Whether purchasing your first home, moving into something larger, or planning to downsize, buying a property is a significant financial and emotional decision. As the adage goes, knowledge is power. Therefore, it’s crucial to ensure you’re asking the right questions.
Getting swept up in the excitement of viewing potential new homes is easy. When you find a property you like, it can be tempting to get carried away. However, knowing what to ask could save you from future heartache.
Understanding property types
Did you know there are two main types of property in the UK? These are ‘freehold’ and ‘leasehold’, and the distinction between them determines how much of the property you own and its associated costs.
When you purchase a freehold property, you own the house and the land it sits on. Conversely, with a leasehold property, you own the house but not the land. It’s imperative to know what you’re investing in.
Included items in the sale
The sale may include extras such as garden sheds, fittings, and fixtures. Are white goods or furniture part of the sale? Is the washing machine included? What about the carpets? On a moving day, you wouldn’t want to discover that the previous owner has taken everything, including the light bulbs.
If the property has been on the market for an extended period, this could indicate that the owner needs help in selling it. Has the property been available for a while? It’s worth investigating why. You might even secure a lower price if it hasn’t sold in several months.
Reasons for selling
It’s always prudent to understand why the current owners are selling. If they are in a rush to move, you may have the opportunity to negotiate a lower price. Additionally, if someone else has made an offer, this could make things more competitive for you.
Are you entering a bidding war with another buyer? Knowing this can help determine if this house is the one for you. Your estate agent should be able to advise you on whether to make a counteroffer.
Seller’s urgency and price negotiation
Do the sellers need to move out quickly? If so, they may be open to lower offers. Sometimes, the listed price can be negotiated. Is the seller willing to entertain a lower offer? If they’re hastening to sell, this could benefit both parties.
Understanding from the beginning whether there is any price flexibility could save you thousands in the long run.
Monthly expenses
When buying a property, it’s essential to consider your monthly expenses. Knowing the tax band and utility bills will help you afford the ongoing costs. Water, council tax, electricity, and gas are significant monthly expenses besides mortgage payments.
Asking the seller can give you an idea of these costs. Additionally, it is advisable to check the home’s Energy Performance Certificate (EPC). A low score means higher heating and running costs. Double glazing or loft insulation improvements could enhance the rating, albeit at a cost.
Noisy neighbours and other considerations
Noisy neighbours can ruin an otherwise perfect house. Are they excessively loud, frequently hosting parties, or do they own a dog that barks incessantly? If you value your sleep or have children, this can become a significant issue, so it’s worth considering.
Find out as much as possible about the people living around you. It’s not just about the home you’re looking to buy. As the saying goes, location, location, location.
Evaluating the location
What are the crime levels in the area? How are the local schools rated? If you have children or plan on starting a family, consider the availability of suitable nurseries or schools nearby. Is public transport easily accessible?
Are there any building developments planned that could impact your decision? For instance, is a new school, bypass, or airport being built nearby? These factors contribute significantly to the broader picture beyond the house itself.
Understanding the seller’s situation
How long have the current owners lived in the property? If they have only been there for a short period, it’s prudent to ask why they wish to move so soon. It could be due to a change in lifestyle or their family outgrowing the house. Although it’s up to them to disclose this information, it’s worth inquiring, as a house that frequently changes hands may indicate underlying issues.
When is the seller looking to move? If you need to relocate swiftly, it might not be ideal if the seller can’t vacate for another four months. Conversely, they might be eager to move quickly, which could align well with your plans.
Assessing the property’s condition
How old is the property? Is it listed? Listed properties often have restrictions on the extent of alterations you can make. Not all home insurance providers cover listed properties, so it’s crucial to ascertain this early on.
Will you need a parking permit? On-street parking can be expensive and accumulate over time. Therefore, free off-street parking can be a valuable bonus, helping to reduce regular costs.
Future planning and maintenance
Has any planning permission been granted or applied for? A two-bedroom house might suit your current needs, but what if you decide to extend in the future? The owners should know if any planning permission has been previously refused and the reasons behind it.
How old are the drains and guttering? Are there any issues with dampness? Repair work for such problems can be costly, especially if the property isn’t new. Thus, it’s crucial to be aware of potential issues that could arise in the future.
Budgeting for upkeep
How old are the boiler and electrical systems? Replacing an old boiler or electrical circuit can be a significant financial burden, potentially impacting your budget down the line. It’s important to consider whether the property’s age might result in higher maintenance costs in the future.
Want to explore mortgage options with us?
Are you ready to unlock the door to your new home? We’re here to help you find the right mortgage and guide you through every step of the process. To discuss your options, don’t hesitate to contact our team today to understand your options and lending capability.
Please note: a mortgage is secured against your home or property. Your home or property may be repossessed if you do not keep up repayments on your mortgage or any other debt secured on it.
