For most of us, buying a new home is one of the most exciting milestones. The trouble is that finding the perfect house can be challenging. There are often highs and lows, and most buyers have a story to tell. If you’re looking for your first home, or you’re eager to move, here are some warning signs to look out for to help you budget.
Houses that have been on the market for a long time
The property market can be unpredictable and volatile, but it’s always beneficial to proceed with caution if you view a house that has been up for sale for a long time. There are several reasons why properties don’t sell, and it’s an excellent idea to try to get to the bottom of why the house you are viewing is still on the market. Common reasons include a high price tag, issues with the house that are putting buyers off and competition in the form of other properties that are for sale in the same area. Ask the agent for more information and try to learn more about what the vendor is looking for in terms of price. If you love the house, and you want to make an offer, you may be able to negotiate if the seller is desperate to close a deal and they have been waiting for months, or even years, to sell the property.
Damp
Damp is the most common issue flagged by building surveys. If you’re looking for an older property with bags of character and charm and original features dating back decades or centuries, you may be expecting a musty smell or a few discoloured spots on the ceilings. If you’re looking at newer properties, you may be surprised to find that damp is an issue. With any purchase, it’s essential to understand what you’re letting yourself in for in terms of remedial work, upkeep and cost. If you’re interested in buying a house and you want to proceed, arrange a survey and get quotes for any work that is required to treat damp in the property. This will give you an accurate idea of how much you will need to spend. You may decide to go ahead and foot the bill, or you could renegotiate an offer with the vendor.
Pests
There are few things more off-putting for prospective buyers than the sight of droppings or the sound of scrabbling from the attic. Pests can be a problem for homeowners. If you are buying a house, you don’t want to move in to find that intruders have already put down roots. If you have concerns, ask the agent if anything is already being done to solve the problem. If the seller isn’t aware of the issue, seek advice from pest control experts. Get a quote and ask the seller if they would be willing to cover the cost or accept a lower offer to account for the additional cost of tackling the infestation. Pests can multiply quickly and they can cause a lot of damage in a short space of time, so it’s essential to act fast.
Structural damage and movement
When you buy a house, you may expect to spend the first few weeks sprucing up the property, but you might not want to find yourself in a building site. When viewing properties, always look out for signs of structural damage and movement, such as leaning walls, large cracks and uneven, sunken flooring. A survey will give you an idea of the severity of any issues, but you will need to get quotes for remedial work to ascertain how much the project will cost if you do buy a house that has existing signs of damage or movement. If you are interested in an old house, or a do-er upper, it’s an excellent idea to pay for a comprehensive building survey rather than a basic overview. Budgeting for buying a new home can be complex if you are planning to renovate or revamp a property that needs a lot of work. Get quotes in advance and make sure you can afford the cost of your mortgage and the building work before signing a contract.
Budgeting for a new home can be tricky, especially if you’re considering buying an old house or a property that needs some TLC. When viewing properties, there are certain red flags to be wary of. Look out for these signs when searching for your new home and make sure you understand what kind of work is required and how much it will cost before you make offers or sign contracts.
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