Although conveyancing services attract a fee, your conveyancer can help you reduce the property's asking price and protect you from the hidden costs of exchanging real estate. This extract discusses how a conveyancer can help you save money when buying property.
Assessing The Legality Of The Property
Most buyers are often concerned about the property's appeal as opposed to its legality. Besides, they do not understand property laws, zoning regulations and land ordinances that affect the property they intend to buy. Typically, you might be forced to pull down the building or conduct expensive renovations if it disregards the property laws. For instance, if you buy a property with an illegal extension, you might have to pull down the extension to ensure the property complies with the local building code. Besides, the local council could impose a penalty. Your conveyancer will examine the property's documents to ensure it does not flout property laws or expose you to legal problems after purchase.
Evaluating The Profitability Of The Property
Supposing you intend to purchase commercial property, you must be sure about the profitability of your venture. Your conveyancer can conduct a detailed assessment to establish how long it takes to recoup your investment and make profits. As a real estate expert, the professional has insider information that could influence your purchasing decision. For example, a proposed civil works project could make your building uninhabitable due to noise and air pollution. In this case, you might hold off the purchase or buy another building.
Most buyers forego the property inspection in a bid to buy the property within a short period. However, this is quite risky since they do not know the condition of the property they purchase. If you are worried about gazumping, the conveyancer will develop strategies to keep other interested parties at bay. For example, they could ask you to pay a deposit as a show of commitment. Besides, they will ensure that the contract of sale prevents the seller from accepting offers from other parties. These mechanisms give you adequate time to inspect the property. Your conveyancer will interpret the findings of the property inspection to establish whether you will get value for your money. For example, poor energy efficiency could cause high energy bills in the future. Besides, a shifting foundation could compromise the structural integrity of the property. These findings will guide the conveyancer as they negotiate the property pricing. Alternatively, they could advise you against buying the property.
Conveyancers will help you assess a property's legality, establish its economic viability and conduct pre-purchase property inspections.Share