TOP TIPS WHEN BUYING A PROPERTY
ARE YOU PROPERTY WISE?
The Scottish property market is experiencing a price boom at the moment. This is encouraging an increasing number of people to sell their properties, but what if you want to buy?
There are a number of things to consider when buying a property, so we decided to list some top tips for all you house hunters.
If you want to make a wise decision when you buy your next property then read on…
LOCATION, LOCATION, LOCATION
It is a cliché, but the most vital thing to get right is location. Think about your surroundings; properties close to amenities such as universities and areas that are likely to grow in prosperity are more desirable. Transport links are another important consideration if you want your property to grow in value.
THE ENVIRONMENT SURROUNDING A PROPERTY
Leading on from location, you should also think about any environmental concerns surrounding your property. For example, if your property has any earth facing walls then you will need to consider the quality of any damp proofing work that has been carried out.
Are there any areas nearby that contain invasive weeds? If your property is at risk of coming into contact with something like Japanese knotweed then it is important that you are aware of it.
THINK ABOUT THE “CHARACTER” OF A PROPERTY
Traditional properties such as Georgian and Victorian buildings are often thought to maximise return on investment. These properties will require extra maintenance however, and older buildings are more susceptible to rising damp.
That said, new builds are not without their own problems. Improvements in modern living can cause condensation problems due to a lack of traditional ventilation through chimneys and so on.
HOME REPORT
In Scotland, the seller must produce a home report for anyone interested in buying. This costs around £350 and should point out any potential property problems in the home.
If the property has any issues such as dry rot, wet rot or woodworm, this doesn’t necessarily mean the property should be avoided. You will, however, want to organise a property survey from a specialist to understand the full extent of the problem and the costs involved for any repairs.
PROPERTY DEPOSIT
In England and Wales, the buyer must provide a deposit to the seller, but this isn’t necessarily the case in Scotland. The buyer could, however, be responsible for the seller’s expenses if the property deal falls through. This sometimes happens when the mortgage provider refuses the buyer before the purchase or because the buyer is unable sell their own home.
The Scottish property market is on the up and up so, if you are thinking about buying a new property, then consider the top property tips above, and good luck with your house hunting.
