Most people will often underestimate the benefits of hiring a conveyancer when buying property. However, the conveyancer helps you avoid expensive problems that you may not know about. The extract below details four pitfalls that conveyancers help their clients avoid when buying real estate.
1. Buying Overvalued Property
An oversight that buyers make is buying property within their budget rather than property within its market rate. This often makes them purchase an overvalued property, to the seller's delight. Your conveyancer conducts in-depth assessments before giving you the green light to buy the property. For example, if the property is going for top dollar, the conveyancer will want to establish the features that make the property a worthy bargain. For example, it could have a high-energy efficiency, smart features or an ample living space. The conveyancer will also sanction a property inspection to establish whether the property has structural defects that could cost a fortune to repair.
2. Buying Property With Legal Issues
Without any legal expertise, it would be difficult to tell whether your dream home-to-be has underlying legal issues. For example, the building code could compel developers to install foundation piles if the property lies on a flood plain. If a house does not have these installations, the owner could risk fines. Besides, they will also have to undertake the renovation works. In other cases, the owner could have flouted zoning regulations by installing a custom roof or building a patio at the front of their home. A conveyancer will inform you if such issues exist and advise on the best way forward.
3. Buying Property With Easements
An easement is a right given to another party to use the property. For example, electricity lines could be passing through the property. Some easements can significantly affect the value and the functionality of the property. For example, take a situation where a drainage system passes below the house. Leaks could damage your foundation. In worst-case scenarios, the property could become uninhabitable. When buying a large parcel of land, you could be shocked to find out the neighbours secured an easement to use a part of the property as a parking space or a kids' playing ground. Your conveyancer is best suited to unearth such issues to ensure you are well informed when buying the property.
4. Taking An Expensive Loan
Most buyers do not know about the various mortgages in the market. As such, they are likely to rely on their banker's insights, which might be biased. Your conveyancer will conduct a comparative analysis of the current mortgages. Further, they will visit the various lenders and negotiate the interest and repayment terms. You are likely to save a lot of cash in the monthly instalments.
Your conveyancer will protect you from buying an overvalued property, purchasing property with legal issues or easements, and taking an expensive mortgage. Contact a conveyancing service to learn more.Share