A property is normally the largest financial investment a person will make in their life. It’s therefore critically important that you buy a property that’s right for you, as well as making sure that it won’t be a financial burden in the future.
For a first-time buyer or someone with little property knowledge, viewing properties and knowing what to look out for can be a somewhat overwhelming prospect, especially considering the size of the purchase.
Considering this, we look at the main things homebuyers should keep their eyes peeled for when viewing properties.
Is there damp?
Damp can be identified by damp, wet-looking patches on walls or ceilings. Mouldy smells and flaky plaster can also indicate the presence of damp.
Damp can be expensive and a hassle to get rid of, it can also damage the structure of the home if the dampness reaches the timber frames of the property. Damp can cause mould to form which itself can cause health issues, so it’s vital you know whether or not there damp is present before completing the purchase. A buyer’s survey conducted after an offer has been accepted will normally reveal any damp if not already detected.
Is the building structurally sound?
The last thing anyone wants is to buy a house that is falling down. Structural repairs to a property can be extremely expensive so when viewing properties it’s important to look out for large cracks, particularly where extensions join, on end-terrace walls and bay windows.
Aside from looking yourself, you should ask the homeowner or the agent at the viewing whether or not there are any known structural issues. If you decide to go ahead with the purchase, a property survey should be undertaken in order to highlight any potential issues. If anything significant is uncovered, you could ask the seller for a discounted price to cover the costs of the work, or back out of the sale entirely.
What condition is the roof in?
Roofs are expensive to repair and replace so when viewing a property, take a good look at the roof if you can. Depending on materials, roofs normally last 15-20 years. If it’s in poor condition, you might be able get a price reduction to cover the cost of repairs.
Location
Almost equally as important as the property itself is its location. Location affects property prices, as well as what amenities you’ll have access to such as schools and transport links.
Think carefully about your needs as well as the needs of those who you’ll be living with. Will you require easy access to a train station? Will you want to be in the catchment area for a particular school? Buying a property is a long-term commitment so you should think about what your needs will be in the future too, maybe 5 or 10 years down the line.
Future development plans
It’s worth researching any future development plans in your desired area as you probably won’t want to live next to a building site for a prolonged period of time. The construction of certain amenities close to your home, such as a busy road or hospital may negatively affect the value of the property and make it a less pleasant place to live.
Which direction does the house face?
This may seem more minor, but the direction a house faces can have a big impact on the overall feel of the property. Many homeowners look for south-facing rear gardens, which benefit from the sun all day. Contrastingly, a north-facing garden may be in the shade for the entire day. For someone who places high importance on the garden, north-facing may be a dealbreaker. Also, consider which rooms will benefit from the sun at what times of the day.
Monefi offer financial services specialising in Income Protection, if you’d like to learn more speak to one of our advisors today.
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