If you’re looking for buy to let property for sale, you’re likely to be focused on making good ROI. Of course, rental yield will play a major role in terms of returns – but it’s important to consider how much you’ll need to spend to get the property to an inhabitable standard.
When you’re viewing properties, you’ll need to be aware of the most common house problems, and how much they’ll cost you to put right. Here’s a list to help you.
Problematic Properties? Savvy Property Investment in the UK
- Unusual materials. If the house is made of an unusual material – for example, timber-frame or wattle and daub, this can make mortgage lenders more hesitant to stump up the costs of your investment. You don’t necessarily need to be deterred by unusual houses; but be aware that any structural problems may cost more to put right.
- Subsidence. When looking round a buy to let property for sale, be alert to any indications of subsidence – as this is a serious problem and can cost thousands to fix. Even if you can’t see any evidence of subsidence, be aware that large trees planted nearby can cause structural problems at a later date. An insurance premium on a house experiencing subsidence, even if it’s been underpinned, can be as much as £5,000 – which is about five times as much as standard premiums.
- Damp. Dampness in your property can be expensive to address – especially if its widespread. Look for tell-tale signs of damp; such as patches on the walls or ceiling, or a ‘cold’ feeling on the walls, particularly under window-sills. If you spot any brand new patches of paint on the walls, be wary – this might be the owner’s attempt to conceal existing areas of damp!
- Faulty guttering. A few weeds in the gutters is not necessarily a serious problem, and a thorough gutter-clean is easy to arrange. However, if the guttering isn’t draining water away properly or is falling down, this can be costlier to fix. On average, expect to pay around £1,000 to have it replaced.
- Plumbing issues. Plumbing is a common problem in properties (12% have issues of this nature). When you’re looking round the house, check the pipework wherever possible, particularly under the kitchen sink and under the bath. Flush the toilets, and look out for a weak flush, which can indicate problems with the water pressure.
- Boiler. Check how old the boiler is (the estate agent should be able to find out for you) – as this will help you to determine how soon you’ll need to replace it. A new boiler can cost thousands, so it’s important not to overlook it!
- Land. Make sure you have access to all deeds, and know exactly what land comes with the property. Land disputes are not only stressful to resolve, but can be expensive in terms of legal fees too.
The Buy2Let Shop in Bromley
If you’re looking for buy-to-let property for sale, and you want to be sure that you’re selecting the right investment property in the UK for your needs, talk to The Buy2Let Shop. We’re a team of property investment agents in London, and we’ll help you find a suitable property, which will offer maximum returns on your investment.
We also offer assistance with buying a house at auction, and regularly hold property investment seminars for those looking to brush up on their industry knowledge. To find out more, visit The Buy2Let Shop website today.