There is a high demand for housing in the UK, with buyers ranging from first-time buyers to those moving up or down the property ladder. Buying a property is potentially the largest investment you will make, so it is important to get it right; however, how many buyers take the time to ask the right questions of the vendors or even sneak a peek behind furniture? Is it just our good manners or are poor property checks costing buyers up to £5,000?
Property demand
With the high demand for properties and the need to find competitive conveyancing quotes, buyers will sometimes overlook obvious property defects, instead preferring to look at the bigger picture of finding a home at the right price. What about faults that are discovered when a buyer moves in? This is why it is recommended when buying a property to do your homework first. Simple checks online can reveal information such as the neighbourhood crime rate and how many hours of sunlight your back garden is likely to get, while taking a walk around the neighbourhood could reveal problems with traffic flow or a heavy commercial traffic route that the vendor might omit to tell you.
Rose-tinted spectacles
You arrive at the house of your dreams and perhaps on go the rose-tinted spectacles. Have you just overlooked that damp patch on the ceiling or turned a blind eye to those freshly-patched wooden window frames? Recent research has shown that when it comes to viewing houses, many of us miss the common problems present in the house we are potentially buying. Problems could include poor electrical provision and circuitry, damp patches on the ceiling revealing possible slipped roof tiles, poor garden drainage or tricky plumbing. On average, buyers could face bills of up to £5,000 to rectify such faults. Mentioning any problems could have resulted in a reduction of the sale price if the owner was keen to sell quickly.
Property buyers
According to research, first-time buyers are more likely to carry out only superficial checks when viewing a property for the first time, such as checking the plumbing by flushing the toilet, lifting the edges of the carpets, and peeking behind free-standing furniture. Experienced buyers tend to ask more in-depth questions, such as about the bills and the neighbourhood, and check for tell-tale cracks and inspect window-frames and doors.
Renovations
There will always be a cost involved when moving into a new property. Perhaps the colour scheme is not to your taste or the fitted carpets have seen better days, and many will remember the avocado bathroom suites that people were desperate to replace! This type of alteration will be down to personal taste. Many buyers can save money for future renovations by obtaining competitive conveyancing quotes.
Ensuring the issues that commonly affect properties are checked when you first visit will help you to make a more informed decision on your purchase.
