So how does Japanese knotweed affect house prices in the UK or the US? This is a question posed by numerous homeowners prior to buying or selling a property and not wishing to be caught out both legally and financially.
Japanese knotweed is a weed that can grow quickly and get out of control. It has been shown to affect the value of a property, but not always in a negative way.
There are many factors that come into play when deciding whether or not Japanese knotweed causes a house’s value to go down, including how it was handled during construction and if any other invasive plants were present at the time.
What is the connection between Japanese knotweed and house prices?
You have probably heard about it from a friend or a relative who lives in an area that has been infested with weed.
The answer lies in how the weed affects the environment. It has recently become a popular topic of discussion as homeowners worry about the cost of treating their infested garden plants.
Japanese knotweed is invasive, which means that it invades an area quickly and spreads over large areas. Because of this, it can quickly destroy the delicate topsoil of a garden before it can fully grow.
The resulting devastation can significantly increase the property tax in an area because of the increased demand for housing.
There are other considerations to take into account as well, but because of the potential high property tax rate, such as an infestation of Japanese knotweed, you will want to think about this first.
Another reason why the cost of infestations of Japanese knotweed should be considered is because of how invasive it is. Being introduced to a new place doesn’t mean that the weed is suddenly going to disappear – it simply moves into a new category.
When it invades a home, the invasive property is taken over by the weed. And, as is the case with all invasive species, the price of the real estate decreases as the amount of work required to control the weed increases.
The third reason why you may want to think about Japanese knotweed and house prices is that it can affect your mortgage.
Because of the damage that infestations of knotweed can cause, your lender might be less likely to approve a mortgage if you have Japanese knotweed on your property. This holds true even if your property is in otherwise good condition.
The action you might consider
You can consider a short sale or deed-in-lieu of foreclosure as a way to rid yourself of this problem. And, while the property market has been fluctuating, the short sale has been one of the few reliable ways to profit from a drop in house price.
Because it is so invasive, infestations of Japanese knotweed are also considered to be an economic disaster. In layman’s terms, this means that the cost of treating the property will more than makeup for what you might spend treating your property.
Because of the expense involved, lenders will be less likely to give you loans for the purpose.
Due to the uncertain effect of infestations of knotweed on Japanese house prices, there is currently no way to state a definitive answer as to whether or not it will affect the price of a property. What we do know is that it will significantly impact it.
The longer it remains in a property (which can take as long as five years), the greater the damage is likely to be. Aside from the costs associated with treating and eradicating the infestation, homeowners who have invested in infested properties stand to lose a lot more.
After all, if the infestation is far advanced, they will need to replace all carpeting, kitchen countertops, and even the framing for a replacement that is as good as new.
If you are currently residing in an infested property, you may have already noticed a price difference between the time before the knotweed was detected and the time after. It is natural to expect that the price of your property would decrease once the infestation was found.
Fortunately, this is not true. The price you pay for your property is not dependent on how much of the property was affected by knotweed, but instead on how expensive the treatment would cost.
If you want to avoid having to deal with the expensive repairs and cleaning costs associated with an infested property, you should get rid of the knotweed on your property right away.
There are a variety of methods to eliminate the infestation, ranging from removing the roots to using mechanical means such as liquid pesticides.
However, there is no better solution than to remove the knotweed from your house yourself. Although it can be done without specialized equipment, it is not recommended to do it yourself unless you have the proper knowledge and experience for the task.
Do your research, follow the instructions given to you, and make sure you are dealing with a licensed expert who will be able to remove the knotweed without any damage to your property.
So, does Japanese Knotweed affect house prices? It’s hard to say definitively. If you are selling your home and it has Japanese knotweed in the garden or nearby then yes, there could be some impact on the price of your property.
However, if you want a more definite answer about how much that potential impact would affect the value of your property we recommend consulting with an expert real estate agent who can assess this for you or at the very least recommend an expert in removing it for you.
Want to know more about whether Japanese Knotweed affects house prices?
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