Let The Home Buyers Be Aware! Don’t Buy Homes With Potential Natural Disaster Risk
Despite, or possibly because of the current economic crisis, there is an ever growing number of Home Buyers Firms coming into the UK market. These are either private individuals or companies who have arrived at the conclusion that, even with Home Prices sinking, it’s still a much safer bet to put spare cash into Properties rather than leave it in a Bank.
The thought behind this is straightforward enough. Sizeable deposits in banks along with any funds belonging to companies are not insured by government guarantees, so could in theory disappear if the Bank goes bust. Properties on the other hand can’t under normal circumstances disappear. It’s also inconceivable that their values might drop to anything like zero, and in the medium to long term, it’s highly likely that they’ll recover as the financial climate improves.
However, it’s simply too easy for the Home buyers to get carried away, and save up more problems for themselves. Let’s just stop and think for a moment about what that phrase “under normal circumstance” means. Just as we are seeing monstrous upheavals in the financial climate, we need to also be aware of the potential changes in our real climate due to global warming.
These changes may have a disastrous impact on the value, and maybe the continued existence of any Home you may pick as an investment. The House Buyer who’s buying for an investment or as a safe home for his spare funds may be tempted to just look at the findings of a good survey which shows the value and condition of the home along with any current threats that may affect it.
A “real” House Buyer who’s planning to live in the Home will look much more attentively at such threats as coastal erosion, increased rainfall, old mining works, altitude, current and future industrial, commercial and Infrastructure developments, schooling etc. etc, and make his considered opinion about the effect of these during his lifetime.
Anybody lucky enough to be cash rich at the moment can be forgiven for keeping their eye firmly on the current economic crisis and its possible consequences. However, when buying Properties as an alternative to funds in the bank, you need to treat the due diligence as seriously as though you were going to live in the Home.
To paraphrase: Let the Home Buyers beware! When people buy Properties to live in; they make sure of all sorts of things; like current and possible future risks of flood, storm, landslip and other risks. It’s much too easy for those who buy Properties for investment to forget these aspects.
These sorts of purchasers often just watch for a call from someone in trouble to “Buy House”. They jump on the opportunity with a minimum of effort, and return to running their businesses. However, before I Buy Houses, I take as much care as if I was going to live there myself.
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