Questions to ask, to get yourself a good deal
When you’re buying an investment property, there are a few things that you need to consider and to ask as part of the initial negotiation, if you are looking for a good deal.
#1 Letting Agent access
You need to know the access that will be allowed in order for the agent to successfully market your property once you have an idea of exchange. This means that you’ll have more of a chance to have a tenant in place once exchange has occurred, thereby reducing any void period.
#2 How old is the EPC?
We have already looked at possible future legislation changes, so how old the EPC is, is very important. If it’s 9 years old (they are valid for 10 years) ask for an up-to-date one. Works may have taken place in that 9 years which have increased the energy efficiency of the property, meaning it will have a better rating than it did 9 years ago. Also make sure that you have a floor plan, as you will need this to market the property for rental.
#3 Electrical safety certificates
Electrical safety certificates last for 5 years, and will tell you what work needs to be carried out in order for the property to be legal to rent out. If you have an old consumer unit, this will definitely need to be updated so it’s something that could become part of the sale price negotiation.
#4 Communication with the vendor
It always feels a bit strange that people don’t tend to talk to the vendor while sales are going through. This doesn’t mean cutting out the agents who are valuable in making sure that everything is ship shape and the chain stays in place, but talking to the vendor can be useful if there are minor hiccups that take place in the process.
If you know that the property needs to be decorated before tenants can move in, book your contractors for the day of completion to carry out everything that needs doing. This will again make sure that your void period with no tenants living there is reduced, preserving your investment.
#6 The final clean
Another surprising thing is that not everyone buying an investment property asks about the cleaning! We have seen many houses which have effectively been abandoned, and it adds to the workload upon completion. With this in mind, a little nudge about conducting a professional clean can only be a good idea when looking for a good deal!
Want someone ready and raring to go to help you find a property and manage your investment? The Maxine Lester team love property, and love happy landlords so we’re always ready to roll up our sleeves and get stuck in. You can find out more about the services we offer here. https://www.maxinelester.co.uk/landlords