Real estate is one of the most expensive things a person can buy. Various checks are therefore necessary before you sign on the dotted line. Some of these checks are mandatory if you want to take out a mortgage, while others will simply ensure that there are no expensive surprise issues with the property. Below are 7 checks that you need to make during the buying process to make your property purchase successful.
An in-person viewing
You should always try to view a property in person before buying it. Virtual viewings via video call have grown in popularity since the pandemic. While virtual viewings can prevent you from having to travel to a property when making a long-distance move, they may not give you the full picture of what a property is like. When organising an in-person viewing, your gaze isn’t restricted by where the agent points the camera, plus you can touch and smell the property (you can’t pick up bad smells through a video call).
A credit check
Most buyers have to take out a mortgage to purchase property. Most mortgage lenders will only lend to you if you have a good credit score. This is why it’s worth checking your credit score (along with your general financial health) before you apply for a mortgage, so that you can take measures to boost your credit score if necessary.
A mortgage valuation
This is something that is required by a mortgage lender if you are taking out a mortgage. The mortgage company will do a quick inspection of the property you are buying to ensure that it has been priced correctly. This may involve a physical inspection, however this may not always be necessary. It is different to a property inspection – a mortgage valuation is for the benefit of the lender, not the buyer.
A title search
A title search is also something that may be required by a mortgage lender. However, even if you’re buying without a mortgage, it is recommended. It involves checking all the legal paperwork surrounding a property to make sure that the seller truly is the legal owner. A title search can flag up any potential issues that could arise with the legal ownership of the property. It is carried out by a solicitor and you are responsible for arranging it. Find out more information at web pages such as this one www.titlesearchdirect.com/
A property inspection
A property inspection is an optional but highly recommended step that is the responsibility of the owner. It involves hiring a professional home inspector to physically examine the condition of the property. A property inspection can help to flag up any hidden structural issues such as foundation problems, roof issues, damp in the walls or woodworm. Such a survey could potentially save you thousands of dollars by warning you if a property is in poor condition and in need of many expensive repairs.
An energy assessment
It is up to the current owner to carry out an energy assessment of the property before selling. It is important that you check this energy assessment paperwork to get an idea of how energy-efficient a property is before buying it. Energy audits will typically tell you how well insulated a home is and how energy-efficient the heating/cooling system is. You can read more here at https://www.energy.gov/energysaver/articles/how-save-energy-bills-when-buying-new-home.
A zoning permit application
Thinking of buying a property with future improvements in mind? Before you buy the property, it could be worth making a zoning permit application to check that your remodelling ideas are feasible. Some areas or properties may come with restrictions as to which home improvements you can make. You don’t need to be the owner of a property to make a zoning permit application, and it could help warn you in advance if your dream renovations (such as building a pool or a conservatory) are feasible.