Pitfalls of Period Property Purchase
Here's a recent article published in the Henley Standard which I thought provided some useful points to consider when buying a Period property.
PERIOD properties are often full of charm and character but anyone buying one is advised to do their due diligence.
Taking on an older home carries responsibilities which differ from modern houses.
There are almost half a million listed buildings across England and Wales of which 90 per cent are Grade II listed.
Repairs to a listed property are often more expensive due to the specialist materials required and detailed planning consents, which can be time-consuming.
So, before putting in an offer, what should you consider if you have fallen for a period property?
The roof is often top of the list and it is worth noting any sagging, missing tiles, damaged guttering, or excessive build-up of moss.
Examining the structure of the property for cracks at the windows and door heads is necessary to rule out any deterioration of the foundations as this could affct your chances of securing a mortgage.
Repairs could be expensive if the foundations are found to be unstable.
If the property has been underpinned, the vendor should be able to produce engineering documentation to prove this has been carried out properly.
It is vital to organise a formal valuation and survey to ensure the property is structurally sound as many homes built before 1940 often come with problems which may not be immediately visible.
Invading pests such as woodworm, rodents and insects, which can be destructive to the fabric of your potential home, should be dealt with by specialists.
It is also worth noting that properties built before 1919 have no damp-proof membrane so are likely to be at risk of damage from moisture.
Clues to the existence of damp can be seen as stains on the ceiling and in corners of internal walls and a lingering musty smell.
Checking to see if the loft is insulated, along with water pipes, windows and boiler, is also a priority as a poorly insulated house will lead to higher bills.
The general decorative state of the property will often signal that costly extensive work may be needed. Lead paint and asbestos are toxic elements found in some older houses and will need to be expertly removed.
A quote from a local builder early on would be helpful in assessing the general cost of updating and renovating a property.
Find out what the services to the property are like. Is there good wi-fi in the area, for example?
Check the water supply and whether there is a septic tank.
After a full and thorough survey, you will have a better idea of what you are dealing with and you can begin to reassess your budget for repairs and renovation.