How Can You Tell if a Property Isn’t Worth Buying?
Looking for a new home is stressful, there’s no two ways about it. Certainly, there is much that you can do to make the process go a lot smoother (i.e., plenty of research), however, for the most part, it sucks. Why? Because there are a thousand and one things that you have to consider.
It’s all very well finding a property that is within your budget and is big enough to accommodate your growing family, but what about the location? What about the materials used to build the property? How reputable were the property developers? Are there any decent schools nearby? Plenty of public transport? Is it in an up and coming area? These are just a handful of the factors that you must bear in consideration. But don’t let that put you off. Because if you do your due diligence, at the end of it all, you’ll be moving into a gorgeous new property that was indeed, worth the effort.
In order to make the search a little bit easier for you, we’re going to share some things to look out for. So, if you’d like to know how you can tell whether or not a property is worth buying, read on.
1 – Consider the land to asset ratio
How much space are you getting with your property? Sure, not all of us can afford to buy a several thousand acre estate, but at the very least you should invest in a spacious garden. If you’re looking at a property which is pretty much the building itself, with a minimal amount of outdoor space, then you have to ask if it’s worth the money. At least with a home that boasts a large garden, you’re investing in a reasonable plot of land as well.
In addition to that, consider the space nearby. If you’re moving to a home in the countryside, if you’ve got large fields and forests nearby, then you’ll be getting a lot more bang for your buck.
2 – Location is key
Again, it doesn’t matter how beautiful or affordable a property is, if it’s not in the right location, then it isn’t the right property for you. In fact, the location of your home, is arguably one of the most important factors that is too easily overlooked.
When viewing a property, make sure that you take the time to explore the surrounding area as well. Are there any green areas for you to explore, or to take the dog for a walk? Are there some charming local pubs nearby that you can frequent on a gorgeous summer day? Location is key! And unless you’re looking at a property in a stunning location with plenty of amenities nearby, then it’s not worth your time.
3 – What can’t you change about the property?
What might be charming now, could well be a nightmare to you in 5 years time. When buying a property you have to seriously think about things that you can and cannot change. For example, it’s easy enough to re-optimise your kitchen and rip the plumbing out. Yes, it would be expensive, but if in a few years you wanted to turn your house upside down, then for the most part, you’d be able to. However, what about the neighbouring highway? Take your time and picture what life will be like both in and outside of the home.
4 – Avoid property that’s too easy to buy
OK, so that might sound rather counterproductive, as who wouldn’t want an easy purchasing process? However, if something is too easy to buy and there are plenty of options for you to choose from, then it screams oversupply.
However, if you come across a property development with a limited supply of houses on sale, then you know that you’re looking at an incredibly exclusive development. Take our current Lavender Close development as an example: this is a smaller project with a handful of luxury properties available. It’s safe to say that the craftsmanship and consideration that is going into constructing these homes is far superior to that of a project with 100+ homes.
5 – Don’t shop with emotion
This is much easier said than done, as the home is an incredibly powerful emotional trigger for all of us. It’s difficult not to picture ourselves in a new home with our favourite people, enjoying various features—such as, sitting around the fire or having a summer barbecue in the spacious garden. However, you must endeavour to remain sterling in your approach to buying property—almost clinical if you can. Ensure that a property and location tick all of the boxes first. Then and only then, can you open yourself up emotionally.
Think of it like going food shopping on an empty stomach; you’ll only end up spending more money than you should on things that you don’t need.
Be fussy. Be critical. Be over the top. This isn’t a process that should be rushed or taken lightly. Yes, it’s tempting to speed the process up by making rash decisions, so long as the price is right, but you’ve got to look at the bigger picture.