Today, The Property Nomads cover the VITAL things that you MUST look for when viewing a property. Rob and Matt clearly explain what, why and how to quickly identify those areas that could potentially add a high cost to all, especially the investors. The fundamental checks can make the difference in whether a higher or lower offer is made and overall, whether you make money or spend money on the refurbishment.
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KEY TAKEAWAYS
You must ensure you check these 5 areas when viewing a property:
1. The boiler and central heating. Make sure you find out how old the boiler is, and how recently and often it is serviced. Request servicing paperwork. Do not forget to check out the central heating in the property, are there enough radiators?
2. Electrics. A visual check of the consumer unit and sockets is essential. Are there enough sockets? Do they all work well? Check the options/costs for rewiring if necessary?
3. Roof Tiles and Chimney Stack. Any loose roof tiles could lead to water and property damage - mitigate this problem before it becomes costly. Check the chimney stack is in good order, does the bricking look in good condition.
4. Guttering. Poor guttering can lead to extensive water ingress and damage to a property. And leaks can be seen through discolouration of brick work.
5. Damp. There may not be any obvious signs of damp, so a damp reader is an essential tool for a professional when property viewing to ensure identification of any damp issues.
Ensure you always relay information from viewings to the estate agent, always be open and transparent with your offer and go through your list explaining why you’re offering that amount and then they can share that with the vendor.
BEST MOMENTS
“Because these are so obvious, we find people forget to do them, but they are so fundamental.”
“Actively checking is a sign of a professional.”
“If you don’t check it can be expensive to correct.”
“These are simple things to check so go and carry them out”
VALUABLE RESOURCES
Property Nomads Podcast series: https://itunes.apple.com/gb/podcast/the-property-nomads-podcast/id1440016017?mt=2
ABOUT THE HOSTS
Rob Smallbone and Matt McSherry, the hosts of The Property Nomads Podcast, are on a global mission to guide your success. Success can happen in many ways, shapes and forms. Think about what success means to you. More properties? More clients? Financial freedom? Time freedom?
Rob & Matt are just two guys who want to make a huge difference to people around the world. They are here to guide your success in property, business and life and to inspire you to achieve your goals, dreams and visions.
They’ve travelled, explored, and invested. And they’re not planning on stopping these activities anytime soon.
Buckle up, sit tight and enjoy the ride that is life.
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