Some Things to Consider When Buying a Secondary Home
If you are in the market for a secondary home in the United Kingdom, chances are you will find something that will suit your budget. The housing market is a buyer’s market these days with the prices of real estate somewhat undervalued especially for housing projects that were caught in the recent global financial crisis. Here are some things to consider when looking for a secondary home:
– Paying in Cash. One can get good discounts if one pays in cash. You can actually make a cash offer that may be 30% off the asking price. In this day and age, this offer may be good for the owner to seriously think about it. But before you make the cash offer, find out the value of land in that area. If you go and look at the place, look at some of the “hidden” treasures that may be there. For example, check the plumbing pipes. If you are looking at an old home, sometimes these pipes may be made of copper, which is of great value. Look and see if the owners used Henderson garage doors, which is also of great value as a Henderson garage door is a top quality product.
– Figure out the upkeep of the home. If you are buying a country home that includes the surrounding garden, figure out how much it is going to cost you to maintain the home on a monthly basis. Bigger places mean bigger expenses. Some properties for sale include vast tracts of land which may or may not require upkeep but there are gardens that may require maintenance which can be expensive. You would also want to bring a contractor before you purchase the property to see if there is a need for some repair in the home. You don’t need to go into the nooks and crannies of the place but a contractor would be able to see if the house needs to be fixed up by looking at certain things.
– Look at the future value of the home. If you are buying a home for investment purposes, look at the surrounding areas near the home and see if there are any new homes built. This will show you that more people are investing in that place and there is room for growth in that area. If you are planning to have your home leased out for weekends or for short term leases, then considers the distance to the city, and the amount of investment you would need to refurbish the place. By doing your numbers, you can know the amount of time it would take to recover your investment.
