Research that we did before making an offer

After we found a property that we wanted to make an offer on, I would do some research online and jot it all down in a Microsoft Word file so we could refer back to it and share with family if we wanted a second opinion.

Here’s the structure of the document:

Contents

1.     Key details

2.     Crime rates

3.     Similar properties on the market

4.     Buildings next to the property

5.     Supermarkets

6.     Council tax band

7.     Broadband

8.     Historic property prices

9.     Planning permission

10.  Other

I’ve explained each of the sections below:

1.     Key details

This is the list of information that we decided were important to us. You can always update it with what you consider important.

·      Remaining lease length:

·      Ground rent per year:

·      How often does it increase:

·      How much does it increase by:

·      How is it calculated:

·      Service charge per year: 

·      Current size of sinking/reserve fund (if available): 

·      Is there a residents’ association:

·      Age of the property:

·      Name of developer:

·      Any repairs/changes made to the flat:

·      Any specific issues:

·      Details of previous/planned major works:

·      Size of the property:

·      Link to the property listing:

For new builds:

·      Consumer Code (include link):

·      Defect period:

·      How many plots have sold:

·      Any recommended solicitors/conveyancer and legal fee:

Timelines:

·      Exchange timeline:

·      When is the property ready to move into:

2.     Crime rates

We checked the crime rates in the area using the following websites and took screenshots of the latest month for reference.

I found this website really useful because it shows you the location of the reported crimes and by category.

We also used this website.

3.     Similar properties on the market

We researched other 1 bed flats in the area to see what the asking prices were.

We also had a look at the rental market for similar properties in the area which included short term rentals.

For one property we liked, a flat in the same building was on booking.com for rent. This gave us an idea of whether there would often be strangers in the building.

4.     Buildings next to/near the property

We wanted to know whether the buildings next to the property were for residential or office use. Also, we wanted to see if there were any bars nearby in case it was noisy at night.  On our walks in the area, we would take note of any developments nearby and see if there were properties on the market which might also be of interest.

5.     Supermarkets

We always searched online to see where the closest supermarkets would be and whether they were a short walk away since we would be going every week!

6.     Council tax band

I would check on the Council website so we would have a clear idea of the cost.

7.     Broadband

I would check a broadband provider to see what broadband speeds we would have since we would be using that every day!  

For example, on the BT website, you can check the broadband deals which would be available at a particular postcode under the “Check Availability” option.

8.     Historic property prices

We checked the historic property prices for the property we wanted to make an offer on, to get an idea of how much it cost the owner originally.

Also,  we would check the historic prices for similar properties in the area, especially ones that had recently sold. This partly helped us to decide the offer.

9.     Planning permissions

It is possible to check on the Council website if any planning applications will impact the area where the property is located.

For one property, I was reading the planning applications which had been approved by the council and found that the office building which was directly next to the building of the flat we liked, was due to be demolished for a 14-storey aparthotel.  This was a concern as the flat was on the lower floors and the balcony faced this office building!

We were worried that we would be disturbed by building work in the future, that the property may not be as attractive to future buyers and the sunlight into the flat might be blocked by the new building.  I’d flagged this to the estate agent and he wasn’t aware of this so it is definitely worth doing some research online.

10.     Other

For new builds, we would also research the developer and have a look at other developments they had built to see the reviews and whether it had won any awards.

Also, we would check the management company to see if there were many complaints online.

My last tip would just be to put the development, building and location into Google and see what results come up!

All the best with your search!

Jess