Picture the scene: You have been searching for your dream home for months and finally you think you have struck gold.
The property in question ticks every single box in your list – perfect location, spacious, wow-factor kitchen, pretty garden, local schools are all top notch… You have one thought: What’s the catch?
This is actually one of the most important questions you can ask yourself, especially when there’s a danger of getting carried away with the chocolate-box perfection of a home you have fallen for.
So, before putting in an offer, it could be well worth sussing out if there are any potential pitfalls which may emerge further down the line. But what things should you be looking out for?
With some guidance from www.onlinemortgageadvisor.co.uk, here are some ‘deal-breakers’ which should ring alarm bells.
How to spot the signs of any structural problems
When buying a home it’s advisable to get a full structural survey to ensure your potential property is in good order.
It can be hard to spot, if you are not an expert, when a home is not structurally sound – but according to the experts at onlinemortgageadvisor.co.uk, there are a couple of signs which can give it away.
Look out for any cracks in the plaster or brickwork because – although some can just be superficial – they could be a sign of something more serious.
Cracks above any doors and windows could indicate a failed lintel or other structural issue which could be costly to fix later on.
Also watch out for bulging or leaning walls, doors and windows that stick, dampness in lower levels and uneven floors.
If the seller is happy to discuss a solution, for example dropping the price or correcting the problem, it needn’t be too much of a problem. However, if they refuse the advice to walk away.
Watch out for a ‘funny’ smell
It may be nothing, but an odd smell that lingers around the house could be indicative of a bigger problem, say the experts at onlinemortgageadviser.co.uk.
If something doesn’t smell right, have a look for mould. If it’s got the all-clear on that front, it could be an issue with the plumbing or drains.
If you notice lots of candles or air fresheners in every room, there’s a good chance it’s to cover something nasty, so be wary.
There are cases when properties located near a lake or a river may experience water intrusion, which is when the water levels rise. They may also ahve underground water that occasionally makes an appearance in the basement or cellar.
If this is the case you should look out for signs of visible water damage, smells of dampness or mould growth.
Water intrusion and flooding problems can be another costly problem, so you’ll want to get a price estimate for solutions before moving forward with your purchase.
Make sure you do your research on the surrounding area
The experts at onlinemortgageadviser.co.uk, advise doing your research before buying a home in an area with which you are not familiar.
Not just the usual research – schools, shops and other house prices – but look at the local newspaper online or the social media community pages. If there is lots of reported crimes or negative press about the area this could be a red flag.
If you are very keen on a particular property go back at different times of the day to assess traffic levels and speak to the neighbours to sound them out on living in the street.
If noise from a busy road is a concern you should check the exterior walls are insulated and ensure the property is double glazed throughout.
Has the price has recently dropped?
Of course there can be genuinely valid reason for a dramatic price drop – for example a seller looking for a quick sale due to personal circumstances.
However, said onlinemortgageadviser.co.uk, it could also mean the property isn’t selling and there may be a particular reason why.
Make sure you ask your estate agent why the property has decreased in price and, when looking around, keep an eye out on all of those things we mentioned earlier.
Also, sellers need to be realistic when agreeing on the value of their home, taking into account how much it may cost a buyer to put issues right (if there are any) and look at what properties like theirs in their immediate location have recently sold for so they’re not pricing themselves out of the market.
A lot of factors go into the appraisal of a home’s value, but usually your appraisal should come back in the ballpark of what you’ve offered for the property – so if it’s a long way off from your offered price, this should raise a red flag.
