How to speed date your new house
Buying a house is daunting. Even if you’re not a first-time buyer, chances are it’s been a few years since you last went through the rigmarole of moving house. It won’t surprise you to learn that buying a home is usually the single most expensive purchase you will ever make. What will amaze you, however, is that on average we spend around 25 minutes* viewing a house before we decide to buy it! We asked our home insurance experts from RSA Insurance Group for their 10 essential questions to ask when viewing a house. Plus with our Member Rewards loyalty scheme you receive cashback on your new home insurance policy with RSA if you are a qualifying member** of The Nottingham.
1. How long has the property been on the market?
If the house has been on the market for three months or more, then you need to ask why. Is there a problem with it that you haven’t discovered yet but more savvy buyers spotted? Surveys will discover any potential problems but it’s better to find out before you get too attached to the idea of buying a property.
2. Has there been much interest in the property?
If you really like a property, there’s no point wondering how many other people feel the same way as you. Ask how many viewings there have been and if any offers have been made. Choose a busy time to view the home, like a Saturday morning, and if other people are viewing before and after you then you know it’s popular. You should also ask what (if any) offers there have been so far – the estate agent will usually tell you although they cannot disclose the amounts.
3. What’s the area like?
What are the schools like? What’s the crime rate like? One of our experts’ favourite questions to ask your estate agent is 'Would you be happy to live here?' Make sure you do some independent research as well. Keep in mind that any house can be renovated but it can’t be moved.
4. How long have the owners lived there?
If the owners are moving out after a short period, why? This is vitally important. The owner might just be moving to a different area or a bigger property, but there could be plenty of other reasons that are unappealing to a prospective buyer. Remember, sellers are legally obliged to divulge any disputes with neighbours. Also remember to ask how long the owner has lived there – as a quick move is another sure sign of issues.
5. Has there been any major renovations done recently?
If you don’t intend to have a full structural survey on your home make sure you find out about work that’s been recently undertaken and ask to see evidence, like builder’s receipts or guarantees. Make sure you can see planning permission for any recent works and consent of the freeholder (if applicable). If proper permission wasn’t obtained for an extension then you could have to tear it down. A fresh coat of paint could mean the sellers are covering cracks or damp. Lift rugs to make sure they’re not hiding anything unsightly. Keep your nose trained for the musty smell of damp.
6. Is the property listed or in a conservation area?
This will show up during the conveyancing process but why wait until then? If you buy a listed property the changes you can make both outside and, in some cases, inside too can be restricted. And if the property is in a conservation area other restrictions may also apply.
7. What's the water pressure like?
Check the water pressure and plumbing. It may seem trivial but imagine waking up on the first morning in your new home to discover that the shower is a trickle. Check the taps and shower yourself as you’re looking around. These things may not make or break your decision but they’re recurring expenses that will add to the monthly cost of owning your home and are important to think about.
8. How much will your bills be?
Investigate how much the Council Tax and utility bills are and try and get an exact amount from the owners, if they are at the viewing, for monthly bills. You can even ask the estate agent to ask the seller if you have to.
9. What’s included in the sale?
Is the garden shed or greenhouse included? Are the fixtures and fittings? Exactly where does the boundary lie? Make sure you know what you’re getting for your money.
10. Have the sellers found their next property?
When are they planning to move? Being in a chain can create complications for buyers as any delays or complications for the sellers will have a knock-on effect for you. The ideal situation is that the property is chain-free but, if not, knowing the sellers are organised and keen to move quickly can bode well for a quick and uncomplicated sale.
The final checks
Another thing to find out is whether the property is leasehold or freehold. The listing will probably display this clearly. If the property is leasehold, how long is left on the lease? A short lease reduces the value of a property so you'll need to extend when you come to resell. Is it possible to buy the freehold or a share of the freehold? How much is the service charge? Are there any issues with the management company?
Finally, which way does the property face? If you have a garden or terrace then you’ll want to make sure it gets the sun when you want it to – whether you like to wake up with the light streaming through the windows of your bedroom or you prefer sunny summer BBQs in the late afternoon.
Talk to us about a mortgage
Speaking to a mortgage adviser from Mortgage Advice Bureau in branch or online could help you find the right mortgage for you. They’ll search over 90 lenders and hundreds of different mortgage products to find one that suits your circumstances and needs.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE
There may be a fee for mortgage advice. The actual amount you pay will depend upon your circumstances. The fee is up to 1% but a typical fee is 0.3% of the amount borrowed.
Nottingham Building Society is an introducer to Mortgage Advice Bureau for mortgage advice and protection. Mortgage Advice Bureau is a trading name of Brook Financial Services Limited which is an appointed representative of Mortgage Advice Bureau Limited and Mortgage Advice Bureau (Derby) Limited which are authorised and regulated by the Financial Conduct Authority (FRN 529047). Brook Financial Services Limited. Registered Office: The Old Courthouse, 60a London Road, Grantham, Lincolnshire, NG31 6HR. Registered in England Number: 07311674.
* Home Buying Truths
** A qualifying building society member is someone aged over 18 who has a savings balance of at least £500 and in addition has held a savings account with us for at least 12 months or currently has a Nottingham Building Society mortgage. For offer terms and conditions see thenottingham.com/members
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