The property market is currently experiencing a noticeable trend with an increase in the number of former rental properties coming to market. With rising costs in the buy-to-let sector, many landlords are looking to offload their properties.
This surge in rental properties presents an opportunity for buyers, particularly those looking for more affordable homes. However, while former rental properties may come with attractive price tags, it is crucial for prospective buyers to proceed with caution.
In this blog we will highlight the importance of understanding the condition of a property before committing to purchase.
Common Issues in Former Rental Properties
Properties that have been rented out might not always receive the same level of upkeep as owner-occupied homes. It’s worth remembering that rental properties may have been occupied by multiple tenants over the years. While some tenants treat their homes with care, others do not, leading to wear and tear that could affect the property’s condition. Some common issues associated with rented properties include:
- Poor maintenance: Landlords may have delayed significant repairs or updates, opting instead for quick fixes to keep the property rentable. Areas of the property that would incur a significant cost to replace, such as the roof, windows or heating system, may have been neglected.
- Prolonged wear and tear: Common issues in homes, such as leaks, damp, or drafts, might not be immediately reported to landlords and this can have a knock-on effect and delay repairs. These types of defects can worsen over time, meaning they can be more expensive to rectify.
- Outdated fixtures, fittings and décor: While rental properties need to remain functional, it is not necessarily the case that they will be the most up to date or attractive. Kitchens and bathrooms are particularly expensive to replace and it may be that these rooms have not been modernised, or that fixtures and fittings are of relatively low quality.
When combined, these factors are likely to result in repairs and upgrades being required. So while the initial purchase price might seem like a bargain, the true cost of ownership could be much higher in the long term.
Why a Survey is Essential
Appointing a Chartered Surveyor to undertake a survey is the best way to protect yourself from unexpected costs. A thorough inspection by a Chartered Surveyor will reveal underlying issues and provide a detailed assessment of the property’s condition, identifying potential problems such as structural defects, damp, or roof damage. By understanding the extent of any repairs or renovations needed, you can factor these costs into your finances and decide if you can afford to go ahead with the purchase.
If significant issues are uncovered, you may be able to negotiate a lower purchase price or request that the seller addresses the problems before completion.
Choosing the Right Survey
At Lea Hough Chartered Surveyors, we offer a range of surveys to suit different property types and buyer needs, including Homebuyer Reports / Level 2 Surveys and Building Survey Reports.
If you are considering purchasing a property – rental or otherwise – contact Lea Hough Chartered Surveyors. Our expert team will provide the professional guidance and help advise you on the most appropriate survey to suit your needs.
