According to Environet’s recent research in collaboration with YouGov, 32% of people would still purchase a property with Japanese knotweed as long as they can get an ideal discount on the price. It does not have to be a deal-breaker, but it’s imperative to know what you’re getting into and ensure that it is reflected on the price you’re paying.
With that being said, Environet shares what you need to know when purchasing a property with knotweed.
Have a Professional Knotweed Survey & Management Plan Report Conducted
This professional report will highlight all the issues plus costs. Also, it will determine the chances of Japanese knotweed causing damage to your building, which may not be obvious from the start as it causes damage to underground elements like drains.
The report should identify whether encroachment is an issue, which is the spread of the plant from one property to another. If that is the case, then be ready to have a not-so-friendly discussion with your new neighbors.
Know the Liabilities of Japanese Knotweed
It is also imperative that you comprehend the downsides that Japanese knotweed presents. That’s because as the new property owner, it will be your responsibility. If you are aware of the limitations and still want to go ahead with the purchase, ensure you negotiate a discount in order to reflect the treatment cost of the knotweed.
Do Not Allow the Seller to Handle the Knotweed Issue
Avoid falling into the trap of allowing the property seller to handle the knotweed issue. That’s because they are likely to take the cheap route at eradication, which won’t ultimately work. So, insist the work be done by a reputable company, with experience in the job.
Keep in mind that you’ll need an insurance-backed guarantee in order to satisfy the mortgage lender. As such, ensure you go through their policy and requirements beforehand.
Knotweed Doesn’t Have to Break Your Deal
Japanese knotweed presence in a property doesn’t have to scupper your deal. With the right tools and techniques, it can be successfully removed. It’s important to know what you are getting into, but at the same time, it doesn’t mean walking away from a good deal on your dream home.
What Sellers Need to Know When Selling Japanese Infested Properties
A property with Japanese knotweed can be hard to sell. Most homebuyers prefer knotweed-free houses rather than parting with a significant amount of money to get rid of this highly invasive plant. As a seller, this where you need to make the most out of the situation to ensure the property lures potential homebuyers.
What to Do When Selling a Japanese Knotweed Infested House
A home infested with knotweed can be extremely hard to sell as most buyers prefer the opposite than having to invest large sums of money on eradication. As a seller, you are legally expected to disclose whether your property is or has been infested by Japanese Knotweed. You are also expected to answer honestly.
If you don’t disclose the presence of the species and it is found after the completion of the sale, professionals will determine the plant’s age on the property and if it was present before the sale. Keep in mind that failure to disclose the presence of Japanese knotweed when selling property could land you in court and attract a hefty fine.
Even if you’ve had the plant eradicated professionally before, you are still required to disclose this information by the law. The Japanese knotweed stigma can continue to affect the price potential buyers are willing to part with, even after the plant has been completely eradicated.
What is The Right Way to Eradicate Japanese Knotweed With the Aim of Increasing the Chances of Selling
The best way to get rid of knotweed is by availing the services of a reliable professional with experience in this field. These specialists should give you an insurance-backed guarantee that’s acceptable to lenders. Avoid any DIY approach to this issue.
Why Is It Important For a Real Estate Agent to Know About the Knotweed Issue?
It is important that you’re honest and transparent about the knotweed problem so that the agent can inform potential buyers early on. This will prevent wasting time and money for both parties. Thanks to environetuk.com for consulting.