When buying a house, it helps to know what to look out for and what things to avoid. Here are some very common mistakes when buying a house that you must avoid.
Buying an unusually constructed house
Any building that seems to be constructed differently from the usual brick and mortar may not be a good purchase. Lenders do not like properties that seem to stray from the norm. This is especially true for homes that are made of concrete, timbre, or cob frames that may even still be covered with asbestos.
Purchasing a high-rise flat
High-rise flats, especially those that have been having issues with lift maintenance will not look attractive to any lender. The same is true for those flats that are over restaurants, offices and shops. Properties like these, where people may have the right to access to, are often considered by lenders as hard to value.
Buying property from a brownfield site
Avoid buying properties that are built on land that used to be industrial sites as the area may still be contaminated. Your solicitor will have to check if indeed, the property has been thoroughly decontaminated and is safe for residents. However, lenders may not be that generous when it comes to giving you the necessary financial backing.
Not being aware of potential property problems
There are people that are not aware of the things that they should look into when viewing properties. Always remember that properties may not always be as good as they appear to be. Take appropriate steps to ensure that you can avoid costly problems. Among these include noisy neighbours, faulty electrics, as well as damp areas around the house.
Not taking a friend during property viewing
It is highly encouraged for you to bring along somebody you know who happens to be quite familiar with getting properties fixed. They will not only provide you with the much-needed different perspective, but they can also make sure that your expectations are set based on what is going to happen if you are to buy the property and proceed on renovating it.
Not asking probing questions
As one who is interested in the property and willing to spend a load of money to get it purchased, you are entitled to know anything and everything about it. This is why you should never hesitate to raise questions when it comes to roofing and wiring and such other detail about the house. Ask too about how long the boiler has been fitted as these are things that you can use as bargaining tools in order to secure a much better pricing later.
Buying a property can be a complicated process. While you are bound to take missteps every once in a while, learning from the mistakes you can avoid will help you make better and more informed decisions. Check out Richard Butler Creagh website for more in-depth knowledge of property buying.