Mistakes made when buying a new Home

Mistakes made when buying a new Home

Buying a new home is a very stressful process and you owe it to yourself to make sure that you don’t make a mistake in what for most people is the biggest investment of their lives

Building Surveyors have a very important role to play in helping you make sure you make the right decisions when choosing your new abode whether it is a studio flat of a mansion.

The 5 biggest mistakes people make when buying a property

1. Not having a survey, we are surprised at how many people make a massive financial commitment to purchase a property without the knowledge of what the risks are. Most people won’t buy a car without some checks or proof that the vehicle is in a known condition but often this isn’t the case with property. Typically, the cost of a survey is around a ¼ % of the purchase price, having a survey is in our view a no brainer.
2. Underestimating the cost of repairs, we regularly see new homeowners having used most of their hard-earned cash to purchase their property in a state of shock that the damp or timber repairs they thought would be a few hundred pounds turn out to be several thousands, this is a stress that is avoidable if a good survey is carried out
3. Decisions made with the heart not the head, we all need to love the place we live, indeed in many ways this is the most important aspect of what makes a home but sometimes an expert giving objective advice on the repercussions of owning a chocolate box cottage can be a very valuable thing. A good survey can help put perspective into the decision-making process that can be invaluable.
4. Underestimating the complexities of buying a flat, When buying a flat whether it is purpose built or a conversion there will be an obligation to contribute to the cost of repairs for shared parts of the property. Sometimes these costs can be very significant and matters can become tricky if the other occupiers have no resources or desire to affect repairs. One of the biggest issues we see currently is the problem of poorly formed or non-existent savings pot to make repairs and the lack of maintenance by successive flat owners resulting in very large and unavoidable repair bills to make the building wind and watertight. A survey will identify these issues and advise on the cost of repairs as well as when they will need to be done.
5. Assuming they can do all the repairs themselves recent changes to legislation mean that appropriately qualified people have to undertake certain works. This is particularly the case with gas and electrical installations. After purchase repairs need to be carried out to a good standard by qualified people and be provided with appropriate guarantees to make sure the value of the property is not adversely affected. Proper repairs undertaken by skilled craftsman are essential if your home is to be a good investment. A survey will advise on the practicalities of repairs and how best they should be done

For more information about property surveys visit our website, where further advice and assistance as well as the types of surveys available are provided https://www.bevanscharteredsurveyors.co.uk/building-surveys/

Bevans Chartered Surveyors are regulated by the Royal Institution of Chartered Surveyors. The RICS have good information on their website about the house purchase process at

http://www.rics.org/Global/RICS-Buying-A-Home-Consumer-Guide-2017.pdf