After a slow phase amid the pandemic, the property market is hot again. Countless buyers are keen on pursuing the home buying journey they cut short due to the crisis. Businesses are back, and people have better control over personal finances. Moreover, the real estate market is favourable for buyers right now. It is an apt time to look for your dream home and close a perfect deal. However, before embarking on the journey, you must be aware of the pitfalls ahead. Knowing them will enable you to avoid them and close the process smoothly. Here are some helpful tips to stay a step ahead of property buying pitfalls.
Complete all essential searches
You may want to save time and money by skipping some searches, but it is the worst mistake a buyer can make. Essentially, property searches aim to highlight the potential risks of a property purchase. The essential searches you must include in your buying process are authority searches, water and drainage searches, and environmental searches. Since some of these may take months to complete, forgoing them seems to be a wise option. But you may end up overpaying for the property. Likewise, there is a possibility that the house is difficult or impossible to insure. Even worse, you may have a hard time selling the property down the line.
Double-check restrictions and clauses
Checking the property deed is equally crucial to prevent pitfalls like unexpected restrictions and clauses. It is easy to fall for a deal when you do not check such restrictions as they have far-reaching implications. They may even prevent you from making changes to the property in the future. But buyers seldom understand the legal language or go through the deed carefully enough. The best way to handle this concern is by collaborating with a conveyancing solicitor to perform the checks. You can get an online conveyancing quote to find an expert for legal assistance with the process. They are responsible for due diligence to help avoid future complications.
Ensure extensions have been signed off
Extensions, loft conversions, and installations like new electrics and gas combi boilers seem like excellent add-ons for a property. But they can spell trouble if these additional features are not done properly. If considering a home with such extensions, ensure that the owner obtained the relevant planning permission before implementing them. You must also verify that the work was done according to building regulations in the area. Not checking these facts can cause potential headaches down the line. You may even have to get retrospective planning permission or invest in remedial work to get the property up to specification.
These pitfalls can be painful for buyers, but most people tend to overlook them during the buying process. The last thing you want to deal with is a problem due to the seller's mistakes. It is better to be watchful about potential challenges before completing the conveyancing process. You will have a dream house without any hassles today and in the future.