Purely because of the nature of repossessions, there can be deficits to them that may impair the value. When falling into mortgage arrears, an individual will be aware when they are in danger of being evicted. Leading up to this can be incredibly stressful and exhausting, therefore there’s a high chance they were not allocating time to preserve the condition of the house. Considering this it’s understandable that repossessions are often in poor condition, such as having wear and tear around the property and over-grown gardens. However, these are generally issues that can have quick and long-term fixes. The list below are the issues that can have a detrimental effect to the properties value, that can go unnoticed when viewing it for the first time.
– The roofing – Roofs can be expensive to replace, so it’s important to consider if the roof may need repairing when viewing the property. Signs to an ageing roof can be moss or mould between the roof tiles, light coming through the attic, any signs of damp from the ceiling, peeling paint, or the fact the neighbour’s roofs have been replaced (the houses in the road would have been built at the same time).
– The walls – Examine the walls and try to work out if they are completely flat. If they appear uneven at all it could indicate damp, which can be hard to locate and expensive to fix
– The surrounding foliage – Although aesthetically pleasing, if a road has a high amount of trees it can cause structural issues and block sunlight. Perhaps more importantly you should inspect the garden for what weeds are growing, and in particular the Japanese Knotweed.
– Cracks In the wall – It’s perfectly normal for some houses to have small cracks in the wall, as these usually appear in due course as the house settles in to place. Larger ones, however, can indicate structural issues with the property. If this is the case it will be beneficial to look into it further, and possibly get a chartered surveyor to examine it if you’re still unsure.
– Wiring – Although it can be difficult with the naked eye, try and examine the electrics. It may be worth bringing a professional in to look over them if you’re not sure what to look out for. Unfortunately, when individuals are evicted from their properties, the feeling of bitterness can cause them to inflict purposeful damage to the property. If this does happen, wires are often the appliances to be effected, as it can be difficult for the seller and future buyers to locate.
– Poor Windows – There’s a number of signs that can indicate the windows will need replacing, and therefore will add more money to the renovation costs. Difficulty opening and closing the window suggest a decaying frame. Condensation on the windows, outside noises travelling through, and drafts from the area are all other things to look out for .
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