According to findings by Legal & General the external appearance of a neighbour’s property could be the deciding factor for potential buyers. Long gone are the days when putting fresh coffee on to brew and baking bread were enough to sway the decisions of buyers.
Almost nine in ten respondents would reconsider buying a property as a result of a poorly kept neighbour’s home according to research from Legal & General Insurance. The research asked more than 4,000 adults in the UK for their views on their neighbours and what would make them consider not buying a property and what would sway their decision.
Ruth Wilkins, head of communications, at Legal & General’s general insurance business commented: “Property is one of the major investments we make and with more people struggling to get on the property ladder the research would indicate that we are still very fussy about where we want to live. Our ‘Changing Face of Britain’ research suggests that people are reviewing wider issues than just the property itself when deciding that a new home is the right one for them. Who we may be living next door to is now a key consideration. It is interesting how much influence our neighbours can have on this key investment decision.
The changing face of Britain and the immediate community we live in is transforming the look and feel of today’s modern home. We would encourage potential home movers to look beyond the external appearance of a property and ensure they do fundamental checks on a potential property such as the structure, legal searches and whether the property can be insured.”
With Britain slowly becoming more culturally diverse, Legal & General’s research has shown that Brits are regularly judging one of their most important financial investments on face value.
Key findings from the research show that nearly half of young professional would think twice before buying a property next to a home with an un-kept garden. Those most likely to turn their noses up regarding the decoration of a property were empty nesters and same gender couples. One in five expressed that they would be put off by the poor decoration of a neighbouring property. Where there was damage to a neighbouring property such as broken or cracked windows, more than half of young professionals would not consider moving into next door. Same gender couples were less concerned with this issue with 39% expressing a concern. From the research, young professional were found to be the most tolerant with only 43% stating that they would be put off by noisy neighbours who were known to throw numerous parties compared to a larger 68% of families with young children who would see this as more of a problem.
Homeowners who are thinking of tidying up their properties by carrying out home improvements could consider a secured loan as one of the many options available. With a secured loan, many improvements could be possible to better the appearance of a property. Old Victorian houses could benefit from having the outside stone cleaned with a high- pressure jet which is used to spray the brickwork with a very dilute solution of hydrochloric acid which is then rinsed off, removing grime without any abrasive damage to the bricks. Giving your house a ‘face lift’ with a secured loan could help make it more appealing to the eye and also could add some value if you choose to sell. Gardens are another area that a secured loan could help improve. Landscaping a tired unruly garden into a clean cut modern retreat could ultimately sway the votes of potential buyers and with a secured loan, a landscaping company could be hired to complete the work in a matter of weeks. Secured loans are made payable over a term to suit the borrower from 5 to 25 years for amounts from £10,000 to £100,000.