Property is expensive. Even when you’ve managed to negotiate a below market value for a property which needs work, you are still looking at tying up a significant lump of capital into a building that might end up costing you thousands more than you anticipated.
When applying for a mortgage company, your broker will ask for what seems like a crazy amount of information – however, instead of being irritated y the additional work this involves, it is better to look upon this as an opportunity to really get to know the property, and dig out any potential issues. Not only will this give you a better idea of what the costs may be for renovation, but it could save you thousands by highlighting hidden issues that may not come to light until later.
Foundations
Starting from the bottom up, check over the foundations of the property. If there are any cracks or signs that the base of the house has shifted in any way you will need to call in a structural engineer. This may be due to subsidence, or it may be a simple settling of the property which has caused a crack in the external plaster work. The former could cost you thousands, the latter is a simple cosmetic repair job.
Check also for any evidence of damp or water ingress. It may be a sign of flooding, or that the property has a damp issue, in which case you will need to get a quote to treat it from a commercial damp treatment company.
Other structural problems may manifest themselves in the walls and roof. Can you spot and worrying cracks or bulges, are there tiles missing from the roof, is there excessive vegetation growing up the outside walls which could compromise the buildings integrity.
Internal infrastructure
Squeaky floorboards may be a familiar sound in older properties, but they may also hide something more sinister. If the floors are uneven, overly bouncy, or give you a spring in your step, please don’t misinterpret this as a sign of joy – the chances are it could indicate problems with the floorboards or joists. Alternatively, it may be a sign that your floorboards are infested with wet or dry rot.
Gas, electrics and plumbing
The utilities that come into your property have to be strictly regulated to guarantee the safety of the inhabitants. Particularly in the case of electrics, many older properties are running on circuits which are no longer fit for purpose.
You could probably tell just by observing the wiring. Cabling and conduit boxes whether or not an electrical installation has been recently replaced. But don’t take any obvious updates as evidence of a safe and modern system – too often ‘improvements’ are made over the years which simply scratch the surface of what needs to be done.
Electrics (and gas) are an area where you simply cannot take any risks. We advise you to call in an accredited electrician and gas engineer to get a true assessment of the state of the current installations.
Does the house smell?
If you walk into the house and are immediately overwhelmed by a damp and musty smell, this is a strong indication that there are damp issues in the property. To explore this possibility further, check the state of the walls – do they feel damp to the touch? Are the walls visibly darker from the floor up? Is there water seeping in through the windows or around chimney breasts? Is there evidence of black mould?
Check also the timbers for signs of pest infestation. If some of the timbers are dry and crumble to the touch, this is a sign of woodworm and the timbers will need treating or possibly replacing.