Investing in a new home is a major undertaking and you have to be sure you are getting value for money – but don’t be misled by a bargain buy cheap property.
With 40 year’s experience to draw on, Xtenda’s building advice is to always do your research and don’t be too easily swayed by a bargain that, in reality, could become a ‘money pit’.
As time-served builders, we know that if something sounds too good to be true it very often is – huge reductions in price are usually made for a reason.
When to seek building advice
Incredibly cheap houses often prompt homebuyers to seek building advice from a reputable builder to get an idea of how much it will cost to renovate or extend a property.
While taking building advice at this point may seem like a sensible option, reputable builders will generally not agree to free speculative quotes because the property is not yet in your possession.
The best time to seek building advice is when contracts between the buyer and seller have been exchanged and everyone knows where they stand.
Reputable builders will be wary of giving advice on a property without carrying out a detailed assessment, as a thorough approach is the only way to flag up serious underlying problems.
The list of potential problems in a home that has been forced to drop its asking price is endless. Pitfalls could include:
- A house riddled with botched DIY
- A house that hasn’t been looked after for years and is in disrepair
- Electrical problems
- Plumbing problems
- Boundaries including party wall agreements with neighbours, such as shared garden walls
Such problems should be flagged up if you pay for a building survey – but that can be costly, particularly if you end up not buying the property.
Instead, it pays to carry out your research and protect yourself from the outset, rather than waiting and relying purely on building advice after you have committed to buying. Every registered property has a title plan drawing which may provide more information.