Assessing a Property
Always look for a property which is easy to sell. Websites such as the Land Registry and Up Your Street will give you an idea of how house prices have altered in given areas.
There are others factors as well:
1. Schools - even if you haven't got children, many people move into areas where the school results are good. (The OFSTED website can show the results of the school). Increasingly prices are affected by such issues.
2. Roads - good access to roads can dramatically increase demand for property in a particular locality, causing house prices to rise.
3. Criminality - certain areas have a reputation for crime, meaning properties are harder to sell.
With the property itself it is important not to be too influenced by decoration. Everybodies tates vary, and decoration is not a reason for a higher priced property.
Check:
i. Has a damp proof course been installed? Is it guaranteed?
ii. When were the electrics last checked?
iii. Are the window frames rotten?
iv. Are there any loose tiles on the roof?
If you know somebody in the building trade take them
round for a second opinion.
Go and have a look at the property at different times,
eg. rush hour, early evening and when the schools leave.
For older properties:
· Has the damp proof course been installed? is
it guaranteed?
· When were the electrics last checked?
· Are the window frames rotten?
· Are there any loose tiles on the roof?
If there are any friends in the building trade it is
well worth taking them round to view the property for
an honest opinion.
Bartering is not easy but all buyers expect it. There
are no guidelines as to how much you can knock off the
price. Just have a go, it can be fun!
It is important to remember that the estate agent is
acting on behalf of the seller. They often insist you
see their financial adviser to ensure you can afford
the property. This should be resisted. You could end
up paying more for the property as the sellers representatives
know how much you earn, and with a mortgage that often
suits their organisation not you.