Homebuyers are being warned not to overlook property red flags, which could result in unexpected costs of up to £53,000.
Home insurance experts from Quotezone.co.uk have highlighted eight red flags buyers should look out for as the UK housing market nears its most competitive period.
Purchasing a property is one of the most significant financial decisions in a person’s life, and spotting issues early can save buyers thousands of pounds down the line.
Given that over a third of house sales in January were to first-time buyers, it’s vital that those new to the property ladder know what to watch out for.
Issues such as signs of structural damage, plumbing problems indicated by low water pressure, or a property with a poor energy performance certificate (EPC) could be identified during a viewing.
Red flags that can come to light after an initial viewing include properties with leased solar panels, which some lenders are cautious about, and properties that have had unauthorised renovation work.
February and March are the best months of the year for selling properties. But this also means buyers face increased competition, making it more important than ever to spot potential issues and not feel pressured into committing to a purchase out of fear of missing out.
Helen Rolph, home insurance expert at Quotezone said: “Over the next couple of months, the housing market becomes more competitive and this can put pressure on buyers to move quickly to secure their ideal home.
“But a dream house can quickly become an expensive nightmare if buyers are rushed into a purchase without fully researching the risks and implications of underlying issues.
“Spotting potential red flags early on can save thousands of pounds and a lot of stress. It’s critical that buyers take the time to carry out thorough viewings at different times of the day, be prepared to ask difficult questions, and do their homework on the local area before progressing to professional surveys and examining legal details.
“The current owners must legally tell potential buyers any existing issues they are aware of with the property – failure to notify the new buyers could result in financial penalties, claims for compensation or even legal action.
“It’s also important that home insurance is in place as early as signing the contract, this ensures buyers are covered for incidents in the build-up to completion and covers the high risk of damage on moving day itself.”
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