Buying

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Tips on buying

Before you buy, make sure you remember the following:

Be prepared to view as soon as possible – the best properties in the market generate the most interest, so don’t waste time when it comes to buying your new home

Put yourself in a position to buy – qualify yourself for a mortgage as soon as possible. When buying a property it is worth providing your estate agent with as much information as possible, from your property being chain free to your readiness to proceed with the purchase.

Look beneath the surface – when buying a house it is important to make an impartial judgement based on every aspect of the property. Make sure you distinguish between major work and ‘cosmetic’ work. Don’t let your judgment be clouded.

Protect yourself – property surveys maybe expensive but they can uncover any major defects which may help you renegotiate on price or even reconsider the purchase.

Location, location, location – research the local schools, shops, parking, transport and neighbours to get a good feel of what it will be like to live there.

Don't rule out offering the full asking price - if you find your ideal home and it is priced correctly, consider offering the full asking price to avoid losing out. By bidding correctly and accurately for your desired property you stand a much greater chance of securing the house without being outbid or rivaled.

Ask lots of direct questions about the property – if this is going to be the property of your dreams then ask as many questions as you can about it. Remember to ask about any previous building work that has been undertaken, as well as any major faults that have been highlighted.

Don't be put off by a property that is on the market at a low price compared to others in the area – in this housing market some of the best deals are sold on behalf of developers and lenders and are priced to sell quickly. These properties include some of the best value houses around, so remember to give these your consideration.

Before you buy, make sure you remember the following:

Prepare your finances

In order to put yourself in a position to find a new house, the first thing you need to do is work out how much you can realistically afford. Mortgage brokers offer stricter lending packages than were found in recent years and, as a result, the amount you can borrow has greatly reduced. Once you have combined your deposit and your mortgage funding you should have a better idea of the type of house you can afford.  Contact our offices for further details of our recommended professional mortgage consultants.

Begin the process early

The earlier you have your mortgage application sorted, the better. By qualifying yourself for a mortgage early you place yourself in a much better position to buy.

Be honest and open with your agent

Your agent wants to find you the ideal house to meet your specific circumstances. It is worth providing your estate agent with as much information as possible, from your home being chain free to your ability to proceed with the purchase, so they can truly understand your motivation behind the move. It is also worth considering that your motivation may affect the budget and timescale of your move.

Understand the motivation of the seller

Often the motivation of the seller is a determining factor in the sale of their property. They may be relocating for work purposes, they may be downsizing due to financial problems. Whatever their reasoning may be, it is likely to affect the timescale and budget that they are looking to work with. Once you have an idea of their motivation then you can decide on your offer for the house.

Protect yourself

A survey must be carried out before the purchase of the property, to make sure that it is the condition stated and ready for the purchase. However, many older properties will require more extensive searches, such as a Full Structural survey, to highlight any major defects that may affect the property price. Although this might be a more expensive initial outlay, it will provide you with vital information before you proceed with the purchase.

Similarly, you must be prepared with your insurance company to cover your new property, and any contents that may follow. Your mortgage company is likely to be more favourable towards your situation should you have your insurance already in place.

Research into the local area

Investigate into similar properties that have been sold in the area of your desired property and consider the prices that these sold at. Be aware that this is not always an accurate source, as many houses are sold quickly on behalf of lenders and developers. However, it should give you some idea into how much you should be paying for your new home.

Many websites now highlight the local area that you are looking to move into, including the proximity of local schools, shops, transport and amenities. It is worth having a look around the area yourself, to get a better idea of what it is like to live in the area.

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