Buying your first property is both exciting and terrifying. So, we have come up with 6 most important things you should know before taking the leap to ensure that you avoid the most common mistakes and make your journey as stress free as possible.
Get prepared
Before you even start your search we suggest that you sit down with a good mortgage broker who has access to the entire mortgage market and find out exactly how much you have to play with. You will also need to find a good conveyancing solicitor. Brokers and solicitors play an instrumental role in every sale and in getting the sale through to completion in a quickest time possible.
Three factors
Three factors that must always be balanced when buying a home are price, space and location. Changing one factor will impact the others. For example, if you increase your budget, you can get a better location and more space. Alternatively, by changing location you could reduce your budget or increase the size of property you can buy. Play around with this model to match your specific requirements. Compromise and flexibility are key, along with discussing your requirements with a good agent.
Know the area
You can get a general idea about the market in the areas you are interested in by looking at Zoopla and Rightmove for current listings and historical sales data, plus Land Registry monthly reports for market trends. However, your local agent is always the best person to really understand the market there and give you an up-to-date appraisal of what your budget will buy.
The search
Try to see as many properties as you can, see different styles of properties, different areas, so that you get a good feel for the market and what your budget would get you. Most buyers view between 4-8 properties before placing an offer.
Try and build a good relationship with your chosen estate agent, be on time foe viewings, answer phone calls and emails, give honest feedback.
The offer
A good offer will be at a fair price with finance in place and a solicitor instructed. Avoid multiple offers as this may reduce your appeal to a vendor. Make sure your agent has given you the full story behind the property, such as lease length, any major works planned and the motivation of the seller.
If you have your eyes set on a dream property that is above your budget, an effective strategy is as follows. Put forward a ‘take it or leave it’ offer. Emphasise that you see the value in the property but you are capped at this price point. In return for accepting the offer you will move to completion as fast as is humanly possible.
Hope for the best but prepare for the worst
Transactions often take longer than first-time buyers expect. Also be aware that sales can fall through – being mindful of this and actually anticipating it will greatly help maintain your sanity through the process.
Anticipating that the purchase may take some time could prevent you ending your rental agreement too soon and having to stay with friends or family until the completion date. Also, if you consider the possibility of the purchase falling through, you're going to be better at staying open to new possibilities if things don't go according to plan.
Press Contact:
Miss. Claire White
W. Why Media
E. claire@whymedia.com
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