Deciding On a Property To Purchase, Property Guide, Furniture in Fashion
You may have to visit the property you are considering for purchase several times, before you make your final decision. This is absolutely justified, given how many things should be taken into account. Some important nuances, like whether or not a piece of land the house is built on is prone to flooding, are visible only in springtime. Careful considerations should be made of the state the house is in � does it require a lot of repairs? Does it need complete renovation? If there are any major problems, you will have to deal with them as a future owner, so choose carefully before making this vital investment.
One of the important things that need to be taken into account is the energy efficiency of the property you are considering for purchase. Some property may even fall under a Trading Standards penalty for not meeting the energy performance requirements. If you want to buy property, make sure you get its Energy Performance Certificate (EPC) issued by local accredited energy assessor. The higher the rate of the property according to this certificate (ranging from A to G), the more energy efficient it is. The property you are considering for purchase may be under a Green Deal, if so, energy performance certificate should notify you about that. The Gov.uk website will give you more specifics on EPC standards and on the Green Deal. Once issued, the EPC certificate expires only in 10 years; it is also given out on request absolutely free.
If you want to buy entirely new property, make sure it is protected by a Buildmark warranty. This warranty is given out by a National House Building Council (NHBC) and the builder of a property you are interested in, should be on the NHBC register. By registering with NHBC, the company confirms that it is the reliable builder and complies with all the financial and safety standards. Buildmark warranty as well as the Consumer Code for Home Builders ensures your protection as a future home owner. Please, consult websites of these organizations for more information.
You should also consider if the land that your property is built on is part of the deal. If you will be buying a house along with the land this is called freehold property. If not, then you will have to pay rent for the land, and in this case, the property is called leasehold property. If you are buying a flat, you may have to pay annual service fees for basic building maintenance along with the rent for leasehold property. However, in this case, you may join forces with other leaseholders and buy freehold rights. Go to gov.uk website for more info.
You can avoid paying a ground rent or annual maintenance fee by purchasing commonhold property (that means that you own common parts of the building jointly with other owners and can buy freehold rights). Still, in this case you will have to pay your share of common running expenses.
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