property investment advice for investing

Most of the time property buyers look into buy to let or commercial mortgage financing when purchasing properties. Now, if you are into mortgage financing, a survey of the property is required before the bank approves your mortgage application. However, cash purchases do not require a survey of the property. The survey is optional and will rest on the preference of the potential buyer. All buyers must survey the property they are eyeing just to make sure that the both the investment and physical foundation is strong and that no major repair is needed.

If you are a buyer and you want to be thorough in your property viewing, have a surveyor accompany you. The cost of the survey is fairly minimal; just about a couple hundred pounds will normally do to pay for the survey, maybe even less. However, if the property you want to be surveyed is exceptionally large, if it is waterfront or heavily wooded, if it is located in a rough terrain, then be prepared to pay a bit more for a more detailed survey.

So why should a buyer conduct a survey on a property? Well a property survey does not only provide you with information on the internal aspects of the house, but it will also provide you with essential information regarding easements, encroachments and right-of-ways on the property. The issue of easement and right-of-way is not that big of a deal, yet it is still valuable to know. Encroachments and infringements issues should be corrected before you close the deal with the property owner. If there is a neighbor’s shed in the property you want to buy, ask the owner to remove the shed first before you close your deal for you might have problem with that in the future.

Now, if you do not have the funds to hire a professional surveyor and the house you are about to buy is small and is fairly new, then you can probably do the survey yourself. There are just some basic areas you need to focus on in order to do the survey properly. First of all, look for malicious roots. Roots of large trees can interfere with the foundation of the house so if you see one, have it removed immediately. Check also the downpipes and the drains. Inspect the walls and check for any cracks or bulges, also the roof. Check the boiler. Feel the temperature inside the house and see for yourself if it is properly heated. Ask the owner how old is the boiler and when it was last serviced. In addition, check the property for damp, any pest infestations in walls or floor boards, check for any structural movements or damage (a major problem to fix), any cracks in the walls, the roof, ceilings, any musky damp smell, flooring and state of the floor boards, the attic, internal doors, state of the décor, signs of any attempts to cover up any problems such as damp and cracks, guttering, leaks, state of fixtures and fittings state of the electric wiring, check loft spaces thoroughly, state of the garden, out buildings just to name a few.

Buying a property without a thorough professional survey is a dangerous sample to take and it must be conducted to ensure that you don’t end up with a disastrous property investment.