BAD PROPERTIES AND HOW TO AVOID THEM
Whether you are searching for a property to live in yourself or to let out on the rental market, it is never an easy thing to define what actually makes a prospective purchase a bad one. Sometimes problems only present themselves after the purchase has been finalised however much you try to avoid a bad property beforehand. I once bought one house that had a crack in the bedroom wall you could have driven a bus through but this only came to light once the vendor had moved out – together with the cumbersome wardrobe that had cleverly concealed the serious structural defect from the prying eyes of the surveyor.
It’s always wise to check what similar properties are selling for in your chosen area regardless of condition. If the price difference between a house that needs refurbishment and one that is in a reasonable state of repair is not that big it might be wiser to go for the one that needs very little doing unless you are looking for a clean slate to etch your own personal stamp upon. Sometimes people vastly overspend on home improvements and find that the house has not in fact increased in value when compared to others in the same road. This is because it’s not easy to break the sealing price for a typical house in a particular area. So think very carefully before adding expensive extensions and conservatories and loft conversions which may be beneficial for your own use if you intend to remain there for a long time but will not have added a great deal to the value if you need to rapidly move on. When there is no similar property to compare your prospective purchase to, as is the case with houses of individual design, you will need to be very careful that the asking price is reasonable. A house is only worth what someone is willing to pay for it and this is where serious errors of judgement can be made. If sentiment is allowed to rule it is quite possible to pay far too much for the privilege of owning a property that is not a carbon copy of the one next door.
A competent conveyancer will make certain that searches are in place to avoid buying a property on contaminated land or land that has a history of subsidence. Environmental searches are standard nowadays so that many problems associated with property purchase in the past have now been largely eradicated. You will be given the necessary advice to make an informed decision but ultimately it is your choice if you feel your prospective purchase has
Tags: Clean Slate, Crack, Wardrobe
