Are you in the market for a new home? As one of the most significant investments you will ever make, buying a house can be an overwhelming process.
With so many factors to consider, it can be challenging to know where to begin. But did you know that asking the right questions can save you thousands of pounds in the long run?
To help you make an informed decision when buying a home, My Local Toolbox founder Adam Clark has compiled a list of 6 crucial questions that every potential homeowner should ask, to give you all the information you need to make the right choice and potentially save up to £37,500 in hidden costs.
- WHAT IS THE HISTORY OF THE PROPERTY?
Potential cost savings: £4,000
Researching a property’s history before purchasing can help you avoid expensive mistakes. Check how long it’s been on the market; if it’s been a long time, it could indicate issues like an unrealistic price, poor location, or repairs that need to be made, and frequent sales over a short period of time could signal issues with the home, neighbourhood, or local amenities.
Ask the seller about past renovations to understand how well the property has been looked after, and give you an idea of potential upgrades that are needed.
- WHAT IS THE ENERGY EFFICIENCY RATING OF THE PROPERTY? ARE THERE ANY ENERGY-SAVING MEASURES PUT IN PLACE?
Potential cost savings: £2,000
Check the property’s energy efficiency rating to estimate future energy costs; a low rating can mean higher energy bills, due to needing more energy to heat the home. Ask if there are energy-saving features in place, like double-glazed windows and insulation in the walls and roof, as these will reduce costs and increase efficiency. If these measures are missing, consider the expense of installing them yourself.
- WHAT IS THE CONDITION OF THE ROOF, WINDOWS, AND DOORS, AND ARE THEY IN NEED OF REPAIR OR REPLACEMENT?
Potential cost savings: £12,000
Assess the condition of the windows, doors, and roof. The roof is the first line of defence against the elements, and if it’s in poor condition, it could lead to significant issues. Hiring a professional surveyor for a thorough inspection can reveal hidden problems like leaks, damp, and structural damage. If repairs or replacements are needed, factor these costs in – from minor fixes like filling gaps around doors, to more major expenses like the cost of a new roof – into the overall price of the property; this ensures that you’re prepared for any investments that are necessary.
- ARE THERE KNOWN ISSUES SUCH AS SUBSIDANCE OR DAMP? HAVE THEY BEEN ADDRESSED?
Potential cost savings: £4,500
It’s essential to ask if there are any known issues with the property, like subsidence or damp, as these can cause significant damage that can be costly to fix – so it’s important to understand the potential costs associated with such issues before making an offer.
If problems have occurred in the past, find out if they have been addressed and what remedial work was done; for example, was underpinning used to stabilise the foundations after subsidence, or were repairs made to resolve damp issues?
- ARE THERE ANY PLANNING RESTRICTIONS IN THE AREA?
Potential cost savings: £5,000
Make sure to ask about planning restrictions or future development plans that could affect the value or use of the property, especially if you’re planning to make significant renovations or seek a long-term investment. Restrictions, like in conservation areas or listed properties, may limit the changes that can be made to the exterior or interior.
Look at the local council’s website for planning policies and upcoming developments, and consult the seller, estate agent, or a local planning consultant to identify potential issues.
- ARE THERE ANY ONGOING OR UPCOMING MAJOR INFRASTRUCTURE PROJECTS IN THE AREA?
Potential cost savings: £10,000
Ask about ongoing or upcoming major infrastructure projects in the area, as they can impact the property’s value and livability. Plans for a new highway or railway nearby may cause an increase in noise pollution and traffic, which could lower the property’s value. On the other hand, if the project improves access to the property and local amenities, it could increase the property’s value.
Consider long-term effects, like housing developments that might create market competition and affect house prices. Knowing about these projects helps you assess the potential of the property, and could give you leverage to negotiate a better price.
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Adam Clark, founder of My Local Toolbox added “As a company, one of our main goals is to provide people with valuable information to help them make informed decisions about one of the most significant purchases of their life – buying a home. Through our research, we’ve found that asking the right questions when buying a house can make a substantial difference in the amount of money you could save.”
All potential cost savings were calculated using data from My Local Toolbox’s cost guides about the work tradespeople do, and represent the average amount of each potential repair.
