What To Look Out For When Viewing a Property?

The average UK house price rose to a record £244,100 in January 2022, according to Zoopla’s latest house price index. And Zoopla says buyer demand for homes in February 2022 was 70% above the five-year average, while the number of homes for sale was down 43%.

With demand for property still strong, many buy to let investors are needing to compete to procure their next investment. In this article we look at a number of factors that buy to let investors should consider when viewing a property:

  1. Damp – This is a key concern for most investors, although often simple to resolve, if missed, damp can become a real nightmare and create a substantial increase in refurb costs. 
  2. Large Cracks – When viewing a property you should pay particular attention to any large cracks in the walls, look especially around where extensions join and around bay windows. Large cracks can be a sign that the property is suffering from movement in it’s structure.
  3. Electrics – Issues with a property’s electrics could mean a complete re-wire which is a substantial outlay. You should immediately check the Fuse Box so that you can establish the age of the electrics, if you find a big white box with old fashioned ceramics then there is a good chance the property needs a complete re-wire.
  4. Gas Heating – With rising gas prices and new regulations insisting Landlords provide efficient heating we recommend you take time to check the boiler and plumbing. An old boiler will need regular servicing or replacing which is likely to add to your refurb costs.
  5. Check EPC Rating – Since 2018 a minimum energy performance certificate (EPC) rating of E has been in place for new tenancies, but from 1st April 2023 this is set to change and the same rule will apply to all existing leases. From 2025, all newly rented properties must have an EPC rating of at least ‘C’. This deadline is extended to 2028 for existing tenancies. Failure to comply will lead to a property becoming unrentable. Having an EPC rating of at least C can also lead to the availability of lower-cost mortgage products.

If you are thinking of purchasing a new investment property, we encourage you to get in touch with our award-winning team, they’re able to help you establish the cost of any mortgage and discuss how best to finance your next property.  Remember we have access to over 75 lenders and some 30,000 mortgage products, some available exclusively to us. 

Speak to our senior broker, Danny O’Keeffe now on 0208 364 3444 or schedule a call back by clicking on the button below. 

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