When purchasing a new property, it is important that each process is considered carefully. A new home is a significant investment and if even a minor issue is undiscovered, there can be a large financial loss. As such, buyers must act cautiously and spend time investigating every aspect of the property, with the structure itself being the most important.
When visiting a property, one that you may wish to make an offer on, there are five essential elements that should be considered. While there are, of course, a much more extended number of areas to investigate, the following five are the most important for the potential risk that can be avoided. So, if you’re venturing to find a new or first-time investment property, here’s what to look out for.
While this is an important aspect of any home inspection, for those properties situated within the UK it is crucial. Damp can manifest in a number of ways, most obviously as mould, and is remarkably problematic for homeowners since it not only makes a living space uncomfortable but also reduces the value of a property.
Since the foundations of electrical wiring occur beneath the foundations of a home, with wires travelling behind walls and under floorboards, it can be difficult to identify any faults. There are a number of ways around this, however, and, since the cost of faulty wiring is not only financial but also a health risk, it is important that measures are taken.
Bring along an electrician with you to a house inspection or seek to perform your own socket and stud tests around the property.
Gardens are not an automatic value-adding asset for a property. In fact, with certain weeds or flooding issues, they can be detrimental to a home’s value. Be sure to investigate any potential risks, be them structural or flooding-related, as well as to check for signs of infamous weeds, like bindweed. Other assets, such as summer houses and log cabins can be remarkably appealing but should be investigated for any potential damage or deterioration.
While not directly related to the structure of the property itself, it can be hugely beneficial to meet the residents of neighbouring properties during an inspection. In addition to getting to know their personalities and lifestyles (you may discover their career as a session drummer!), doing so can also be useful to gain insight into the property and neighbourhood.
EPC ratings are important for a number of reasons, with one of the most significant being the ongoing costs associated with poorly insulated homes. Those with low-quality insulation will soon find themselves paying large amounts of money to remedy this issue with heating.
When viewing a home, be sure to look for draughts, as well as cracks in window sills and walls, as these can be indicative of cold homes and those with issues that require substantial restoration before they can comfortably be lived in.