There’s nothing quite like the feeling of buying a property even before you’ve legally owned it. The long search process, the thrill of landing a principle mortgage, and the whole conveyancing process all add up to a sense of ownership.
But there are times where your head really needs to be in the game, and in this post, we’ll look at three key situations where walking out of a sale might be the best move for you. Let’s get started.
Significant structural or environmental problems such as dampness, subsidence, and roof issues can be a compelling reason to drop out of a property sale process. Such issues can result in significant post-sale costs and, in some instances, health and safety concerns.
While some of these issues can be fixed relatively quickly and cost-effectively, major structural repairs can add tens of thousands to the value of your property, making it a potentially expensive investment.
It’s essential to arrange a thorough survey of your property, preferably carried out by a licensed surveyor, in order to identify these potential problems before you buy.
Environmental factors can also be a problem. For example, if your property is situated on a floodplain, it’s more likely to suffer from damage and may be subject to higher insurance premiums.
On the other hand, if you’re living in an area with high levels of radon, a naturally-occurring radioactive gas which can cause health problems over time, you may be at risk. If your property is close to an industrial site or a landfill site, you may also be at risk of soil contamination. Not only will this affect your wellbeing, but it could devalue your home in the long term.
Houses may be built on a floodplain, which increases the risk of flooding damage and increases insurance costs. Homes may be built on land with high levels of radon, a naturally-occurring radioactive gas that has been linked to health problems in the long run.
Houses may be close to industrial sites or landfills, which can cause soil contamination issues. These issues not only impact your daily life, but they can also devalue your home in the future.
Unclear legal status
Legal clarity is one of the most important factors to consider when buying a property. If you’re unsure of your legal status, any uncertainty can be a reason to re-evaluate your decision. A lack of clarity can cover a wide range of issues, from boundary issues and title issues to ongoing litigation related to the property.
Negotiating is a common part of the property buying process. It’s a chance for both the buyer and seller to come to an agreement that they feel is fair and reasonable. On the other hand, if the seller isn’t willing to compromise on important aspects of the deal, it could be a sign that it’s time to back out of the deal.
Perhaps the most obvious area for negotiation is the price of the property. If you’re looking for a property that’s overvalued and the seller won’t budge on their asking price, even though there’s evidence to the contrary, it could mean you’re on shaky ground.
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