Common mistakes when buying a property include forgetting to check for damp, bad electrics, broken roof, and flooding zones. There are 6 other common mistakes when buying a property, which you can learn about in the video. For this article, we're going to have a quick run-down of the four we mentioned. You need to take these things seriously because they could make or break your business. These errors can add huge costs to the property, eating into your profit and slowing down the whole process.
This isn't necessarily a deal-breaker but it needs taking care of. Depending on how bad the damp is, it could cost thousands to rectify. Sometimes owners who want to hide the problem try to paint over it to deceive you. The quickest way to sense any damp is to sniff it out. You can normally perceive a musky aroma. Other times the walls may be slightly wet. The best thing to do is to get a survey done before you buy the property.
Rewiring a house can be very expensive. If the electrics need complete replacing, you might be looking at up to £5,000! Watch the video to see the different types of fuse box you could be faced with. There are old ones and new ones to look out for. You need to make sure the electrics have been surveyed within the last 5 years. Also, it's wise to look out for any obvious red flags such as loose wires.
Fixing a roof is costly. The simplest way to see if there is an issue is by walking outside and taking a step back. Look for obvious cracks, missing tiles and misalignment. If you spot any, you're probably going to need to spend some money. A roof should look neat and tidy, it shouldn't droop or bow. Get a professional to take a look at it and provide a quote before buying the property.
Mineshafts and Flood Zones
Mortgage companies tend to refuse properties which mineshafts underneath them. This is also something can reduce the resale value of a property. Similarly, buying a property in a high flood risk area can have the same consequences. The estate agent is obliged to give you this information and you can do a check online very cheaply if you are unsure.
There are other top tips waiting for you in the video!