Things to Look Out for When Buying a Property

Buying a property is easily one of the biggest individual investments you will ever make. Whether you are looking for a first home or adding a fresh property to a burgeoning rental portfolio, buying should be a considered and careful process in order to protect your investment. There are a number of things to look out for when starting the property-buying process, and what follow are some of the more important points to keep firmly in mind.

‘Location, location, location’ is a key phrase for a reason. The placement of a given property is crucial to many things, from your comfort living there to the future sale value of the property (more on which later). 

A good location can be a very personal thing indeed, but there are some general amenities to bear in mind – such as local public transport links, good-quality schools in the vicinity, and easy access to shops for groceries and other staples. You might also look to the future, in case eventual community developments bring more amenities to bear.

The condition of the property is a vital thought when considering whether or not to buy, as poor upkeep or the need for remedial works can greatly increase the overall cost of making a property either liveable or rentable. These would be revealed by structural surveys after you’ve placed an offer, but the more you can catch before you make an offer the better.

This extends, of course, to historical data about the property and its local geography. Your conveyancer will also be tasked with looking through land registry information and local environmental surveys to ascertain whether the property you eventually go for is impacted by pollution, flood risk, or previous geological activity. Here, there’s a further consideration in the form of professional negligence – a risk where a conveyancer fails to catch important information before you buy.

Whether you choose a pristine, ready-to-move property or a doer-upper with demonstrable large-scale issues, you’ll need to have a post-purchase budget in mind for renovation, repairs and general upkeep. The size of this budget will be different based on your expectations, but will invariably be ‘not enough’. Make sure you have contingency money for unexpected costs, whether you spring a leak or find an issue due to aforementioned professional negligence.

If you’re buying a property to move into personally, there is a high chance that you will not be living there forever. A future move may be on the cards, whether in response to a growing family or a different direction in your career. At such a time, you want your home to be saleable – and perhaps even to generate you a profit. Location is important here again, as some regions see better house price appreciation than others; property condition and potential for extension are also key, though.