Tips & Tricks
A quick Guide for First time buyers
Work out what you can afford
Buying a house or property is a major step that requires careful thought about affordability and lifestyle considerations. Getting to know local agents is crucial as they have knowledge about the area’s history and can provide guidance on its future prospects. Research their track record and seek recommendations from friends and family to find reliable agents who can assist you in making informed decisions. By considering these factors, you can navigate the process of buying a house or property more effectively.
Finding the right property
It is imperative you talk at length and honestly to your agent in order for them to know what you are looking for. They only go by what you have told them you are looking for and the whole process will be significantly smoother if you’re both on the same page.
Find the right mortgage
When purchasing a property, the mortgage typically represents the most significant cost for most individuals. Failing to keep up with monthly mortgage payments puts your property at risk of being repossessed by the lending bank or building society. In today’s market, it is crucial to secure a mortgage with a lender before starting your property search. By doing so, you can act swiftly when you find the right property and minimize the risk of losing it to another buyer. Moreover, having pre-approved financing puts you in a stronger position during negotiations. Generally, the most favorable mortgage deals are accessible to those who contribute at least 15% of the property’s value, allowing the mortgage company to cover the remaining 85%.
Get the most out of viewings
Try to keep a clear head and go in with a neutral mind-set when it comes to viewing properties. Later in the evenings or weekends may be best for you, but possibly not the seller. Consider taking a day or two off work and line up multiple viewings instead of spreading them out over weeks and weeks.
Be punctual for your appointments, don’t miss your slot and annoy the seller, who is likely to have gone to some effort to get the property ready for you.
View the property multiple times and at different times of the day to get a real feel for it. Always give honest feedback. That way, your agent will get a better idea of what you do and don’t like
Negotiating and making an offer
If and when you make an offer on a property, you need to make sure your agent knows exactly where you stand. They need to know how flexible you are with the price, your mortgage offers and timings. The more they know, the better the job they can do for you. You need to be realistic and seek professional advice on what you deem a genuine offer if you are serious about a property as no one likes a time waster!
Conveyancing – the legals
It is important to understand what a conveyancer does. Your conveyancer should relay the sellers’ answers to your questions. Issues such as who owns what regarding boundaries, are there any disputes with neighbours and what fixtures and fittings are included. They should also check copies of any guarantees on the property, details of planning permissions and building regulation certificates. Alongside this, they should advise you and make sure you pay the stamp duty on the property. Lastly, they need to help arrange the registration of title in your name.