Buying a property can be a very lengthy process with lots of back and forth - but many buyers still end up wishing they’d found out just a few more crucial details before the deal was finalised.
California Shutters (californiashutters.co.uk) recently asked 1000 UK homeowners what they most wished they’d known about before purchasing their property: Competition for parking spaces came out tops (20 per cent), followed by noisy neighbours (19 per cent), high renovation costs (13 per cent) and traffic noise (11 per cent).
Oliver Robertson at California Shutters comments: “With all the challenges and decisions to be made when finding and choosing a new home, it’s easy to forget about the little things that will impact on your home life day to day. Whilst our survey shows most movers have a good awareness of problems like damp and pests prior to moving in to a new home, they can still be caught off guard by other things such as having to fight for parking spaces or deal with noise from next door or traffic from the road.”
A similar survey of first-time buyers, by My Home Move Conveyancing, found that the level of work needed on the property was the most common thing buyers wished they’d been better informed about. How much this work would cost came out second.
“Aside from the cost of moving, making first-time buyers aware of the practical decisions they need to make when buying their first home will give them a better chance of being able to play the ‘property game’ long-term and benefit from being a homeowner,” says My Home Move Conveyancing CEO, Doug Crawford. “Our advice, and the advice of people that have already learnt these lessons, is to consider questions such as whether the property will increase in value, whether expensive DIY work is needed or whether your mortgage arrangement is going to work long-term.”
TV property guru Phil Spencer, who recently launched the advice site for buyers MoveIQ, agrees that as well as the ‘big’ questions, the ‘small’ things should not be overlooked. “Buying a home is always a mixture of heart and head. Your first impression as you walk through the door is crucial to your decision, but so too are many other less obvious factors,” says Spencer.
“It’s essential that you do your homework, or you risk being blinded by emotion during the purchase. Even worse, you could end up with expensive problems down the line. Asking the right questions before, during or after that first viewing can make the difference between identifying the perfect home and having an unwanted surprise after you’ve committed to buying.”
So what questions should you be asking? Here, Spencer, who certainly knows a thing or two about house-hunting, shares his top five...
1. HOW LONG HAS THE PROPERTY BEEN ON THE MARKET?
“This should be one of your first questions,” says Spencer. “The average time it takes to sell a home in the UK is two to three months, according to the Government. So, if the property has been on the market for considerably longer, it may have an issue that is stopping it selling, beyond just being priced too highly. But you’ll need to get your detective hat on to find out what it is.
“One red flag to look out for would be if the current owners have lived there for an unusually short period of time. There is usually a reason behind a seller trying to get shot of a property after a short period. You’ll need to push the agent or sellers for clues: Is there a nuisance neighbour, what are crime levels like in the area, how busy are the roads and how much does the property cost to run (utility bills, council tax etc)?”
2. IS THE PROPERTY IN A CONSERVATION AREA?
“If you are drawn to the history and charm of older homes, bear in mind that your scope for making changes to such a property could be severely limited,” says Spencer. “Specific rules about what you can and cannot do to the property will vary from local authority to local authority. Some may prohibit you from making changes to metal railings, windows, trees and even the colour of the front door. So, if your heart is set on a house with history but you’ve got an eye on modernisation, make sure to ask about anything that might block your plans.”
3. IS THE PROPERTY A FREEHOLD OR A LEASEHOLD?
“There are pros and cons to both freehold and leasehold properties. As a leaseholder, you will have to pay annual fees to the owner of the freehold, from ground rent to maintenance charges. These can fluctuate over time, so make sure that when you’re budgeting you factor in the possibility that ground rent will increase or maintenance charges could spike if the building needs major repairs,” says Spencer.
“By contrast, if you buy a freehold property there’s no ground rent to worry about, but you will be responsible for everything, including the roof and the maintenance of the structure. It’s important to get a detailed survey that will flag up any issues that need urgent - or expensive - repair.”
4. ARE THERE ANY PENDING PLANNING APPLICATIONS THAT MIGHT IMPACT ME?
“This is a quick bit research you could carry out before actually viewing your prospective home. Nearly all local authorities have a planning portal on their website that allows you to view any previous or pending planning applications. If, for example, you were considering buying a home close to agricultural land, it might be a good idea to check whether the friendly farmer next door has just submitted a planning application for a new pig-rearing facility!”
5. HAS THE SELLER MADE ANY CHANGES TO THE PROPERTY?
“If changes have been made recently - especially structural ones - you need to know so you can ask the seller for any relevant documents, receipts or guarantee certificates. Equally if the seller has spent money doing the place up, they will have raised the asking price accordingly - so you need to make a judgement on whether the premium is justified. One other question I always ask a seller which can prove revealing is, ‘If you were staying, what other improvements would you make?’”
