The decision to buy a listed property is a tough decision to make. The long list of requirements necessary only makes it harder. Even more frustrating are the delays that come along with property that is being bought. There are several factors that hinder buyers to purchase properties.
Here are some of the basic Dos and Don’ts in buying a listed building:
1. Ask questions
You must first visit the building that has captured your interest. Ask the previous owners questions regarding the property. Research on it-every nook and cranny. Make sure to know what kind of building it is, the neighborhood that surrounds it, andwhat business it may have operated before.
2. Look around
Examining the place is also a good thing. Look around and see if everything is working the way it should be. Take note of the parts that needs to be repaired. Keep in mind that you are going to invest time, money, and effort in the property so check it very well. Observe how it has been maintained. You have to be certain that the place is well ventilated before making a decision.
Ensure the authenticity of the documents that will be given to you upon purchasing the property. Don’t pay for the building without the complete forms and documents. Coordinate with the local authorities in verifying official papers.
One of the biggest concerns is the insurance of the property. Building insurance usually covers the structure of the home (walls, windows, roof etc.) as well as permanent fixtures and fittings, such as baths, toilets and fitted kitchens. It generally covers damage due to fire, lightning, explosion or earthquake, theft or attempted theft, riots or vandalism, storms or flooding, subsidence, falling trees, moving objects (such as a car hitting your home) and escaping or leaking water or oil.
Buildings insurance also covers your legal liability as owner of the property, such as liability for damage caused to someone else’s property. Examples of these are damage to underground cables that supply gas or electricity, or pipes that supply oil, water, or sewage.
In other cases, buildings insurance is not compulsory, but you’d be unwise to do without it.
Being smart and knowledgeable when it comes to buying a property is needed for you not to be fooled. Investing in a property is very challenging. There are a lot of things that should be considered. Be prepared, and always be one step ahead.