Thinking of investing in a property but not sure what red flags to look out for? Well look no further, in today's podcast property expert Kevin Mcdonell tells you the warning signs to look out for on your viewing to avoid those unwanted costs! He shares with you his essential checklist to take on every viewing which will get you the best property deal and maximize your profit! Don’t miss this exclusive advice which will help you reach your property inventing potential!

KEY TAKEAWAYS

• When investing in property there are many things you need to, viewing the property, analysing the deal, etc. surround yourself with experts when it comes to the building work. They will understand how to break down the costings of specifics.

 

• It may not be possible to bring a builder with you on your first viewing. View The property by yourself first, and if it is a property you wish to proceed with then take an expert with you on your second viewing. They will be able to tell you about things that you may have overlooked or not thought about on your first viewing but they are important things for you to know.

 

• Tradesmen work on problem properties each day. Having them as part of your power team allows then to identify problems before you go ahead with the deal and save you a significant amount of time and money.

 

Where to start when viewing a property for the first time?

• Park away from the property, down the street and analyze the type of area your potential property is in, allowing you to think about who your possible future tenant would be.
• Cross the road to take in a full view of your property, look outside for any potential structural issues with the property, as well as specifically comparing the roof of the property you are viewing with the other properties along the street.
• Walk around the perimeter of the property paying particular attention to the brickwork and any potential issues of damp.
• Enter into the property and in each room, you go into you will need to look at the ceiling, the floor, and all four walls. Look out for any red flags such as damp, loose floorboards, and plastering problems. A good idea would be to purchase a damp meter to take along to viewings.
• If you do encounter some current or rising damp during your viewing, a good idea is to get a builder to come along for your next viewing to give you a quote on what this could cost you in the future.
• Have a look around each wall of the property, keeping an eye out for cracks in the walls. You will almost always encounter some hairline cracks, but you are looking for larger cracks meaning you could have some structural issues.
• Take note of the doors in the property, do they close properly? Open and close each door to make sure it closes and latches properly.
• Take a look at the windows. Are the double or single glazed? Are there signs that they may be slightly dated? What material are they?
• Coming to the bathroom. Make sure you run the water (also do this with the kitchen), check the pressure and the temperature.
• Looking at the boiler is critical, how do I know if it’s a good boiler? Take a picture of it and show it to your gas engineer. It is also recommended to look at the installation date. Typically, a boiler fitted within 7 years will be fine. Look for signs of service stickers.
• It's critical to look at the consumer unit. Consumer units are a few hundred pounds but legally, you have to have a metal box consumer unit. If you see a plastic one, this will need changing before your future tenant moved in. This is an additional cost. Take a look at the plug sockets, are they up to date or will they need rewiring?
• Take a look at some more general stuff in the property such as the garden, rivers/flood risk area?
• A good idea on your viewing is to bring a checklist of all the above, removing the risk of forgetting something critical which could cost you money in the future.
• If you think this is a property that you may want to buy, bring your builder along with you for your second viewing to eliminate any doubts, or to give you a price for the repair work.
• On your third viewing, finalise everything and get your offer in!

 

BEST MOMENTS

“ A good idea would be to purchase a damp meter to take along to viewings.”

“Take a video for yourself, so you can have a look back in your own time and identify things that maybe you missed!”

“Tradesmen work on problem properties each day. Having them as part of your power team allows then to identify problems before you go ahead with the deal and save you a significant amount of money.”

 

VALUABLE RESOURCES

https://www.amazon.co.uk/No-Money-Down-Property-Investing/dp/1909846767

https://www.youtube.com/watch?v=o8TZdualhcw

https://robmoore.com/

ABOUT THE HOST

Kevin McDonnell is a Speaker, Author, Mentor & Professional Property Investor. He is an expert when it comes to creative property investment strategies. His book No Money Down: Property Invest talks about how to control and cash flow other people’s property to create financial freedom. 

CONTACT METHOD

 

• https://www.facebook.com/kevinMcDonnellProperty/
• https://kevinmcdonnell.co.uk/
• http://progressiveproperty.co.uk/

progressive, property, investing, rent, housing, buy to lets, serviced accomodation, block, auction, home, financial freedom, recurring income, tax, mortgage, assets: http://progressiveproperty.co.uk/