What do you need to look for when you're viewing potential investment properties?
What to Look for When Viewing Properties
When viewing properties, it is essential that you understand what you are looking for. If you miss vital red flags whilst viewing, it may lead to you putting an insufficient offer forward that you may need to renegotiate or even worse, lose the deal.
Damp can arise in a handful of areas. Typically, more so on the ground floor. Damp normally appears in wet / moldy patches on the walls, often under windows and on chimney breasts.
This is an obvious point to look out for. Structural issues may effect the mortgage-ability of the property. Check whether the floor is level, and that there are no major cracks. Also, check with the agent / vendor whether there has been previous structural issues on the street or in the property.
Can you potentially add value to the property? Is it possible to add another bedroom or can you possibly move the bathroom from downstairs to upstairs? These are factors you may want to consider on your viewings. Adding value is essential if you are looking to remortgage the property at a higher value.
Is the boiler new or does it look like it needs replacing? These are the biggest headaches when renting a property. If it breaks down it can be expensive to fix / replace. Also, checking whether it’s a gas boiler rather than oil / or LPG may be something you want to consider.
Check whether there are any loose / missing tiles or leaks coming into the attic. Making sure the property is water type is essential to keeping damp out, and stop any major water issues.
Check the guttering isn’t leaking or over flowing. Again, this will allow you to avoid any damp issues caused by water running down the side of the house.
It’s not essential that the property has double glazing however you may want to consider replacing the windows if they aren’t doubled glazed. It’s also worth checking that none of the windows have condensation trapped in the pains, as they will also need replacing.
Parking can be an issue in some areas. Particularly if you are looking at purchasing Victorian Terrace properties and turning them into HMO’s (House of Multiple Occupation). Depending on how you decide to use the property can affect the need for parking.
Gas / Electric Meters
Check the gas and electric meters, if they look dated they may need replacing to meet fire regulations / LACORS (HMO compliance)
General condition of the property
Take note of the condition of the plastering in the property, does the kitchen or bathroom need replacing? Or are there any other jobs that stand out to you (garden, drive ways, redecorating etc).
When viewing properties for the first time you want to take notes on certain elements of the property. If you are not confident in what you’ve seen then you can always make an offer subject to a survey being completed.