Buying a property is one of the most significant investments you’ll make so it’s only natural that you want to make sure it’s just right.
Annual house price inflation hit its highest in 2022 with slow increases since. With this in mind, the last thing you need is to put down money only to find that there are flaws that will cost you even more to correct.
Whether you’re a first-time buyer or experienced homeowner, keeping an eye out for several key areas will make all the difference in securing a home that ticks all your boxes.
Here’s our guide to the most important things you should check before purchasing a property.
- Location and Local Amenities
The golden rule of buying a home is location, location, location. It’s just as important as the property itself so do your research on the surrounding area to ensure it matches your lifestyle. Do you need quick access to public transport for commuting? If you have children, are there reputable schools nearby?
It’s also worth looking into future development plans for the area. New developments can enhance the appeal of a neighbourhood but they can also bring disruptions or even impact property values.
- Property Structure and Condition
No matter how charming a property may look on the surface, you need to do your due diligence on its structural integrity.
Common issues such as dampness, subsidence or outdated plumbing can be a disaster if you stumble upon it later on so don’t hesitate to look behind furniture or rugs to see what they could be hiding.
For peace of mind, why not hire a qualified surveyor to perform a detailed inspection? Their comprehensive report will uncover hidden issues and provide a clearer picture of what repair work may be needed.
- Legal and Financial Checks
Before going ahead with a purchase, you need to get your solicitor to review all legal aspects. This includes checking for any boundary disputes, restrictive covenants that could limit how you use the property or if the property is located in a flood risk zone.
Properties in flood-prone areas can make securing a home insurance policy or mortgage more difficult and expensive. Conducting these checks thoroughly ensures you won’t face any nasty surprises down the line.
Given the recent changes to the UK leasehold reform, you need to know whether the property you’re interested in is leasehold or freehold. A leasehold means you’re essentially buying the right to live there for a pre-determined period, whereas you own the building and the land it sits on with freehold properties.
Recent scandals have revealed the leasehold systems to be unfair so always thoroughly review the lease terms. Watch out for clauses that allow escalating ground rents or unreasonable service charges that could affect your ability to resell in the future.
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