22/08/2021
Buying a property always seems an enigma but if we consider the following tips before making any decision, it will save our time, money and our investment will be secure. If you are planning to buy an already built house or old house, these tips will help you make a right decision.
1) Research is the key
Always do research. You can never do enough research. A lot of people dive into the property market head first and blind folded, and that’s when people make bad purchases. If you like a property, find out about the surrounding area; find out the local crime rate, find out how much properties in the area recently sold for. Find out EVERYTHING. There are tonnes of websites out there that will give you all these details at no cost.
2) Prepare yourself financially
Financially prepare yourself before you make any offers- get financially sorted. Make sure you can afford the property. Make sure you have taken every cost into consideration, like conveyance the solicitors, stamp duty, survey fees, Estate Agent (if they apply) fees etc. Most importantly, make sure you can get the financial backing you need.
3) Structural Survey
Always get a structural survey done. With the newer homes, the basic or mid-ranged survey is fine. But with older properties, definitely get the higher-level inspection. Sure this may add expenses onto your limited budget, but it could potentially save you thousands. Regardless, most Mortgage lenders will insist on a structural survey, as they won’t want to help you finance a house that’s about to fall apart.
4) Property fittings
Make sure you ask what comes with the property before you make an offer. A lot of houses are presented beautifully, especially with fitted bathrooms and kitchens. You may get a nasty shock when you move in only to find the previous owners took the fittings with them.
5) Stay away from the asking price
Never offer the asking price, even if you’re in love with a particular property. Sellers/Estate Agents usually add 5 to 10% from the actual value of the property, because they expect offers to always be below asking price. Be risky, and make a cheeky offer- you maybe surprised.
6) The Property Market
Find out how long a property has been on the market for from your Estate Agent. If a property you’re in love with has been on the market for a long period of time, ask yourself why; be suspicious. If the property is legitimate, and for some odd reason it’s not selling, then make a low offer.
7) Control your emotions
Never act overly keen to either the seller or your Estate Agent. The Estate Agent and seller both have one thing in common- they want the buyer to spend as much as possible. Remember, the Estate Agent is working for the seller, not the buyer.( But not all Estate agents like this) If you act overly keen, they will make you spend more money than necessary. Buying property is like playing a game of poker- you need to play the game with a face of stone.