5 Things to Check Before a Property Purchase
Buying your first home can be a daunting experience, with unfamiliar terms and legal processes that make one feel like a fish out of water, and then there is the worry that the new property is sound and has no structural defects. If you are thinking about a property purchase, here are a few important points to remember.
- Structural Defects – The property you are intending to buy must be extensively surveyed, with the focus on wet and dry rot or any signs of insect damage. Damp is a common problem in the UK due to the moist atmosphere and if you require damp proofing in Peterborough or any other UK city, there are affordable options online and a simple search should reveal the whereabouts of a qualified contractor. If the property has a basement you should pay particular attention to damp, and there are reliable online contractors who can come in and protect the property from further damage.
- Woodworm – This can be very serious and any potential purchase should be thoroughly checked, as this problem can remain dormant for periods, and in some older properties, it can be difficult to spot. If your survey reveals a woodworm problem, you should point this out to the seller, and they can call in the experts to address the problem. This beetle larvae is a real menace and if left to their own devices, can destroy a structure in a very short time.
- Title Deeds – Your conveyancing solicitor would typically make a series of searches to ensure that the seller is indeed the owner, and the perimeters are correct. They would also check for road and footpath maintenance, along with utility connections, and your solicitor would facilitate the sale and possibly organise your mortgage. If there were any issues with this process, your solicitor would inform you, and until the issue is addressed, it is advisable to wait.
- Review the Situation – There are many homes on the market, and sometimes, our desire to complete the relocation makes us a little hasty. Ask yourself if the location is ideal, and think about the condition, and the price, of the property, just to review the situation. The surveyor should have given you a comprehensive report, and if there are any remedial jobs to do, you can negotiate this into the sale.
- Affordability – When we upgrade, it usually means a higher mortgage repayment, and this could cripple a family, should their circumstances change in any way, the family might suffer financially. One idea is to take out comprehensive insurance that would cover accidental injury, or any other situation that might render you unable to work. Your solicitor could certainly find you some competitive rates for a mortgage, and one should be confident that the budget will stretch to it.
If one is careful, buying a home can be a rewarding experience, and providing the building is structurally sound, your investment should pay long term dividends.