Despite rising mortgage costs and a cost-of-living crisis, the dream of homeownership persists. In the UK, prospective buyers remain enthusiastic, with house sales reaching completion expected to reach 1 million in 2023. Even those taking a more cautious approach understand the importance of due diligence.
Here’s where “first principles thinking” comes in. Forget the excitement of fancy finishes and focus on the property’s fundamentals. By asking the right questions, you can avoid costly surprises down the line.
Before the Viewing:
- Create a wishlist and dealbreakers: Don’t let emotions cloud your judgment. Establish non-negotiables and desired features beforehand.
- Research the property’s history: How long has it been on the market? Why are the current owners selling? Understanding the context can reveal potential issues.
- Consider your future: Will the property accommodate your needs in a few years, or just today?
On the Viewing:
- Go beyond aesthetics: Look for signs of structural damage, dampness, or inefficient heating systems.
- Ask about bills and hidden costs: Factor in energy efficiency, council tax, and potential maintenance expenses.
- Get a feel for the neighborhood: Daytime and nighttime visits offer contrasting experiences. Consider noise levels, safety, and access to amenities.
- Parking matters: Does the property have parking or is it a constant struggle?
- Investigate past renovations: Did the seller obtain necessary permits? Are there potential issues arising from these changes?
- Check the EPC rating: This tells you how energy-efficient the property is, impacting both bills and your environmental footprint.
- Clarify inclusions: Don’t assume appliances or fixtures stay after purchase.
- Future development plans: Are there any construction projects planned nearby that might affect your property value or quality of life?
Bonus Questions:
- Security features: Does the property prioritize your safety with alarms or secure doors?
- Meter types: Consider the cost and inconvenience of changing prepay meters to smart meters.
- Accessibility: Is the property suitable for anyone with mobility needs?
- Double glazing: Does the property maintain heat efficiently, or will you face high heating costs?
- Natural light: Prioritize well-lit rooms for a positive mood and healthy environment.
- Water pressure: Low pressure can affect appliances and overall convenience.
- Local crime rate: Feeling safe and secure is crucial, especially with families.
Remember:
- Trust your gut feeling. If something feels off, ask more questions.
- Get a second opinion. A trusted friend or family member can offer valuable perspective.
- Don’t be afraid to seek professional help. Having a surveyor inspect the property is an excellent investment.
Buying a home is a significant decision. By asking the right questions and staying grounded in reality, you can turn your dream into a solid foundation for your future.
