Reality not Realty
Reality not Realty Check
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?
-in a place that you hadn’t done any research on?
-because an artist’s impression looked good?
-that you didn’t know was in an area of deprivation?
-that you didn’t have any roads to.
-that someone was going to build next to, that could potentially block your view?
-that was on land that wasn’t theirs to sell?
-with a sea view with land in front that potentially could be built on?
- and not bother paying for an independent solicitor to make legal inquiries because they were too expensive?
- without seeing the official plans for the property and town/area?
- without a penalty clause for delayed completion?
- and send money as a ‘reservation fee’ to someone you hadn’t met?
- and carry out research on the company/developers or Agency selling the property?
- and pay a ‘reservation fee’ which you may not have realised was non refundable?
- and pay a ‘reservation fee’ without working out all the additional costs before realising you couldn’t afford what you wanted to buy?
- and pay a ‘reservation’ fee without seeing the payment terms for buying or organizing a bank loan/mortgage?
- but not arrange a loan to borrow money for an ‘off plan’ development without checking if a loan is obtainable?
- and have money readily available to pay the first payment by a stipulated date?
- and not checking that your solicitor/lawyer can carry out the necessary checks before making the first payment?
- and sign and commit yourself to making the first payment by a certain date?
- and arrange a loan application through the mortgage advisors of the developers without giving yourself time to think things through before signing?
- because you were talked into it or you think you may 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?
- and arranging a mortgage to start well in advance of a completion date i.e. the property may not be completed for another 18months. You will not be receiving any income on the property until the property is completed 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’.
