PODCAST: https://anchor.fm/fife-properties/episodes/My-11-Rules-to-Buying-a-Fife-Property-e1d64qj
Finding your next Fife property, be that for yourself to live in or as a Fife buy-to-let landlord, can sometimes be a scary task. You are possibly making one of the biggest purchases of your life, and you want to ensure you make the right choice.
Buying your next property is all about finding a Fife property with the features that match your requirements. However, what might be important to you as a homebuyer, might not be as important to other Fife homebuyers.
Some features will be red line must haves, whilst other features might be more negotiable, yet understanding what your requirements need to be, will make it easier to find the Fife home of your dreams.
Let’s look at my top 11 rules you need to consider when buying a property in Fife.
- Location, Location, Location in Fife
You can change many things within a property, but location isn’t one. They say you should buy a property for the things you can change. Go and visit the different neighbourhoods of Fife. Don’t just drive through them, walk through them at different times of the day. Look at weekdays as well as weekends. Think about transport links with access to bus routes, arterial roads. If you have children (or your tenants may have), think about school catchment areas for primary/secondary schools.
- Fife Bedrooms
Well, you do now! Anyway, the number of bedrooms is a very significant consideration when buying your new Fife home. If you need bedrooms for your children, the location of the bedrooms could be an issue. Depending on the age of any children, you might not want them to be a long way from the master bedroom, or if the children are teenagers, the opposite could be true. Bedroom size is also important. Is there enough space for children to study or have wardrobes? Do you need bedrooms for an office? If office space is required, you might want to consider a property with one less bedroom and one more reception room – and it will probably be a little cheaper. All things to consider.
- Potential Future House Price Growth in Fife
The type of Fife house you buy will determine how it increases in value in the future. Now this shouldn’t be the main consideration, yet it’s important to consider.
Since 2001, the different types of property in Fife have risen by varying percentages.
- Fife detached properties have risen by 192.2%
- Fife semi-detached properties have risen by 193.9%
- Fife town houses/terraced properties have risen by 236.9%
- Fife apartments/flats have risen by 211.9%
On a standalone point for Fife landlords, the level of rent and yield are important considerations for your Return on Investment (ROI). There tends to be an inverse relationship between capital growth and yield (i.e. Fife properties with higher capital growth tend to have lower rental yields). If you are a Fife landlord and have any questions on this (or any point), drop me a note.
- The Overall Interior Size of Your Future Fife Property
On average a person only views five houses before they buy a house and only spends around 20 minutes in each on a viewing. Therefore, I would advise that you have a good idea about the size of Fife home you require before you start your search. If you have a big family you are going to need a bigger house obviously, yet you still need the budget to afford to buy the bigger Fife home. A top tip for you, the general rule of thumb is the older the house, the more you get for your money.
One great idea to calculate the square metreage of your potential Fife home. Ask to view the full copy of the Energy Performance Certificate, as it has the size of the property in square metres.
Bigger Fife houses tend to cost more money to run with utility bills and council tax.
A final thought on size is the question of whether your family is likely to grow in the next decade? Will you have more children or is a parent coming to live with you?
- The Price You Will Have to Pay For Your Next Fife Home
In the last 12 months, the Fife property market has remained buoyant as Fife people were forced to spend more time at home. Therefore, they looked for more space … but what did they have to pay for that privilege?
- 575 Fife detached properties have sold for an average £288,200
- 414 Fife semi-detached properties have sold for an average £184,700
- 452 Fife town house/terraced properties have sold for an average £146,700
- 472 Fife apartment/flat have sold for an average £117,800
Look at the property portals (e.g. Rightmove and Zoopla) and search for Fife property that is both available and sold subject to contract. Get a feel for asking prices of the Fife properties that are sold subject to contract as these will give you a good idea what they roughly sold for. Again, if you are not sure, pick up the phone or drop me a line.
- Bathroom(s)
Check the bathroom for water leaks. Do the toilets flush OK, do the taps drip? Is there any mould? And do you need more than one?
- The Lounge / Living Room
You will undoubtedly be spending a lot of time in the lounge / living room, so it needs to meet your requirements. Do you need a dining area? Does the design and arrangement of the room suit your lifestyle (or your tenants). Will you need new furniture? Are there enough electrical sockets? What are the carpets like? That goes for all rooms.
- Central Heating for your Fife Property
What type of central heating system is present, and does it meet the requirements of you and the home? The Energy Performance Certificate (EPC) will tell you how energy efficient the property is and how much it will cost to run. You would be amazed how few buyers ask to see the full copy of the EPC – yet you have the right to view it – always ask the estate agent for a copy or download it for free from the Government website.
- The Outside
The outside space of your future Fife home is also something you need to reflect on before you start your search. What sort of back garden do you want? Do you want low maintenance? Do you want a bigger garden? You also need to ensure the outside of your next Fife home is in great condition. Yet, if it’s a ‘do’er-upper’, does the price allow for those works to be done?
- The Loft & Cellar
Another aspect to consider when buying a Fife property is the loft (or even the cellar/basement if it has one). In both, look for water damage that could mean problems in the future whilst in cellars/basements, a musty smell could be poor ventilation meaning dry damp could be an issue. Also check for insulation in the loft (the Energy Performance Certificate will tell you if it’s up to standard).
- Garage / Off Road Parking Space
How many cars do you have in your family? Can you park them all on your drive? Visit the property during the day, the evening, and weekends to see how the parking provision changes. If the property has a garage, can it be used for something else?
These are my top 11 rules – yet do you have others I haven’t considered?
Let me know in the comments.
