A property of non-standard construction is defined as one that does not have brick or stone walls and has a slate or tiled roof, as is the simplest way to explain it. However, there are several examples of ‘non-standard’ construction features, which are often localized, dependent on the kind of materials that were easily available to create.
There are several instances of non-standard construction building dwellings, ranging from timber-only structures to concrete and prefabricated structures. The later sorts of residences, which were mostly built during and after the Second World War as ‘cheap’ housing, number approximately 1.5 million in the United Kingdom. Concrete, unlike brick or stone, does not survive as long, and properties began to suffer from crumbling concrete and corroding steel, resulting in fissures.
Mortgage firms dislike lending on these sorts of homes because they aren’t considered safe to lend for a variety of reasons. The major reason is that the demand for ‘non-standard’ properties is limited, making it more difficult for them to sell and reclaim their money if you default on your mortgage.
One of the other reasons is that keeping a timber or concrete home is tough, and they don’t want to lend if the property hasn’t been properly kept, which may lead to a rapid loss of value. This implies that if you miss payments for whatever reason, it will be more difficult for the mortgage company to collect their money.
Tips When Buying A Non-Standard Home
In order to reflect the challenges in acquiring finance and insurance, make sure the property is priced at a discount. Property should not be bought until you know exactly what it is built of because the majority of “non-standard” homes are sold at auction. As surveyors’, mortgage, and legal expenses may be greater than usual, be sure you have enough money to buy the house.
Before you make any proposals, make sure you have enough cash on hand to buy the house outright or find a specialist lender willing to lend on it. A specialized survey should be carried out on the property, and you should walk around with the surveyor to make sure you understand what difficulties the property has and doesn’t have.
Secure the services of a professional law firm to handle the conveyancing, generally, someone who is familiar with the region and has knowledge of the additional questions that must be answered. Determine the cost of the bills; for example, will the heating bills be higher or lower? Make sure you get bids for insuring the property from a reputable firm that knows the potential issues.
If the house has to be renovated, make sure you choose builders who have expertise in remodeling properties similar to yours. Understand that unless you have refurbished the house to standard construction, selling the property may take longer and you may be forced to sell at a discount to attract a buyer.
non-standard construction properties can be converted to ‘standard’ construction properties by either obtaining planning permission to demolish the structure, or by performing remedial work such as removing concrete panels and replacing them with bricks and mortar, among other things. If you acquire the property at a fair price, you might be able to rebuild or refurbish it and add enough value to sell it for a profit in the future. Showcase IDX system can help realtors connect with potential buyers and sell their properties more efficiently. There are many alternatives, the most popular of which is Showcase IDX.
