Buying a Property? The 5 Warning Signs You Should Never Ignore
Whether you’re looking for your next family home or to make a profit as a buy-to-let investor, when purchasing a property you’ll want to know that you’re making a wise investment. Commit yourself to a problem property, and you may end up spending more money than you’d anticipated, or worse, find yourself with a property you cannot sell on.
Think you could spot a problem property? Here are the 5 biggest warning signs you should watch out for if you want to avoid a bad buy:
Structural issues are probably the most expensive problems to fix and should be one of the first things you look for when considering a property. A full survey will be able to identify any structural damage or causes for concern. However, when viewing homes always be sure to do your own surveying, looking for any tell-tale cracks, sloping or construction issues. Spotting these issues early on will save you time and the expense of a survey further down the line.
Water damage can be a costly problem and one that can easily be disguised by sellers. With the pesky problem of damp estimated to cost up to £5000.00 in damages, you should always take the following precautionary steps when viewing a potential new home. When viewing the property, always make a point of asking the seller or agent whether or not the property has had any history or current issues with water damage. Look out for any signs of damp, which some sellers may attempt to disguise with furniture, carpet or rugs. Most importantly of all, take care to have a full survey carried out on the property as well as all the usual local searches as these will uncover any historical issues with flooding or damage that the untrained eye may not see.
Some people love a good fixer-upper! But renovation work isn’t for everybody. If you’re looking to keep initial costs low and work to a minimum, then be sure to take a good look at the condition of the property before making any offers. Are the windows in good condition or can you see condensation, or even rotting frames? How old is the boiler? Are the electrics in need of rewiring? Repairs can be costly, amounting to thousands in some instances, and will want to be avoided by most.
4.Slow Internet Connection
In this day and age a reliable, high speed internet connection is a must-have for most home owners. A good connection can be especially important if you’re a buy-to-let investor, as a slow connection can put off potential tenants, losing you money. So, as you’re looking around a property why not check out the internet speed for yourself on your smartphone? Alternatively, you can look up the internet speed of any area online.
When it comes to finding the right property to invest in, it’s all about location, location, location. From public transport and parking accessibility to the neighbours, the local area should tell you a lot about a property’s potential. Make sure you do your research; investigate the local area at different times during the day and night, ask after the neighbours and look at how well the other homes on the street are maintained. If you’re not sure about what you see, then chances are potential tenants won’t be either.
So there we have it – the 5 biggest warning signs to beware in a problem property.
Need some more advice? Whether you’re in need of a mortgage or insurance to protect your new property, we can help you. Call us today on 01702 619221 or contact us online.