A Halloween fright came early for one property owner this week when the Nationwide told him that damp has made his £86,000 property value at £1.
Damp plummets house price
That's right: £1 for the property he paid £86,000 in 2007 located in Durham. As you can see from the picture on the right, the property is not exactly falling down because of damp proofing or wet rot issues.
As you can imagine, a £1 valuation is hard to take when his tenants are paying £550 a month to rent the house and that he has just spent £10,000 renovating. Forget Freddy Krueger horror films, this is every property owners worst nightmare (on any street)!
Why damp made the property value at £1
So what is the problem? Well, according to the property survey carried out for Nationwide, the property seems to be suffering from damp and dry rot, and there are concerns about the stability of the roof. The £1 price tag is apparently a standard valuation applied by Nationwide surveyors when a property is unsuitable for the lender to lend on.
While this is clearly an extreme example, it does serve as a useful reminder of just how important it is maintain your property and to look out for external and internal property problems.
Stop damp from valuing your property at £1
Want to help ensure damp or rot issues do not cause your property to be valued at £1? If so, there are a lot of small things you can do to ensure the health of your property such as examining gutters, downpipes and drains for signs of deterioration. To spot potential external property issues, look out for:
- Slipped or loose slates
- Vegetation growing out of gutters
- Leaking overflow pipes
- Rusting or cracking cast iron down pipes and gutters
- Damaged or overflowing drains
- Cracks in stonework
- Moss or lichen growing on the stonework
- Defective pointing
- Damp staining on stonework particularly adjacent to pipes
Spotting signs of internal property problems and repairs is not quite so easy however, in roofs and basements the following are useful pointers:
- Check for defects in lead flashings round chimneys valleys and parapet walls
- Look out for water staining in the roof void
- Check under your floor for condensation. Early action will result in very cheap and stress free property solutions
- Check your seals round baths and showers
For more information on damp and rot related issues
For more information on damp and rot related issues then visit the following web pages: