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TPP119: A property viewing checklist you can use

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In episode 119 of the podcast (live Thursday 25th June 2015), we kickstart a conversation about what to look out for at viewings - and what information you should try to find out about the circumstances around the sale.

 

We brainstormed the things that we look for, but we'd love to hear yours too! Add your suggestions to this thread, then we'll collate everyone's ideas into a PDF which you can print off and take with you.

 

Here's the episode: http://thepropertyhub.net/checklist

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From an internal inspection perspective, water pressure is worth checking so turn on the bathroom taps to check the strength of the water flow. If you want to install a larger format shower or 'rainshower' then decent water pressure will be key to its functionality.

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Great podcast guys! Keep up the good work.

As a newbie, who has completed his first investment since starting to listen to the podcast, could I recommend checking both gas and electricity meters are there!!! The property had an electric oven with gas hob, but no gas heating, and silly me, didn't investigate the gas meter cupboard (I didn't even know where it was!). The previous owner had died, and the gas company in their wisdom had removed the meter for non-payment! Once the lovely new heating system was installed my supplier went to plug it into the gas meter, only to discover there was no meter!!! Cue just over 3 months of multiple calls to multiple suppliers trying to get someone to fit a meter - much more difficult than one might have thought!

All going well now though, tenants settled in - Next investment in the pipeline!

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Got a few bits and bobs below which a friend of min shared with me when buying a house as a home not just for investments purposes - a couple of which others have already mentioned but here you go!

 

 

·         Turn on your mobile to check you get as decent signal.

·         If possible, go on a rainy day, to see if the gutters leak.

·         Again if possible inspect the loft during the day - look for light (holes in roof!) and also check out the state of timber/joists etc. For the outside, take binoculars to see if the roof has any missing/slipped tiles.

·         Basic plumbing checks:  

o   Flush toilets and turn on the taps ( look at cupboards underneath sinks – should be dry).

o   Check water pressure and that the water heats up.

o   Switch on the boiler and turn on the central heating & check the radiators for leaks and rust, and that they ALL get hot right across the whole rad.

·         Security checks: ideally the front & back doors should have a five lever mortice deadlock. Does the property have windows locks (any signs of break-­ins?)

·         Floors - check for damage and stains under rugs or mats - some people do use this old chesnut to hide stuff!

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One thing we did when buying our residential house was to go to the local pub and chat to the neighbours. Gives you some good insights in to which roads are good and roads that are not so good ... Plus you get to have a drink while doing due dill !! Win win ..

Cheers

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Thanks for the ongoing excellent idea to produce a joint resource.  Some good points above.  

 

Other points:

 

1.  Unscrew the top of a pendant light fitting to see the wires - you can see if they are old or new.

 

2.  Test the shower pressure as this is the most critical point with low water pressure.

 

The points below are a pasted in version of the questions I pose when I see a property.  It is mostly repeated from your podcast or the points above but a few novel things to this list I think (though actually the points came out of books, fora, your podcast etc so nothing actually thought up by me).  Hopefully it will be of some help.

 

Property checklists

Address: 

Estate Agent:

Date first researched:

Updated research dates:

 

Property valuation

How much are they asking for?

What is the market value for this property?

When did it come on the market?

When did it last sell and how much did it sell for?

Has it dropped in price or had a failed sale (if so why)?

Why are they selling and if owner occupiers where are they going, when and to what sort of property?

Is it listed with more than one agent and if so then why?

Do the photos of it on the site show it unfurnished?

Is there much interest in the property?

Do the adverts state it as ‘open to offers’, ‘no onward chain’ or ‘vacant possession’?

Are there trivial points with the property that will put off other buyers (poor photos, bad smells, overgrown garden etc)?

What is the expected rent?

What is the expected gross yield in properties like this locally?

Will it reach the expected rent?

 

Financials:

Do we expect significant capital growth?

Is the asking price close to a stamp duty threshold?

Are there factors that lower the property value?

 

Comparison values (for sale):

Comparison value (sold):

Zoopla Estimates:

 

Property details:

What is it (house/flat and rooms)?

Is it freehold / leasehold (and length)?

Is there reserved parking or other parking (incl on or off road)?

Is there a garden?  How large is it? Easily maintained?

Has there been an insurance claim on a property?

Would they be leaving anything?

Are there any tree preservation orders in place?

How does it compare to other similar properties on the market?

When was it last renovated?

Does it need renovating?  If so what needs doing?

            Electrics

            Windows (double glazing / UPVC)

Door lock types

            Structural issues

            Dining room

            Kitchen

            Bathroom

            Other toilets/bathrooms

Paint

Boiler type

Gas / electric

Heating type and radiators in each room

Floors Carpet –

Room for white goods

Garage

Garden

Other rooms / buildings

Any flat roofs

Is water pressure ok?

What sort of meters (economy 7)?

Any issues like knot weed, close by trees etc to lower value / cause damage?

Can value be easily be added?

Could you extend?

Could you transform an ugly exterior (pebbledash bad)?

Can you create off-road parking?

Is there potential for a loft conversion?

Could you remodel?

Is there scope for further development?

What is the credit rating in this area (http://www.checkmyarea.com/)?

What broadband is available?

 

Tenant details:

Is it already let?

Who would the obvious tenants be?

Would it need to be furnished (not desirable)?

 

Location:

Is it close to the main train station (<1/2 mile or <1miles or more)?

Close to hospital / university?

Is it close to a convenience store (<1/2 mile)?

Close to major supermarket?

Is it Waitrose?

How good is the local primary school?

How good is the local secondary school?

Is it on a bus route?

Is there a park or recreation area nearby?

Is there a leisure centre nearby?

Mobile phone reception?

Are there many other rental / HMOs nearby? 

Building works / planning permissions planned?

Is it on a major/busy road?

Is it immediately next to train tracks?

Is it immediately next to a depot or other noisy / busy commercial building?

Is it above a shop (not desirable)?

Are there smelly restaurants etc nearby?

Is there a flood risk (http://www.environment-agency.gov.uk/default.aspx)?

Are there pylons or wind turbines nearby?

Are the advertising hoarding nearby?

Stats on: http://illustreets.co.uk/explore-england/

If I were the target tenant what would I want changing?

Summary:

Good points:

Bad points:

General impression:

Estimated refurbishment cost:

Advised action:

Bid history with dates and values:

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Hi All sorry to bump a thread,

 

Great list above thanks Andrew.

I was wondering was a public trello board created? For when I forget to take my clipboard to viewings It would be handy to have a scrolling list (although now im saying this I could copy and paste the above info into Trello) 

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Hi all, I'm new to the site and as above I would also like to start to use the trello board or PDF document if one was created, does anyone know if this happened or not?

Keep up the great podcasts rob(s) great stuff

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On 6/24/2015 at 9:47 AM, robert dix said:

In episode 119 of the podcast (live Thursday 25th June 2015), we kickstart a conversation about what to look out for at viewings - and what information you should try to find out about the circumstances around the sale.

 

We brainstormed the things that we look for, but we'd love to hear yours too! Add your suggestions to this thread, then we'll collate everyone's ideas into a PDF which you can print off and take with you.

 

Here's the episode: http://thepropertyhub.net/checklist

Hey Rob,

 

Did you ever compile the checklist? If so, is it available on PDF?

 

Thanks,

 

Kris 

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It's not an official one, more of a checklist that I've used which has been compiled from various sites and includes some of the points above.

 

Hope it helps.

 

 

Checklist.pdf


Personal Blog: https://abcdad.co.uk.
Looking to read some Property books? https://abcdad.co.uk/books/property-books
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On 24/01/2018 at 10:53 AM, dezzat said:

It's not an official one, more of a checklist that I've used which has been compiled from various sites and includes some of the points above.

 

Hope it helps.

 

 

Checklist.pdf

great work dezzat

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