NEVER Buy A House Without Knowing THIS
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- Опубликовано: 25 фев 2024
- Our property sourcing service: propertyhub.net/invest
I’ve been investing for more than 15 years, and early on I made some VERY expensive mistakes that cost me thousands and thousands of pounds
The house with rising damp, which cost me thousands to fix. The flat with the dodgy lease, And of course, the flat where my new tenants witnessed the shop opposite being set on fire within a week of moving in
Without some luck, these mistakes could have killed my investing dreams when I was just getting started.
But now I’m glad I had these experiences, because I know exactly what to look for, and the right questions to ask when I am considering a new purchase. And over time I have developed a 7 step checklist that I use to make sure I don’t buy another nightmare property - which I’ll talk you through now..
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Never buy a house that has been flipped. It's a massive risk is you do and you need to be aware of certain things that may or may not have been done by the seller who always intended to flip on the house to any non suspecting buyer. For instance, a stone built house that has been freshly painted inside to hide any damp issues and has just had a new kitchen put in. If there are no signs of Damp proof course installed which you can tell by looking at the external outside walls at the button showing no sign of drill holes for the damp course. Then do not buy. It's a no brainer. you will end up having to take out all the new installed kitchen and the painted skimmed walls will need to be eventually redone costing you thousands. There are a lot of people who try to cut corners and this is a classic cowboy trick. Cowboys will always try to maximise their profit by cutting corners. Flipping a house is often done by unprofessionals who also don't know what their doing but out to make a big profit.
Leasehold is a scam. Imagine paying full price for a house but never owning it. That’s a leasehold scam.
Very informative video. But can you PLEASE do these WITHOUT the annoying background music? For me, this makes this almost unwatchable.
Flats and leaseholds are a big no no. Service charges only go up and spiral out of control in most cases.
You will never know how the neighbourhood is not unless you have lived in the area. People
Sometimes they come and go and you’ll never be sure who your neighbours will be. What you can do is research the association if they are helpful in keeping peace in the community. If people complain will they listen and willl they action it?
Only you need to do is to hung around for a week or so. Walk around mornings / evening / nights. You will spot problems even if you aren't local, if your home is at the other part of the country. Don't trust the Web or associations. And if you spot a problem zone than move on Don't let to jeopardise your business.
Very informative like always :)
Thanks
Great video super informative, thank you mate!
Educational, well presented and very useful. Thank you 🙏
Excellent information.
Thanks for the video.
However, the 'crime rate' you referenced is not actually a 'crime rate'; rather, they are raw crime counts. To calculate a crime rate, you need to divide the crime count by the number of population in a given area. Streetcheck doesn't do that. But they don't say that they are showing a ''crime rate'. Stating that Streetcheck displays a 'crime rate' is very misleading.
Very useful like always. Is a shame that you are focusing to buy to let 😢 whilst I am a fully compliant property sourcer. Buy to let is only part of my game
Fantastic tips and very insightful. Thank you. As a professional filmmaker of 14years just a suggestion, to make the viewing even more enjoyable I would suggest getting 1 extra key light in your setup and placing to the left of the camera at higher angle (directed towards you). This will give the scene a more dynamic look. Aperture lights are best if you’re after good quality. Great work!