning signs?
Can I get a mortgage on a property with subsidence?
It is sometimes possible to get a mortgage on a home with subsidence, though it will depend on the seriousness of the issue and what steps, if any, have been taken to fix it. You will likely have access to far fewer lenders overall, however, and may need the help of a mortgage advisor to help you find a suitable deal. If the extent of the issue is too severe, however, the property may be considered unmortgageable.
Want to speak to a mortgage advisor? Speaking to an experienced mortgage advisor can help you to understand your options and get a great deal on your mortgage.
If you’re looking for expert mortgage advice, you can get a free consultation with an independent mortgage adviser at Fidelius. Speak with a qualified, FCA-regulated, independent mortgage adviser you can trust. Rated 4.7/5 on VouchedFor from over 1,250 reviews.
Damp and mould
Another issue that can ultimately cause problems for a building’s infrastructure is damp. This is when excess moisture penetrates the walls and ceilings of a property, often resulting in a musty smell, black spot mould, wet surfaces and sometimes even rot.
Damp can be caused by a number of things, such as poor ventilation in a property that causes condensation to build up (particularly in colder months), or sometimes leaks within the building.
Damp isn’t just unsightly – it can pose a problem to the structure of a home, particularly older properties that are built using timber, and ruin furniture. It has also been shown to cause or exacerbate health conditions such as asthma and other respiratory problems. Properties suffering from serious damp issues are thought to lose as much as 10% of their market value, according to estate agent SmoothSale.
Can I get a mortgage on a property with damp?
A lender will have a valuation survey carried out as part of the mortgage application process, but this may not uncover damp as it often takes place remotely. If you suspect damp, or any other issues, your best bet is to arrange a full structural survey which should unearth any serious problems. Read more about all the different kinds of property surveys in our article Which property survey should I get?
If evidence of damp is found, it’s uncommon for a lender to refuse a mortgage application because of it unless the issue is very severe. Provided the damp issue can be resolved and is unlikely to have a serious impact on the property then they will usually still approve the mortgage, though sometimes at a lower valuation, or on the condition that it is treated prior to the sale going through.
Pets
Of course, pets don’t come as part of the package when you’re buying a property. However, their presence can deter some homebuyers, as some animals may cause smells, leave hair everywhere, scratch the carpets, doors or walls, or owners might have failed to pick up their business in the garden. This can be enough to deter some buyers who aren’t animal lovers. While most of these problems are temporary, persistent odours in carpets and upholstery can be difficult to get rid of, even long after the culprit has left the property.
Can I get a mortgage on a property with pets?
Buying a property where the previous owners had pets shouldn’t hurt your mortgage chances. That’s unless the pets have somehow managed to cause significant damage to the property or leave such strong smells that the lender worries about its resale value, which is an extreme scenario!
Japanese knotweed
This invasive plant species is the bane of many a homeowner’s existence, and can lose a property up to 15% of its value on the market, according to Moverly.
Japanese knotweed is notorious for its incredible growth speed (up to 10cm a day) and surprising resilience, making it virtually impossible to get rid of without industrial-strength chemicals. It’s so resilient that, if not treated, it can cause structural damage, such as cracked tarmac, blocked drains and even damage to the walls of a property. Sellers are legally obliged to declare the presence of knotweed during the sales process, though a surveyor will normally spot it if the seller conveniently forgets to mention it.
If you think your property might have knotweed growing nearby, you shouldn’t try to get rid of it yourself, and should instead contact a specialist who will work with you to treat the problem.
Can I get a mortgage on a property with Japanese knotweed?
Lenders can be reluctant to lend on homes with a knotweed issue due to the structural damage it can cause. Some lenders will be open to making you an offer on the condition that treatment of the knotweed has already begun, and may even retain some of the loan until the buyer can prove the plant has been destroyed.
You can read more about Japanese knotweed and how it will affect your mortgage chances in our article What is Japanese Knotweed and will it affect your mortgage?
Pylons and wind turbines nearby
They may be integral to our daily lives, but regardless, many homebuyers consider large industrial structures such as pylons, wind turbines, mobile phone masts and so on to be real eyesores – so much so that having them nearby can put off buyers and drive down the value of a property by up to 14%.
Can I get a mortgage if there are pylons or turbines near the property?
Generally speaking, yes. Unless these structures pose some kind of safety risk to a property, it is unlikely that a lender will factor one of these structures into their decision to offer you a mortgage, as the problem is usually only an aesthetic one.
Flood risk
If a home is situated by a river or anywhere particularly prone to flooding then this can provide quite the knock to its market appeal – susceptibility to flooding can reduce the value of a property by up to 13%, as homebuyers may well be reluctant to take on the risk.
The Environmental Protection Agency estimates that one in six properties in England are at risk of flooding – if you want to know if your home could be at long-term risk of flooding, you can enter your postcode on GOV.uk and it will tell you your property’s risk level and provide details of your Lead Local Flood Authority (LLFA).
Can I get a mortgage on a property in a flood risk area?
You can still get a mortgage on a property at risk of flooding, though it will generally be a bit more difficult and some lenders may refuse your application, especially if the property has previously flooded.
One reason it can be extra tricky is that lenders will require you to prove you can get buildings insurance on a property in order to make a mortgage application, and obtaining insurance on flood risk properties can be hard.
Flood Re is a company that works with insurers to help people who live in flood risk areas get affordable home insurance. You can use their website to see if your property qualifies for support.
Read more about properties at risk of flooding and what to do in the event of a flood in our article What should I do if my home is flooded?
Lack of parking
While not everybody relies on a car to get around nowadays, enough people do that a lack of parking at a property can drive away potential buyers and see the average home’s value drop by about 7%.
Can I get a mortgage on a property with no parking?
You shouldn’t have an issue getting a mortgage on a property with limited or no parking space.
An overgrown garden
It may not be the first thing many of us think of, but an unkempt garden can hurt the value of a property by as much as 13%, according to Moverly’s research. While it may not seem like a major problem, it’s often enough to give prospective buyers a negative first impression of a home and immediately make them think about the costs and effort of tidying it up.
Can I get a mortgage on a property with an overgrown garden?
You shouldn’t have a problem getting a mortgage on a property with an overgrown garden, as it is purely a cosmetic issue. It might, however, cause estate agents to give your property a lower valuation, so it’s worth having a good tidy up if your garden has been left to run wild.
Noise
No-one wants to live in a home where they can’t get any peace and quiet, and there are a number of noisy things that can turn potential homebuyers away.
Some examples include living on or close to a noisy road with lots of traffic, living near train tracks or under aeroplane flight paths, or just having noisy neighbours. You can find out more about resolving issues with neighbours in our article How to resolve neighbour disputes.
You could also run into problems if the property sits above commercial premises like a shop or restaurant, which subjects it to noise, smells, and higher chances of crime and anti-social behaviour nearby.
Can I get a mortgage on a noisy property?
It depends – a smaller issue like noisy neighbours is unlikely to have an impact on your mortgage chances, but factors like being very close to train tracks or being above commercial premises such as a noisy pub may deter lenders who are worried about the property’s resale value.
Having a swimming pool
While swimming pools are generally thought to add value to a property, for some homebuyers they may not be so tempting.
Although a swimming pool can be a nice luxury in the summer months, they also require a lot of maintenance. They can be really expensive to run and keep clean, , and homebuyers with young children or grandchildren may also feel that the safety risks of a swimming pool outweigh the positives.
Can I get a mortgage on a property with a swimming pool?
If your property has a swimming pool, your mortgage lender may require that it’s either well maintained or completely removed before it will make you an offer.
This is because an unused pool can present a safety risk in a property. For example, someone could fall in, or it could become a breeding ground for bacteria. If you don’t plan on using your pool, you may have to fill it in and cover it up before a lender consents to provide you with a mortgage.
Asbestos
Asbestos refers to a few different types of fibre that, until the end of the 1990s, were commonly used in construction for purposes such as insulation, as well as flooring and roofing. It was discovered that asbestos poses certain health risks if it is damaged or disturbed, as inhaling the fibres can seriously harm the lungs, so it was subsequently banned in the UK. However, buildings built before 2000 still sometimes have asbestos in them, meaning that it can still cause health problems for those living or working there.
While it is legal to sell a property that contains asbestos, the seller must declare its presence when doing so – hiding this information can open the seller up to legal action later on. Homebuyers are often reluctant to take on a property containing asbestos, so if you are selling, you may improve your property’s chances on the market by having the asbestos professionally removed first.
If you suspect that you have asbestos in your home, never try and remove it yourself. Contact a professional contractor or your local council for assistance. Find out more in our article What is asbestos and what should I do about it?
Can I get a mortgage on a property with asbestos?
If a property contains asbestos that could pose a health issue, this will usually be flagged in a lender’s survey. Mortgage lenders may be reluctant to offer loans on properties with serious asbestos problems. As with damp, their decision may depend on the severity of the issue, as well as where the asbestos is in the property, as this affects how likely it is to be disturbed or damaged. A lender may factor the cost of asbestos removal into their overall valuation of a property.
Unlucky numbers
Lastly, it may be hard to believe but being number 13 on the road can deter superstitious buyers and see a property lose out on as much as 6% of its value.
Will it make it harder to get a mortgage?
Probably not – unless your lender is superstitious too!
Finally…
If you are in the market for a new home, it’s good to know more about the potential pitfalls of buying and what kind of properties to avoid. Our articles 11 common mistakes homebuyers make (and how to avoid them) and 10 reasons you might not be able to get a mortgage on a property might be useful to you.
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