New research by leading home buying company, We Buy Any Home, has revealed that searches for “hidden costs of buying a home” surged by 5000% in the past 30 days in the UK.
When viewing a property, it’s crucial to go beyond the surface and ask the right questions. Terry Fisher, a property expert at We Buy Any Home said, “Uncovering the potential hidden costs early can save buyers from financial surprises down the road. These are the key questions we consider when viewing the properties we purchase, that people may often forget about.”
- Asses the structure of the building
“It’s very easy to focus on the interior of a property and forget to look at the exterior. Make sure you walk around the outside of the property, looking out for anything that could lead to a problem down the line. It’s crucial to look for any:
- Structural issues
- Unapproved extensions
- Subsidence
- Any record of neighbourhood disputes
- Dampness
- Roof issues
- Asbestos
- Pest problems
- Electrical problems
“Look at the life functions in the house like water pressures, boilers, broadband signal, drains, the way sunlight gets in or doesn’t, insulations and temperatures throughout the year. A lot of this should be on the house survey, but it’s definitely worth asking about it at viewings. Don’t be afraid to ask and remember it’s the estate agent’s job to provide this information.
- History of the building
“We would always suggest asking about the history of a property but not in a way you’d usually think, specifically around the DIY or renovation history. We have seen some really insane DIY jobs that had covered up other major issues or would’ve been expensive to repair in the long run, so make sure to ask the question during a house viewing.
“We have seen a house where they had a bunch of huge holes in the wall, patched and plastered over, didn’t sand anything down and then just stuck wallpaper over the plaster. The wallpaper wasn’t correctly hung so it would start peeling in the summer when the house got humid. Once they got the wallpaper off, the plaster had been crumbling into the walls behind it, so they were just left with giant holes in their living room. This is an extremely expensive fix and something to bear in mind when it comes to DIY jobs, so ask about any in a viewing to preempt future issues.
- Utilities
“It may sound like a straightforward task, but buyers often forget to double-check that all the everyday household utilities and appliances are working properly before making an offer. As you move from room-to-room during a viewing, be sure to test out the below to make sure that they are in a good, working condition:
- Taps and water pressure
- Boilers and radiators
- Light switches and lighting
- Plug sockets
- Built in kitchen appliances (e.g. microwave, dishwasher, extractor fan, hob)
- If you do come across any problems, don’t be afraid to ask the estate agent to find out more about the problem and whether it will be fixed before the sale takes place.
- Market history
“Before a viewing takes place, it’s vital that you carry out research in the performance of the local property market as this will help you determine how much the property is truly worth. Use the internet and estate agent websites to investigate the average selling price for properties nearby and note these down.
“Consider how long it’s been on the market, at what prices, why hasn’t it sold, has the property moved through lots of short term owners? Don’t be afraid to ask these questions as it could impact any decisions made.
- Ask about local community groups
“More often than not, a village or town will have a local Facebook community group which provides a real insight into the neighbourhood that you won’t get elsewhere. People tend to share any local news, crime in the area and insights but if you don’t live there you may not be admitted. So ask your estate agent if there’s any local community groups you can check out before making any important decisions.
- Conservation
“Finally, asking about if the property is in a conservation area or a restrictive covenant, is important to know what you can and can’t do in the home.”
Terry continued, “You may not be able to get the answers to all of these questions during the viewing, but any information you can find is a good starting point and you should follow up with the estate agent after the viewing to ask them to answer your remaining questions. All of this information will help you to decide whether or not the property is definitely for you and will help gauge if there will be any future costs down the line.
“For individuals looking to sell their house fast, we recommend considering these same factors to address potential concerns that buyers might have. Understanding and addressing these questions can streamline the selling process, helping you effectively communicate the property’s value to potential buyers.”
