10 Types of PROBLEM Properties That Are UNMORTGAGEABLE
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- เผยแพร่เมื่อ 12 มิ.ย. 2024
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These 10 things are CRUCIAL in looking for properties that'll give you a good ROI... Keep an eye out for them and avoid as best you can.
TIMESTAMPS IN ORDER
00:39 - 1 - Damp
01:24 - 2 - Structural Problems
02:19 - 3 - Non-Standard Construction
03:09 - 4 - Extensions
04:09 - 5 - Legal Problems
05:41 - 6 - Bad Electrics
06:10 - 7 - The Roof
07:04 - 8 - Mineshafts & Flood Zones
07:52 - 9 - Leasehold
09:03 - 10 - Japanese Knotweed
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I went around a house with a surveyor the other day he told me to look in the loft and watch out for sprayed-on foam insulation. leaders don't like it. Top Tip!!!!
Yep we are having the same exact problem. It is the start of a difficult purchase right now
This is one of your very best and most educational videos you've done. Learnt alot
I was just looking at a house that has been vacant but had been recently painted. It got my detective skills into full effect. I was trying to do carbon dating on spiderwebs to figure out how long ago it was painted. Good Points!
keep up this kind of content please, Sam!
A very good video with some great points. Can I just point out that while Japanese knotweed does significantly reduce value if it is present in the garden there is no significant evidence to suggest it pulls houses down or can undermine or damage house foundations. It is less dangerous than trees or ivy that can really can harm your house. It can grow under drives and garden walls and into drains and up through gaps in concrete but then so can a lot of plants. Unfortunately the hazard has been over stated and it is this that has caused fear in the market reducing value. The cost has for removal has risen dramatically but was quite cheap 10 years ago.
I like this guy a lot. He’s absolutely brilliant!
Great video Samuel! Please talk more about the problematic properties ! How to spot them. So painful when you save every single penny to buy a house and later find out that it has tons of problems!
I am absolutely blown away with your videos. I’m new to the game, at the initial research stage, trying to learn about property investing. I just want to take this opportunity to thank you for all the videos.
When’s the best time to sign up to one of your courses? After I’ve done a lot of research and ready to start investing? Or at my current infancy stage, where I’m just starting to learn the game?
Very informative👌
Very informative. Just finished watching your 4 part series about buying a house with no money in New York. Will attempt it in Guyana.
Any additional advice?
Very helpful thanks
I would add :
-If you're buying a council flat, check that there's no section 20 attached to it. And if there's one, you know exactly how much the bill is going to be.
-Check the surroundings: is there a scrapyard or a recycling tip nearby etc... That could smell or cause nuisance...
This video has been so helpful for me ….I’m no investor but I recently sold my house and looking to buy and this was the best advice that I have been able to find.🙏🏼👍
Very useful information. Thank you 👍
Thank you for sharing
Always find a way to look under the house. When I was a kid, the house across the street sold for $5,000, 1/4 of what my father paid for ours. The living area had been covered over with that grooved paneling that was all the rage in the '60s, covering up the crumbling plaster, but the basement was literally a sink hole, and it wasn't completely stabilized until the 1990s. I went with a couple I know recently to look at a vacation property and while they were looking at the kitchen and bathrooms, I headed for the basement and found that the concrete-block foundation (probably a DIY job) was literally caving in. There are ways to fix that problem with pressure-treated wood, but it involves a lot of work and the loss of some space. No wonder the place was selling for so little.
Hello Samuel. Good evening. It is very useful information. I am wondering what to do if a property is on subsoil in the UK, do you have any suggestions? Thank you very much.
Maybe relevant to number 4 and 5.
Found a 4 bed house that’s been turned into 3 flats / apartments (gas/elec meters - the lot) however I don’t think planking was ever approved. Is this a no no or, are there ways around this? It was done 5+ years ago and the owner passed away at some point. Is this even mortgageable and, as commercial or could I get a residential mortgage as well? I intend to keep it as flats if I am able to purchase it.
Love your videos Sam and only just discovered you a few weeks ago! Will see you soon hopefully!
Great vid.
Wonderful content
Hi Sam please do advise me as I am on the process of buying a property which has a loft conversion. I asked the agent if they have planning permission in place and building regulations however state agent said they did not apply any such paperwork planning permission as they did by themselves ect. The house is categories only 2 bedroom and not claiming as a 3 bedroom house. Loft conversation is very good to the high standard. State Agent said it wouldn't be a problem because I am aware that the house is relatively 2 bedroom. Is this true? Need your advice before it's too late. And also one thing more it was been sold 3 months ago and just recently back to the market. Again asked the state agent why it was back to the market all they say the buyer did not secure the funds it's strange to me because everything is in place the local searches they are very close to completion. So just wondering about it. Any reckon? You're video is made me think. !! If the loft conversation is not a problem because they don't have a planning permission in place no knowledge about this. Many thanks
great video, mine shafts are a big thing in Australia.
My type of videos I invest my time to watch.
How do you get the vendor to allow you to pull up the floor boards to check for damp, dry rot and woodword before you buy the property.
I bought a property in Bolton a year ago, we wanted to inspect underneath the laminate flooring but it would of caused damage.
On completion we lifted up the laminate, and found thick plastic sheeting, covering up major damp, rotten timber and joists.
Had to spend an additional £5k on a full ground floor damp proof course and fixs. Does the surveyor have equipment to find this out before? as they're denying all responsibility of missing it.
I love your video and most of the items I am aware of. Please can you share your thoughts on Steel Frame bungalows? We wanted to buy a lovely home but the Surveyer has warned against investing in it as it’s steel framed and un-mortgageable
Hi Samuel, we’re a young couple looking to buy a flat in some modern apartment blocks but most home reports state that these ~20-year-old apartment blocks are “steel frame construction with masonry infill” or “cavity timber framed construction with block external leaf, etc, while very few of them, being >4 floors tall, are built with brick. Are they all non standard construction? Is it risky to buy a flat in new modern apartment blocks? Thanks!
Hi, would you buy a property next to the land contaminated?
I viewed one of these concrete construction properties and it wasn’t mortgageable. It was up for £35k
So, spending a few grand on electrical rewiring is terribly bad and to avoid, but spending a few grand on Japanese knotweed, oh that"s okay do it.
This video iis inonsistent!
That’s because Japanese Knotweed makes a house unmortgageable whereas bad electrics does not.
@@SamuelLeeds Which would have made your advice the other way round than it was !
So if a house can't have a mortgage because of the construction I'm assuming that wont effect the rent?
Can we buy - No Fines constructed house ?
Me and one of my friends are going to see some houses for our first deal sourcing deals in 2 days, and this video is very helpful. Great content as always.
Rares M hahaha good luck. Deal sourcing is so saturated these days I guarantee u ur wasting ur time. U and ur friend need to get 9-5s and save the long way. I’m sick of little kids watching samuels vids and thinking this is some easy, fast route to succsess
Good luck with your viewings!
@@alfiewoodley01 I have a lot of back up plans, I'm only doing it for the experience. Although saturated, you can still strike gold. I'm not just a little kid btw, I'm a young adult and I just want to experience life and see all offers on the table. Better than having a classic mentality.
@@alfiewoodley01 and I have never said anything is easy btw. I literally just thanked Mr.Leeds for the informational video. It's easy to point fingers, talk down and troll, but then again, there are people like that everywhere. Getting rich is never easy, but there are always easier options. Maybe next time you should be more inquisitive and actually ask more info about what someone is doing rather than just jump to conclusions.
@@SamuelLeeds Thank you very much Mr.Leeds 👍🏻
Is a restrictive covernant actually unmortgageable?
I’ve just found out there’s one on the house I want to buy. I’m paying cash but if I sell it it would be important.
You cannot mortgage a derelict property, a property that has no kitchen and bathroom, a property near mining or near a landfill site.
I'm only 16 and just recently starting looking into property investing so sorry if this is a stupid question but with lease option agreements say u agree to buy the property after 5 years do u pay monthly for 5 years or just pay it all after 5 years and also do u have to actually buy it after the 5 years?
You would pay monthly and then usually you would not guarantee purchase at the end of the 5 years, you just make it so they have to offer it to you after 5 years but a no higher price than the market value of the property as of the start of the contract. (I believe this is what I have managed to gather for this strategy in his vids.)
Maximilian Hawkins say for a property valued at £100k what would the monthly payments roughly be?
You have to look at a mortgage calculator to work out the monthly payments as it depends on your deposit and term years. What you charge people for rent is the market rate, which is set by subjective value.
Is it a good idea to buy a property cheap and out money into repairing it and making it ready to rent?
Yes, Samuel talks about this case in many of his videos. depends on the overall cost of repairs really. Buy Refurbish Refinance if your interested in looking further.
Golden EA yeah, I’ve only been watching Samuel for about a week or so. So inspirational and knowledgeable.
Currently in the process of buying a buy 2 rent with the knotweed problem.
It does cause major headaches yet you can get good deals as many buyers are put off by the problem and many lenders just refuse to lend on this issue.
Negotiate clever....
I bought a house where the bay window has a crack and a council tree roots outside the front potentially damaging the property. I was able to get a mortgage on it because the survey was done years ago that determined the bay windows have different foundations from the house and it is very common in the area i live for the bay windows to crack over the years, as it is a 110 year old house.
I had a quote for doing samples to determine whether the tree was damaging the property, to make a case against the council to pay for the damage. I am still planning on doing this before I refinance but I might try get a valuation before that is fixed just to see the before and after and the agents always sending me mail to value the property for free.
Buying 110 year old terrace houses is very common but many have been looked after and some others not, look out for the ones that have been looked after but not been refurbished as that is the ones for a good deal.
Totally agree with you Simon looked after yet not updated are less headaches
9:11 what do you mean by deadly? for property walls?
en.wikipedia.org/wiki/Reynoutria_japonica doesn't mention deadliness
It can cause structural problems with the foundation and walls of a house and is extremely difficult to remove. Read the material you posted. It says it all
What about ghosts?
rip Danny Butcher
Property is way to expensive at the moment. Not to mention with all the new legislation, tax restrictions etc. Its even more favoured for the Tennant now. Property is not appealing at all. I'd invest my money elsewhere for the time being, its not what it used to be.
Looks like you've only made this video because of the video Glen Kirkham, from your "financial freedom challenge", made on his channel.
I advise everyone to check that out.