Purchasing property is one of the most significant investments you’ll make in your lifetime, so it’s essential to get it right. Whether you’re buying your first home or expanding your property portfolio, there are a few key areas where it pays to invest wisely. While cutting costs can be tempting, certain aspects of the buying process demand financial attention to avoid problems down the line.
In this blog, we’ll cover four things that are worth spending money on when buying property in the UK.
1. Hiring a Reputable Conveyancer
One of the most critical investments you’ll make when purchasing property is hiring a good conveyancer. Conveyancers are legal professionals who specialise in property transactions, and they are essential to ensuring that the legal aspects of your purchase are handled correctly. The conveyancing process includes conducting important searches, handling contracts, and ensuring that the property is free from legal issues such as unpaid debts or ownership disputes.
A good conveyancer will also liaise with the seller’s legal team and handle the transfer of funds once contracts have been exchanged. Their attention to detail can prevent costly mistakes and delays that could jeopardise your purchase. In some cases, conveyancers may uncover issues such as local planning regulations or restrictive covenants that could affect your plans for the property.
While it’s possible to opt for a cheaper online conveyancing service, this may result in slower communication and a less personal service. Spending a bit more to hire a trusted, experienced conveyancer like SAM Conveyancing can save you from headaches down the line, ensuring that your purchase is completed smoothly and with full legal protection.
2. Getting a Comprehensive Survey
When buying property, it’s tempting to assume that everything is in order, especially if the home looks visually appealing. However, even properties that appear well-maintained can hide significant issues such as damp, structural weaknesses, or outdated electrical systems. This is why getting a comprehensive property survey is crucial.
A full structural survey, also known as a building survey, is the most in-depth type of survey available. While it’s more expensive than a basic survey, which only highlights major defects, it can save you thousands of pounds in the long run by identifying potential problems early on. For example, discovering that a roof needs replacing or that the property has subsidence issues can give you leverage in negotiating the price or deciding whether to proceed with the purchase.
3. Energy-Efficiency Improvements
As energy prices continue to rise in the UK, one of the most sensible investments you can make when purchasing a property is improving its energy efficiency. While modern properties are often built with energy efficiency in mind, older homes may require upgrades such as new insulation, double glazing, or a more efficient boiler.
Energy-efficient homes not only reduce your carbon footprint but also help lower your monthly utility bills. The initial cost of these improvements can be high – for example, replacing a boiler can cost between £1,500 and £4,000 – but you’ll recoup this investment over time through reduced heating and energy costs. Plus, energy-efficient properties are more attractive to future buyers, potentially increasing your home’s resale value.
It’s worth arranging an energy performance certificate (EPC) when buying a home, as this will provide insight into the property’s current energy efficiency and suggest areas for improvement. The cost of energy-efficiency improvements may seem daunting, but they offer long-term savings that make them well worth the investment.
4. Insurance: Buildings and Contents Cover
One area of property ownership where it’s essential not to skimp is insurance. Buildings insurance is often required by mortgage lenders, and it covers the cost of repairing or rebuilding your home in the event of damage from fires, floods, or other disasters. Contents insurance, on the other hand, covers your personal belongings, such as furniture, electronics, and clothing.
While it may be tempting to opt for the cheapest insurance policy, not all policies provide the same level of coverage. It’s important to thoroughly review what is included in your policy and ensure that it is comprehensive enough to cover all eventualities. Spending a little more on a higher-tier insurance package could save you from significant financial loss in the event of an unexpected disaster.
Conclusion
Buying a property is a monumental financial decision, and while there are areas where you can economise, some investments are well worth making. Hiring a reputable conveyancer, investing in a thorough survey, improving your home’s energy efficiency, and securing comprehensive insurance are four crucial areas where spending a little extra can save you a lot of hassle – and money – in the long run.
