The importance of doing your due diligence
How to do it right
Doing your due diligence includes:
- Viewing the property
- Ascertaining the likely sale price
- Reading the legal pack
Next steps ...
- Instruct a property survey
- Ask your solicitor to review the legal pack
Viewing a property
It may be useful at this point to bring an experienced builder or knowledgeable friend with you to the property who can spot any potential problems that would need to be included in your financial calculations or may mean the property is no longer of interest to you.
When looking at buying any property it is advisable to view it at least twice, during the daytime and at night which may be just a ‘drive by’ viewing. The plans and photographs published in the catalogue are there to aid identification of the property only, the plans may not be to scale so you need to verify them.
What to take to a property viewing:
• Parking, garden, access and property boundaries?
• Neighbours, traffic and noise?
• Nearest shops and public transport?
• Heating, insulation, plumbing, electrics?
• Council tax band, energy efficiency rating?
• Any structural issues or recent extensions?
• Vacant or tenanted and history of the property?
www.checkmystreet.co.uk – average rentals
www.streetcheck.co.uk – nearest schools
www.checkmyarea.com – area profile
www.police.uk – crime rate
www.rightmove.co.uk – for rental and sales prices
www.gov.uk/find-government-property - find government owned property
www.gov.uk/private-renting - private renting
See what is coming up for sale in your area or what price properties have sold for at auction ...
By Beth Fox