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Home buyers: Asking these five questions will save you money
How do you check your new home does not have any underlying and costly problems? Here are some questions to ask before putting in an offer to ensure there are no unexpected, expensive repairs:
1. How old is the boiler, and when was it last serviced?
Boilers typically account for around 60% of your heating bills. However, they become more prone to breakdowns and malfunctions as they age, so it’s important to ask this simple question before making an offer on a house.
On average, a boiler lasts between 10 and 15 years, depending on how well it’s maintained. Therefore, if the boiler in the house you’re considering buying is nearing this age, it may be wise to budget for a replacement.
The average boiler could cost up to £4,500, making it a significant expense if overlooked during the buying process.
2. Do your windows suffer from condensation?
Condensation on windows is often an indicator of larger underlying issues in the home that may require attention and investment to properly address. While the condensation itself may seem like a minor problem, it can be a symptom of problems like poor insulation, inadequate ventilation, or excessive indoor moisture. Ignoring these root causes and only treating the condensation superficially could lead to more serious and costly problems down the line. For example, if the underlying issues are not resolved, the windows themselves may eventually need to be replaced, which can cost an average of £4,000.
3. What fixtures and fittings are you leaving?
It’s a good idea to check what items the seller is leaving – if any – when moving from the property. Whilst it might seem unlikely, some people may take things like the carpet or blinds with them when they move. Replacing the carpet in an entire house can come with an average price tag of £2,200. Meanwhile, putting in place new blinds can cost an average of £1,100.
4. Is the house damp-proofed?
Not only can dampness damage brickwork, plaster and other materials, but it can havoc on the structural integrity of a building, potentially causing a collapse of the building. Should you find damp-related issues once you move in, the average cost of a damp-proof course is around £800.
5. Is the water pressure powerful?
For many people, strong water pressure is a non-negotiable feature when buying a property. However, beyond personal preferences, adequate water pressure can significantly improve daily tasks such as showering, laundry and washing dishes. Should you need to improve the water pressure in the future, it’s likely to be linked to a leaky pipe. This can incur an average repair cost of £370, which is why it’s worth asking (and testing) out the water pressure before making an offer.
SOURCE WHAT MORTGAGE
mortgage NEWS & UPDATES
Buyer demand rises as flow of property listings continues
New property listings rose for the fourth month running in March, while buyer demand reached a two-year high, insight from a trade body showed.
The Royal Institution of Chartered Surveyors (RICS) residential market survey revealed buyer demand received a net balance score of +8% for respondents, citing a rise in enquiries, the most positive reading since February 2022.
At the same time, new property listings were positive for the fourth month in a row, with a net balance score of +13%, pointing to a lift in new instructions. The direction of house prices was also less negative in March, rising from a net balance of -67% to -4%. This was the seventh month in a row that house price falls eased, according to the RICS survey, which the firm suggested indicated stability in the market.
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Inflation falls to 3.2% in March
The Consumer Prices Index (CPI) fell to 3.2% in the 12 months to March 2024, marking a slight decrease from 3.4% in February.
According to data from The Office for National Statistics (ONS), the CPI including owner-occupiers’ housing costs (CPIH) was recorded at 3.8% in March, remaining unchanged from the month prior.
On a monthly basis, CPIH rose by 0.6% in March 2024, compared with a rise of 0.7% in March 2023. The largest downward contribution to the monthly change in both CPIH and CPI annual rates came from food, with prices rising by less than a year ago, while the largest, partially offsetting, upward contribution came from motor fuels, with prices rising this year but falling a year ago.
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