Key Considerations When Scouting Your First Property
Expert Vijay Singh Offers Valuable Insights
When on the hunt for your first property, it’s crucial to consider a range of factors that can save you substantial money in the long run. Vijay Singh, a seasoned property expert, shares his top recommendations to guide you through this important decision-making process.
Vijay Singh: An Accomplished Property Expert
Vijay Singh, who boasts four years of experience in the property industry, gained recognition for his thriving property portfolio comprising 16 houses worth £1.56 million. This 33-year-old professional, based in the Midlands, brings a unique perspective rooted in his background in India, where his family endured tight living conditions before their move to the UK during his teenage years.
Must-Do’s When Viewing a Property
In a recent video posted on his Instagram account (@imvijaysinghh), which boasts a significant following of 97,000, Vijay details the essential steps to take when viewing a potential property. From inspecting under the sink to bringing a companion along, his advice is invaluable. Additionally, he outlines key questions to ask the property agent during the viewing.
Recording Your Property Viewing
Vijay emphasizes the importance of recording your property viewing. Time constraints often prevent a thorough inspection, and recording allows for a more detailed review later on, ensuring that no crucial aspects are overlooked.
Financial Planning for Property Purchase
When venturing into property ownership, Vijay recommends thorough financial planning. Allocating a contingency fund of 10-15% of the property’s purchase price can help cover unforeseen costs and unexpected expenses that may arise during the process.
Areas to Assess Before Making an Offer
Vijay highlights several key areas that warrant close inspection before considering a property purchase:
1. Roof Assessment
Roofs can be one of the costliest components to replace, with potential expenses exceeding £10,000. Look for signs of disrepair, such as slipped and cracked tiles, which may necessitate realignment.
2. Boiler and Electrics
Don’t solely focus on the property’s interior. Examine the condition of appliances, particularly the boiler and electrical system. Signs such as odd smells, frequent shutdowns, or water leaks may indicate the need for a boiler replacement. Vijay also notes that outdated fuse boards may require updating to meet building regulations.
3. Subsidence Detection
Subsidence can be a significant issue, as it entails the sinking of the ground beneath the property, resulting in potential safety hazards and substantial repair costs. Vijay cautions that subsidence can affect a property’s value and its eligibility for mortgage lending.
4. Window Evaluation
Check for discolored windows, as they may require replacement over time. Ensure that all windows open, close, and lock properly, and verify the condition of window handles.
5. Rising Damp Inspection
Damp conditions can harm your health and deplete your finances, depending on their severity. Vijay recommends using a moisture meter to detect rising damp, a condition that typically extends up to one meter from ground level.
6. Plumbing Assessment
Despite its simplicity, plumbing inspection can save you money. Look for visible signs of leaks, particularly under the kitchen sink and near radiators. Vijay suggests replacing heating pipes with an 8mm diameter.
7. The Importance of a Companion
Vijay also emphasizes the importance of attending property viewings with a companion, ideally a builder with a keen eye for spotting potential issues.
Also Read: ‘I’m 23 and just bought my first house by saving £25,000 in ONE year – here’s how I did it’
Key Questions to Ask the Property Agent
In addition to these considerations, Vijay provides a list of pertinent questions to ask the property agent during the viewing, including inquiries about the seller’s motivation, the property’s time on the market, its transaction history, the number of offers received, the minimum acceptable price, and any past renovations.