So now I’m back to where I am looking for my next project! Exciting I know, but also a bug bare at times. I mean I was listening to something the other day on a podcast, on investors buying projects and the numbers crunch. Apparently the agents aren’t getting the deals anymore as the internet agents are swooping in and getting more of the market to sell! Resulting in the estate agents (big and small) over valuating a property so they get the custom, rather then the ‘EVIL” online agents. So if a deal ever does appear it involves a rush of investors some what stampeding to said property to get their nose in, only one can buy it so you better be in the agents good books the day the opportunity arrives!
What I’m going to do is give you my guide to what I do when I am viewing a property, its somewhat of checklist of what I am looking out for…..
Lets start from the outside shall we, now I have got there early so I can have a proper snoop, a proper Butchers at the outside of the house. See the stuff that nobody can distract you away from, a leaking gutter causing damp, a hefty crack in the wall there, trees growing out of old pipes, dodgy windows etc that’s what you want to be looking for. Proper problem causers! Now you don’t want to cause a ruckus if the vendor is still living there just let them know what your doing, otherwise the police may get called ha.
Were going in, going deep in unknown territory (other than the pictures we have seen on Rightmove). Now you must remember to be respectful, even if the house smells a little odd and is a shit tip don’t tell the seller for Christ sake, hold you nose wipe your eyes and get on with the viewing. Inside were looking for the same sort of trouble causers at the beginning, the usual suspects of Danny DAMP, Wendy WINDOWS, Charlie CRACKS, Frank FUNNY FLOORS or even Sally STRUCTURAL FUCK UPS she often occurs when the seller has taken a wall out with no lintel above or no chimney breast downstairs and the stack is in the room above. Now they’re out the way were going to be wondering around visualizing all we can do it, what were going to change or keep. ‘We can knock that wall out and make a great kitchen diner, but definitely keep the original period doors’ that sort of stuff. If you can have a little work out on costing whilst your going round that’s a bonus, if not no worries go around again with a couple of tradies and get a rough estimate, them compare their quotes with others.
Visually we have looked at everything we want to change and everything that can cause us problems, with maybe a little bit of cost in there too. Now we want to be looking at services, plumbing and electric. Start with electric shall we, you want to be looking at the sockets for starts what they like? Old or Newish? How many? Little and old sockets the more work your looking at, even so with the fuse board will that want updating? Same sort of thing with the plumbing what is the boiler like (if there is one) how many radiators are they? Last service? Not many and anything old your looking at more money on top of your plumbing for both the bathroom and kitchen if your moving things around, along with electrics in kitchen and lighting sockets etc.
Garden last of all now that’s upto you what you want to do with that, I sell mine on so I generally tidy everything up so someone can put their own touch on it. Example is person who last bought mine has a hot tub, should you put some paving in so there is a place for the hot tub to go in every house if your selling it?! Clearly not!
So I hope this helps, its only brief I know but you may get something out of it. Something like this would help me if I was first time buying or looking to buy my first investment property!
I’ll see you on the next one!