Real estate expert shares advice on questions to ask when buying a house to make sure it’s not already inhabited by someone else…
- A quarter of Brits (25%) believe that their home is haunted, or that they have previously lived in a haunted house
- Almost half of adults in the UK (43%) believe that ghosts are real, and those aged 18 – 34 the most likely to say they believe in paranormal activity (39%)
- Property expert reveals that “a home with a story” can fetch up to £28,800 more than its true market value, based on the “unique desirability of the property”
The property market can be scary for first time buyers at the best of times, even more so when you don’t entirely know what hidden secrets you’re supposed to be looking out for in potential properties.
Now, as research shows that a quarter of Brits believe that they have lived in a haunted house, and almost half of the UK’s adults (43%) admitting that they believe in the paranormal, property expert Ryan Fitzgerald of Raleigh Realty, reveals how having a resident ghost can actually increase the value of a property.
“Specific types of people are looking for specific types of properties and they want to own a unique property that has history, or interesting stories behind them. A home with a story can fetch up to 10% more than the true market value based on the unique desirability of the property.”
For an average UK home, a resident ghost could add up to £28,800 in value.
According to Ryan, homes with interesting stories naturally have the ability to increase the value of the property simply through the marketing of the unique home. However, not all homebuyers are keen on buying such unique properties, so he has shared advice on the questions to ask to find out if there are unwanted lodgers in a potential new home.
Know Your Rights
“While the Consumer Protection from Unfair Trading regulations that are applied to property sales in the UK mean that sellers are obliged to disclose information to potential buyers that pertain to things like failed surveys, structural faults and building works, there’s nothing in there about haunted houses”, says Ryan.
“It does, however, say that sellers have a duty to avoid making false or misleading statements. So in theory, this means that if a seller is asked outright if the house is haunted and they lie about it, they will have to prove their case in court. So it definitely pays to ask the question, if this is something that is a concern for you.”
Do Your Research
“It’s always a good idea to do plenty of research on a property you’re thinking about buying. Even though a lot of details regarding the history of the property will come out during the conveyancing, some things – like local folklore – won’t be included in those reports.
“I’d check historical records of the area and the street address to see if anything untoward has been reported that you should know about. You might also want to look at online groups which document reports of paranormal activity or tragic events to see if anything may have occurred on the premises.
“Failing that, local history societies and long-time neighbours will be able to provide invaluable information about a property’s history. If you happen to spot any of the locals walking their dogs or working in their front gardens, introduce yourself as someone thinking of moving to the area, and ask what you need to know before you move!”
Check the Sales Records
“Something else you can do yourself, outside of what a conveyancer will do as part of a purchase, is look at the buy and sell history of the property. If the house has lost value, or has a history of being bought and sold several times in quick succession, it could be that there’s something suspicious about the property that keeps people from wanting to stick around.”
Consider the Resale Impact
“Even if living in a haunted house isn’t something that bothers you too much, or the thought of residing with a ghost is something that intrigues you, you should still consider how it could impact future sales.
“Not all buyers will be happy about living in a haunted property, which will severely reduce the pool of prospective buyers down the line. One study I read found that 83% of estate agents had claimed that a property with noticeable history can lose between 11-20% of its value, because Brits are scared of buying property with questionable history.
“Yet, another study claimed that properties in ‘paranormal postcodes’ were priced 12% higher than the average home in the same area, and that living near a well known haunted location could actually add over £50k to a home’s asking price.”
Negotiate on Price
“Because of the resale challenges you might face trying to sell your haunted house down the line, I would always recommend negotiating hard on the sale price.
“You have to consider the unique challenges of this sort of property, and the additional costs you might incur when dealing with paranormal activity. Investigations, exorcisms, renovations and repairs all add up, so definitely think about these costs when making your final offer on a property.”
For more property buying tips, please visit: https://raleighrealtyhomes.com/blog/buying/
