Red Flags When Buying A Property: In a recent video, I break down the 10 biggest red flags, and hidden costs to watch for when buying a house!
In the video, I show you exactly how to spot red flags when buying a house. If you are planning on buying a property soon, make sure to watch this video until the end.
You can watch the video on YouTube, or at the top of the page. If you watch the video on YouTube, drop some of your own red flags when buying a property in the comments section!
In this article, I will summarise the 10 red flags when buying a property that you need to be aware of! Reading this article could save you a huge amount of time, and money!
If you find this article useful, please consider sharing it with your friends on social media. That way, we can get property education into the hands of more people! A big thank you to everyone who takes a moment to share!
1. Red Flags When Buying A Property: Fake Bedrooms!
Just because something is listed as a bedroom, doesn’t mean it is suitable as one. Sometimes the rooms are too small, or even lack proper access. In one case, you had to walk through another person’s room to even get to the supposed bedroom.
2. Red Flags When Buying A Property: Fake Loft Conversions!
Some loft conversions have been done without the proper permissions. These areas cannot legally be considered bedrooms, although they may be set out as one. They are often called ‘loft areas’ on listings.
3. Red Flags When Buying A Property: Fake Flats!
You may think you are buying a block of flats, when you are really just buying a big house! Make sure the property has been legally subdivided, not simply made to look like flats!
4. Gardens And Trees!
Trees can be a massive issue that can harm your property in some cases. They can be extremely hard to get rid of if they have a Tree Preservation Order (TPO) on them. Even worse is Japanese Knotweed, which is highly dangerous to the house, and will make the property unmortgageable.
5. Single-Glazed Windows!
Single glazing makes your property less energy efficient, hurting your Energy Performance Certificate (EPC) rating. Installing double glazing can be very expensive too, if you don’t know how to get a good deal.
6. Electrical Rewiring!
Old wiring can be costly! Check the fuse box and look for modern plug sockets, as a first step. Then seek out any recent Electrical Installation Condition Report (EICR) certificates.
7. Leaks!
This doesn’t necessarily mean simply looking for water dripping on to the floor! Look for: signs of damp; sagging ceilings; and musty smells. Catch it early, and include it in your calculations.
8. Red Flags When Buying A Property: Fake High-Yielding Tenants!
There may be a tenant in the property that on paper is paying a very high rent. However, in reality, they are not paying their rent at all! Make sure any tenant in the property is paying their rent, and be suspicious of higher than market yields.
9. Red Flags When Buying A Property: Restrictions On The Property!
Beware of covenants or restrictions on the property you are buying. These may prevent you from renting the property out, for example. Even if you intend to live in the property, it is important to have flexibility for changes in circumstance. Consider any restrictions carefully.
10. Red Flags When Buying A Property: Leasehold Properties!
Leasehold property means you don’t own the land the house is built on, instead you lease it. Even if you are happy with this, make sure you understand any hidden charges associated with your particular property.
Red Flags When Buying A Property: Correct The Problems And Profit!
Now that you know the red flags when buying a house to look out for, it is time to learn how to use them to your advantage. If you can buy a problem property at a discount, and fix the issues, there is a lot of money to be made!
I can teach you how to do that! Join me at my next introductory online training event!
We have different online trainings throughout the year, each teaching different things. Here is a sample of what you could learn on one of our online introductory webinars:
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The SECRETS to becoming a successful property investor​​​​​​​
     Get immediate and actionable insights to accelerate your property investment journey.
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How to LEVERAGE other people's money to get started​​​​​​​
     Begin to understand the strategies to use to reduce the barriers to getting started.
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How to FIND fantastic property opportunities
     Understand where property professionals source the best deals.
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How to RECYCLE your money again and again
     Don't just do it once, repeat the process to build your property portfolio.
Property investing is not just for the rich! Learn the strategies that thousands of people have used to not only start investing, but become financially free! Tickets are free, so book your property training webinar now. If you are ready to take action, I hope to see you very soon!
