Buy a property is a huge financial commitment. It doesn’t matter whether you’re buying it for private use, to rent out or sell on, you’ll be taking a big risk. With that in mind, you need to make sure you’re buying the right place. To help you make this decision, here are some of the most important questions you should ask.
How Old Is The Property?
This is one of the first questions you should think about when looking at a new property. We know some people love the idea of buying a run down, old property and fixing it up.
But be careful with this decision. Older properties tend to have a lot of problems that can’t be fixed through typical DIY. If you’re the homeowner, you’ll be looking at a lot of work to get it to the point where it’s a place you want to live. If you plan on renting it out, then you need to make sure it matches standards for health and safety.
One of the biggest and most prevalent issues with older houses is Asbestos. Asbestos was used for insulation in homes mere decades ago. As such it’s still present in a number of houses across the country. If you want to make sure your property, you need an inspection. Plansafe solutions offer expert asbestos surveys for property owners to make sure the place is safe for use.
Can You Afford It?
Many people love the idea of investing in property. If you’re a DIY nut you might also have fun with the concept of home flipping. Home flipping involves buying property at the floor price, fixing it up and selling it on. That sounds great and it might seem like an easy way to make money. But can you afford to take the risk.
When you’re buying a property, you might think that you only need the deposit. But you have to think about maintenance repairs and any improvements you’re going to make. The cost of these changes are going to add up to the point where a house could cost a fortune to renovate. Suddenly, you weren’t in as stronger position as you thought.
Is It In The Right Location?
There are plenty of factors that can make a house unsellable or at least more difficult to shift on the market. If you’re planning on investing in property, you need to make sure your it is in a desirable location. Even if you’re buying the house for private use you must always think about the future sale.
There are numerous factors that can lead to a bad home location. It could have been built on a floodplain. If a home is on a floodplain, naturally bad weather is going to cause issues. You can usually get around this by putting the home up for sale in the middle of summer when heavy rain isn’t an issue. You also need to think about little things like how much sun the house receives. If the house is blocked by a large obstruction, causing shade, this could put off young families.
These are just some of the questions you should be asking when owning property. You must think about this decision carefully before making a final commitment.