Things to consider
There's more to consider when buying property than the actual house or flat.
Resell potential
If this property is just a step on the ladder, then you'll want to think about how easy it will be to sell on. If it's quirky and unusual, remember that there may be fewer interested buyers in the market when you come to sell it on. Whilst it may be your dream home, it might not be for everyone.
The surrounding area
What's in the surrounding area now, and are there any plans for future development? You don't want to buy a lovely house next to a lovely field, only to find yourself living next to a shopping centre in a few years time. Future development of the area may also affect the resell potential, but remember, not all development is bad. If the area is being regenerated, you could make a good profit when selling the property further down the line.
Other costs
When you buy a property it's not just the mortgage you need to consider. There are many variable costs involved so it's best to set your budget from the start. See our handy costs checklist to outline everything you'll need to be prepared to pay out.
Factors/Property Management
Is the property managed by a factor or property management company? If so, you will have to pay annual maintenance charges. Find out who the company is and how much the charges will be.
Shared facilities
If you are buying a flat, you may have responsibilities towards shared facilities. These could be financial, such as paying for lighting, or physical, like cleaning the communal hallways. Check if any agreements are in place and what you are responsible for.
Buying a tenement
Find out what parts of the building you will own and be responsible for. For example, if you buy a top floor tenement flat, you may then own the roof and be responsible for its upkeep. Check if a factor looks after the building, if not, then you and your neighbours will be liable for maintenance costs and dispute resolution.
