Monday, 27 May 2013

Valuing a House through Fixtures and Fittings

A property with no fixtures and fittings is simply a shell. Fixtures and fittings are the things that make a property habitable. They are the finishing touches that help viewers visualise occupying the space.

To be clear, fixtures are those things in homes that are inbuilt in the construction process. They include light fixtures, sinks, taps, bathtubs, toilets, sockets, switches and inbuilt cupboards and cabinets. They may even include some types of flooring. Fittings are those things that are not inbuilt, but form a part of the home. They can be viewed in a similar light as furnishings. They are moveable, freestanding items such as cookers, fridges, lampshades, paintings that are hung up and free standing art, as well as curtains, rails and rods.

The importance of fixtures and fittings arises especially when it comes to purchasing property. Fixtures will often come with the property but because there is no particular law regarding fittings, one may not always find them on the day that they move into their new property. Another importance of fixtures and fittings is in their effects on the price of the property purchased. Fixtures and fittings increase the value of property. The fewer there are, the lower the value of the property.

In order to ensure that you are getting true value for your money, it is important to meet with the vendor of a property before negotiations begin to make a list of all the fixtures and fittings within the property. Once this is done, it is important to check off those that will remain and take note of those that will not. This information, as stated earlier, will come in handy when it comes to the price settlement. You, as a buyer, can deduce whether the cost you are purchasing the property at is the real cost or if the price has been inflated under the cover of fixtures and fittings, which will not be there when the moving day arrives.

In order to protect yourself from losing out during the purchase of a property, the onus is up to you the buyer to ensure that you have inspected the premises and obtained a list of fixtures and fittings from the vendor. Ensure that both parties agree on which ones will remain by checking them off a list and then sign a purchase agreement that reflects all the terms that have been agreed upon.

1 comment:

  1. Very interesting post. Thanks for sharing it! It is always a joy to learn something that I didn't know. I have you to thank for teaching me something new, and I appreciate it very much. :-)

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