Underestimating the value of the contents of your home can have as much of an impact on a property purchase as investigating local schools and amenities.
Purchasing a house means investing in a home and lifestyle as well as the physical bricks and mortar so it’s important that you carry out some research before going ahead with your purchase.
Whether you’re interested in conversion homes Warley as an investor or seeking a new-build property as a homeowner, here are three factors to consider that few people talk – or even think – about.
1. Tenants who do not leave are not squatters
If you purchase a property that you intend to rent out then it is important that you are aware of the rules and regulations regarding residency and squatting. According to the UK Gov website, a tenant who originally enters a home with the permission of the landlord is not a squatter – even if they continue to live there after falling behind on rent payments.
Evicting tenants under this situation can therefore be difficult and it is important to remember that unoccupied properties can become subject to squatters who can become the registered owner of property if they’ve occupied it without the owner’s permission. This also applies to land that is owned by another individual.
2. Not all houses are insurable
The recent floods in the UK revealed that many properties weren’t insured but perhaps more shockingly is the fact not all homes are insurable. You need to contact the local authority to ensure that your house isn’t built on a flood zone; the Environment Agency also has a guide to areas of the country that are at risk.
Your new property may look beautiful but if the previous owner has plastered over any cracks, you might not be aware that your home is at risk from subsidence. You should have a detailed survey carried out when buying any property to ensure you’re not affected in this way.
3. Your clothing affects your home
It may sound impossible, but your choice of clothes has a bigger impact on your home than you realised. Figures have shown that home insurance errors can be made simply by homeowners underestimating the value of the contents of the wardrobe with data from a few years ago showing that women typically underestimated the value of their shopping habits by more than £5,000!
Failing to adequately assess the value of your home’s contents can affect any payouts you receive from your insurance policy. As much as 30% of people are claimed to be unsure of whether their insurance actually reflects the value of their personal possessions while 6.8 million homes were reported as underinsured in 2011.