You may see something on the internet or at a travel
show/exhibition and for whatever reason, you decide you want to buy
something there and then.
I am not sure how many people do this, before going home and
carrying out a 'Reality Check'!
Reality not Realty Check:
If you wanted to move house in the UK or were buying a second home in the UK, would you :
-buy something in a place you had never been to?
-buy something in a place that you hadn’t done any research on?
-buy something because an artist’s impression looked good?
-buy something that you didn’t know was in an area of deprivation?
-buy something that you didn’t have any roads to.
-buy something that someone was going to build next to, that could potentially block your view?
-buy something that was on land that wasn’t theirs to sell?
-buy with a sea view with land in front that potentially could be built on?
- not bother paying for an independent solicitor to make legal inquiries because they were too expensive?
- buy without seeing the official plans for the property and town/area?
- buy without agreeing a penalty clause for delayed completion?
- send money as a ‘reservation fee’ to someone you hadn’t met?
- carry out research on the company/developers or Agency selling the property?
- pay a ‘reservation fee’ which you may not have realised was non refundable?
- pay a ‘reservation fee’ without working out all the
additional costs before realising you couldn’t afford what you wanted to
- pay a ‘reservation’ fee without seeing the payment terms for buying or organizing a bank loan/mortgage?
- not arrange a loan to borrow money for an ‘off plan’ development without checking if a loan is obtainable?
- have money readily available to pay the first payment by a stipulated date?
- not check that your solicitor/lawyer can carry out the necessary checks before making the first payment?
- sign and commit yourself to making the first payment by a certain date?
- arrange a loan application through the mortgage advisors
of the developers without giving yourself time to think things through
- believe someone and be talked into buying or be told you will miss the boat!
- with just an arrow pointing to a piece of land on a sheet of paper, then show up and asking a local where it was?
- arrange a mortgage to start well in advance of a
completion date i.e. the property may not be completed for another
18months so you may not be receiving any income on the property until the
property is completed , furnished and let.
Travel Shows/Exhibitions :
A lot of money is usually spent on marketing for these shows.
Just be wary of falling for something and signing on the dotted line
before you have carried out a ‘Reality not Realty Check’.