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What To Look Out For When Buying A Property In The UK?

Property In The UK

Investments in equities, mortgage, or mutual funds is not as beneficial as real estate. Real estate offers nearly guaranteed cash flow while in the majority of cases outpacing inflation.

 

Property value always appreciates, and you will be provided with a higher return with minimal risk.

 

If you are considering buying a property in the UK, now is the time. Interest rates are low compared with countries, and rents are high. London is considered one of the world’s best business and cultural capitals and a big draw for people around the world. The right property investment in London can give you a better return than the stock market in the long run.

 

Why Invest In the UK Property?

 

It can be a sound investment to buy property in the UK. Many landmark projects are being completed across London, Manchester, Birmingham giving investors a golden opportunity to buy exciting investment opportunities created by people and companies exiting the market.

 

The UK has one of the oldest and most stable economies with a promising performance in the future. The construction of properties is booming, giving you an ample amount of choices between new and old stock. It doesn’t matter if you are a local or not, you can easily find excellent investment opportunity. There are plenty of local agents in any area you might consider buying the property.

 

London, Birmingham, and Manchester are great cities to invest your money into property. These cities are one of the best performing across the UK when it comes to rent increase and capital value surge.

 

With high income distribution and a competitive business environment, you will never face scarcity of good tenants.

 

Common Property Defects

 

Now, these were some of the bright sides. However, as with everything in life, there are some disadvantages. Whilst buying a property, especially those of older construction you should look out for common defects. These defects can cause high maintenance expenditure year-on-year and hefty repair bill to rectify.

 

Poor Ventilation

 

Check if there is adequate ventilation. If a property has insufficient ventilation, it can be tricky to evaporate the moisture and excess of it can lead to condensation and mould growth.

 

In summer, the proper flow of air in the attic reduces the accumulation of heat. Good roof ventilation allows heat and humidity to escape in the winter. A smart decision would be to inspect the loft to ensure that there isn’t any condensation build up. If there is then it would indicate inadequate ventilation.

 

This also applies to internal parts of the property. If the windows are double glazed, then the degradation of the seals will cause condensation to build up around frames damaging plaster and spurring mould growth.

 

Inadequate ventilation can cause serious building problems and the appearance of dry or wet rot.

 

Structural Movement

 

Old properties can exhibit cracking or sloping. The doors and windows will also not operate properly due to this. It can be a real headache to sort it.

 

If you are planning to rent it out, then the cost of fixing these defects should also come into consideration. Some tenants may even be put off by it unless you rectify.

 

Generally, if the property is affected by cracks which tend to be greater than 10mm in depth then you should commission independent structural engineer’s report to determine the cause. If you miss structural movement during the purchase, repairs could prove extremely expensive.

 

Drainage System

 

Make sure there is a proper drainage system. If the drainage system is defective, you might experience constant leaks within certain parts of the property.

 

This will further dampen the construction. And before you know it, your walls will be flaky, and internal elements will be infested with mould, ruining the entire decoration.

 

The drainage system can be quite expensive to replace and is no simple feat to complete either. Replacing drainage requires complete exposure of drainage pipes which will involve digging out the ground.

 

Erikas Grig says ‘when you’re viewing properties try to run few taps around the property such as in the kitchen or bathroom to see how quickly it drains. If water drains slowly it could indicate a problem with drainage’.

You could instruct independent drainage surveyor to undertake a camera survey if you have doubts about the drainage system within the property you’re planning to buy.

 

Property Electrical Wiring

 

If the property electrical wiring has not been touched for more than 20 years most likely it would need to be rewired. Depending on the property size complete rewiring could easily cost £5,000 or more. You should inspect the fuse box to learn the approximate age of the electrical installation. Majority of modern fuse boxes are with a lid that covers switches. If you cannot see a modern RCD fuse box then most likely wiring will be more than 20 years and you should factor the cost of rewiring when making an offer on the property.

 

Roof Problems

 

If you’re buying an old building, you should be wary as the majority of roofs tend to have some small issues which could be underway into bigger problems.

 

Wood worms and sagging roof are one of the few problems which can cause structural failure of the roof.

 

Whether you are planning to buy or refurbish an old house in the UK, you should be familiar with these issues.

These defects won’t be seen suddenly particularly if you have not inspected the loft space. They will occur gradually, and before you notice them, it may be too late. Roof problems are one of the frequently missed defects by property buyers. Commissioning a structural survey can be invaluable as roof replacement can set you back for more than £20,000.

 

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