I'm going to view a house later on- for the first time as a buyer.
Anything I should be looking for? Gravestones in the garden, that sort of thing...
I'm going to view a house later on- for the first time as a buyer.
Anything I should be looking for? Gravestones in the garden, that sort of thing...
Houses?
Always check there is atleast 4 walls, a window and a door. Check them, then it is probably a house.
I'm not a huge fan of doors...
I once stubbed my toe on one, we've never got on since.
An archway then?
Although, that might be a castle and you'll have to get special people to clean the turrets.
A castle eh?
I can set up a feudal system where The Enemy have to tidy my shed.
Or use them as arrow targetting practise.
Roof
ask about the roof. I don't what exactly, just ask about the roof. Roof.
damp, cracks out side = subsidence
that sort of thing.
Location and quantiy of radiators and power sockets.
Obvious re-painting in large areas.
The general state of the roof.
*quantity
Yep
heating is a good one - could save you a lot of money if there is a decent system already in place.
initially just have a look about
see if there has been any attempts at hiding things, ask a few questions and get a feel for the place. You can look closer on second viewings and obviously that's what a surveyor is for.
Mmm, just going really
to have a look, and see what kind of properties are out there and what would suit me.
Indian burial grounds nearby.
Local pagan cults.
Check out the attic,make sure there's nothing living there.
Oh,
and make sure it's not located above an underground secret zombie research facility.
You know,that kind of thing.
how strong the flush is on the toilet
it may sound trivial, but one of the toilets in my old student house was really weak and it's not a good state of affairs.
often this can be cured by
replacing the ballcock (stop sniggering). Don't let a 50p piece of plastic put you off buying a house.
check windows for rotting if they're single-glazed
try and view the house in the evening so that if there are thin walls you'll know about the noise of the TV / kids being put to bed.
if house prices continue to dip then you need to be sure that you want to stay in the area for long enough to allow them to recover.
oh - ask when the boiler was last serviced
drive a hard bargain, the chances are the house has been on the market since last year. if they are moving due to work / pressing commitments they may take a more cheeky offer.
Surveys pick out structural things etc
so mostly just
Location
Size and shape of rooms, can you fit your stuff in it
Do you like the feel of it
Is it by a busy road? School? Prison?
Garden/lack thereof
Decorative state of affairs
Freehold/leasehold
Make sure the cupboards
have plenty boxes of coco pops in them. You can never have enough coco pops.
And make sure there's a hut for your bike and maybe a bedroom or a toilet.
make sure there is a roof
just find lots of faults and they may lower the price
possibly.
Soundproofing in the cellar
Is it a new house or an old one?
The first viewing should be a general look around, and an opportunity to gauge the room size and layout - most of these should be picked up at a subsequent visit:
Structure – check for cracks that look recent. Look for sunken doorframes, seriously bowed walls and sagging eaves and ridges. Ask about the most recent structural check and their properties insurance (no insurer will touch a house if it has a serious problem). Look for rising damp (easily solvable, but can be expensive) and see if there are any leaky gutters that have splashed back onto the walls.
Windows – check the integrity of the frames, are they single or double-glazed? How many years have they got left?
Electrics – ask how old the system is. Look at the plug sockets to get an idea of their age. Get an idea of how much work has been done by the current occupant, especially if it was done in the days before all work had to be signed off by an approved inspector.
Plumbing – how old is the system (radiators, boiler – combi or otherwise – shower etc). If the bathroom suite is a horrid colour it suggests that no work has been done in a long time. Ask when the boiler and gas fire were last serviced.
General – look for hasty repainting/decorating (or refurbishment, as the estate agents like to insultingly call it), covering over mould, and blinding you to the fact that nothing else has been touched. If you’re going to need to get the place re-wired there’s no point in paying extra for a painted property if you’re going to need to chase plasterwork.
Tap the walls - This not only makes you look knowledgable and dad-like, but it will help to establish which walls are brick and which are stud. Brick walls are usually load-bearing, stud walls not necessarily, and so potential for adaptation can be gauged. Tapping the walls can also reveal which walls have ‘blown’. This is where the plaster skim or bathroom tiles have dried out and come away from the wall, but retained their position.
Ask what is included. Does it come with a fitted fridge/freezer or cooker. Will the washing machine be left? Which storage units are fitted, and which are going with them?
None of the above issues are insurmountable with a little cash, but you should factor such things into your budget now, rather than after you place an offer.
And finally, something that you can’t really do anything about:
Location – outside of the obvious (proximity to shops, transport, parks, facilities etc.), pop onto the Environment Agency website to see if it is in a high flood risk area. Have a wander around at night too. See how many windows are broken in neighbouring properties, see how many front gardens are untended (a good indicator or rented properties), and see if you are overlooked by neighbouring property.
Wow, that's pretty comprehensive!
Cheers for that!
The house I look at last night was near a prison... on the other side of a main road though. Kitchen and bathroom the fittings weren't great..
i've always wanted an outide toilet.
and a shed with shelves and stuff in.
Outside toilets are apparently very much ‘on trend’ at the moment.
http://tinyurl.com/6yeekj
I imagine that makes you furiously angry.
I've got an outside toilet
or it used to be a toilet. And a shed.
not wanting to sound like an arse
but why buy now when you'll be able to get the same place in 3 years time 30% cheaper...?
that might not be the case
true
they might be 40% lower, depends how bad the credit crunch and impending recession get
I think that most analysts are saying
that there will be a fall of that magnitude though. Admittedly these are the same analysts that kept on stoking the market when it was on the rise, but there you go.
I know I typed out a lengthy reply up the thread, but personally, I’m waiting to see what the situation is like at the end of next year, and I think you’d be silly to buy somewhere at the moment. Sure, in the long term you can’t really lose with property, but the amount of money you’ll save by holding off for a couple of years will be pretty significant.
yeah im holding off for a couple more years
and let the deposit grow a bit further - theres plenty of 7% bonds out there at the moment.
Japanese property prices still haven't recovered from their boom subsequent crash in the late 80's. If you buy now then be prepared for negative equity for a long time.
Just my opinion like...
all depends where you're buying
of course
those areas in which prices rose most are likely to fall most - eg. see what is happening in northern ireland already.
nowhere in the uk will be immune though as prices are a direct function of ability to borrow so if banks arent lending then prices have to fall to enable transactions to take place.
I think that just about everywhere in Britain
will see a fall in property values over the next 2 years or so (especially if the slowdown in the construction industry means that a lot of the skilled workers from the new EU states leave the UK and drive down demand in the rental sector), and even if they don’t, at the moment the banks are so cautious that they’ll only lend you money if you’ve got a big deposit and even then they’re doing it at a high interest rate (in comparison to what they’ve been over the past 10 years). I don’t know what the situation is for everyone, but personally I think I will end up saving money by renting for a few years more and then needing to borrowing less (and at a more favourable interest rate) when the time comes.
Of course, I’m no expert on this, so basically I’m talking out of my arse.
Parents have some money to invest
so I'm just going along with them really!
Also a relative's just moved back to Malaysia and they don't want to keep the furniture in storage too long.
but why invest in a depreciating asset?
and there's nothing stopping you from renting somewhere unfurnished...
have a read of the forum on housepricecrash.co.uk - there are some people with extreme views on there so take it with a large pinch of salt but some of the comments are pretty spot on. it will probably be the biggest financial decision of your life so it's got to be worth having a quick look at.
After having a look at the forums
I feel quite confused on all matters financial. I reckon this stems from getting no pocket money as a kid, leading to having no idea how money works.
it can be pretty confusing
for a tenner you could pick up a book off amazon that would explain all the basics and would probably pay for itself many times over.
i find moneyweek to be the most informative and reliable financial website and they have plenty of recent articles on the current state of the housing market.
hello
i would say it's not the best time to buy - even waiting 6 months will ( by most accounts ) give you a substantial amount more house / flat for your money.
if your folks have money to invest i would say - whack that in some kind of high interest low savings account - have that grow for a while - then use that money to buy a BETTER house than you can afford now because
a - houses will be cheaper
b - your initial investment money will be more
win win
what if everyone decides
to wait for the 6 months/year?
then vendors will have to drop prices
until they can attract buyers. some people will choose not to drop prices which is their perogative but there will be 'forced' sellers e.g. repossessions, family deaths etc etc
or demand will outstrip
supply and the prices will go up
no
because people can only spend as much as banks will lend and if banks will not lend them the money then prices have to come down. this is a fundamental point and is a symptom of any credit crunch.
banks will lend
trust me*
*this is based on no knowledge of finance and economics in the slightest.
well yes...
that will happen eventually but not until prices have dropped significantly to start attracting buyers. and while prices drop - there is not the demand because of the assumption that house prices will get lower.
house prices rising - large demand for buying NOW as there is a belief that house prices will be more in the future.
house prices falling - no demand for buying NOW as there is a belief that house prices will be less in the future
yeah?
:£
yes sentimentality is a significant factor
which can result in significant overshoots/undershoots at the top or bottom of the market. It is tighter lending which has started the current drop in houses but a recession compounded by a change in sentimentality may well cause an undershoot to the extent that price falls of up to 50% are not out of the question.
Yup, the problem is that property prices
have become detached from housing need. Demand has been fed by property speculation and investment rather than how many people want their own roof over their heads. This means that when the market turns (as a result of higher interest rates and declining confidence), people will try to stay one step ahead of the herd. At the moment we’re seeing the number of buyers plummet, as they wait for the prices to come down, which then forces the prices to drop further and faster. It’s the equivalent of bottom-feeding on the stock market. Hopefully though, when the market turns upwards again, it will not overheat as a result of excess liquid cash (e.g. city bonuses) and cheap credit being offered by the banks. But I’m cynical and doubt that will be the case – I expect to see the legal rigmarole involved become streamlined so that property can be traded in the same way (and therefore become as volatile as) any other physical commodity or raw material.
the market is turning mainly because of
tightened lending from banks rather than higher interest rates and declining confidence. also most people don't try to stay one step ahead of the herd, they follow it (e.g. all those property programmes over the past few years)
It’s very difficult to separate the causes and the effects as they all feed into each other,
but the sudden need for tightened lending was sparked by the inter-bank loan rate going up at the same time that the chickens came home to roost regarding the unsustainable deposit levels, buy-to-let yield requirements and salary multiples that were being offered.
Higher interest rates are one of the ways that banks can tighten lending, and it becomes a very significant one when lots of people (especially those with second homes or buy-to-let deals) come off of their fixed-rate mortgages and are left to swim in the seas of the tracker rates.
Oh my god.
I've created a monster.
Sorry
Shall we draw a line under this discussion?
---------------------------------------
I think the line
is the only bit I've understood!
Walls, roof, ceiling
Oh, someone's already made that joke.
GSOH
?!?
Make sure there's a lego room!
:D
I will. Or make one.
I imagine it may be hazardous to feet/knees though, treading/kneeling on lego is the pain.
Then have the floor made of kittens.
OBVIOUSLY.
first time buyer right now!this market!
ur mad dude, u'll loose like 10k this year alone.
stop putting him off
i want somewhere to live and construct lego
and attempt to watch the first 4 series of the office.
you're
BUYING?!!?
it's nottingham
you can buy a one bed flat for like fifteen quid there
this may not be true
anyway: STUPID LONDON PRICES
It will however, be made
from knives.
how very now!
We're such trendsetters up here.
Vogue reports: "Hot new look for Autumn 08 - 'The Sadpunk'"
it's true - shottingham was well ahead of the curve
and the sadpunk is no fad - it is timeless, like a coco chanel black dress