Location Red Flags
What are some red flags to bear in mind when looking to buy in a new area?
A Huge Number Of Properties On The Market At A Range Of Price Ranges
Of course, properties can be overpriced by estate agents and can sit on the open market for weeks or months on end.
However, if loads of properties at different price points have been sat on the open market for weeks or months on end, ask yourself, “why could this be?”…
If this is down to the location, then possibly steer clear!
If it’s down to a different reason, such as that the general age of the area has predominantly been older residents, who are moving out or downsizing, and that’s why there’s lots of properties on the market at once, could be a positive thing… This is because the general area will become younger and could become more of a younger family area!
“As well as residential property, look at the shops and restaurants. Are they rundown? Are they going out of business? Are they boarded up? If they are, this could be a huge location red flag?”
Poor Transport
If you work from home, then this may not be an issue.
However, if you even work from home, you may well require public transport if you require it to meet friends on the weekend or to have access to shops!
If you do require public transport like a bus or the London Underground, then if transport connections are poor, then this could be a location red flag for you!
Is The Local School Busy?
If the local school is busy with pupils and gets a good or outstanding Ofsted rating, then that’s superb!
If, however, the local school is heavily undersubscribed in terms of pupil numbers/ intake and recent Ofsted reports are predominantly negative or have the dreaded ‘Requires Improvement’ rating, then this could well be a location red flag for you.
The Condition Of Nearby Homes And Shops
If there are a lot of rundown flats and houses near to the property that you are looking to buy, then this could be a red flag.
As well as residential property, look at the shops and restaurants. Are they rundown? Are they going out of business? Are they boarded up? If they are, this could be a huge location red flag?
If, however, the area is undergoing a lot of regeneration and updating, then now could be the time to buy in this area!