Things to Consider before Buying a Property

Buying a property can be a stressful process, especially if you are not prepared before you decide to buy. Having a plan set in place before you start the hunt is key for getting the best out of your property search. Harold Stock and Co are here with seven things to consider before buying a property.

1. Arrange your Mortgage before considering buying a property

Though it may seem like a given, many homebuyers fail to ensure that their financial arrangements are sorted before they look for properties. If you are financially ready before you consider buying a property, however, you are more likely to be taken seriously by estate agents as you will have a “mortgage in principle” from the lender. It may also give you the competitive edge over other potential buyers.

2. Find the best area for buying a property

There are many things to consider before you settle on a new home. It’s important to begin your search by piecing your life together. Think about the areas you can afford, where you and your partner work, the nearest schools, how you plan to travel etc. From there, you can pinpoint the best area for buying a property.

3. Consider the property sellers

Though you may be keen on buying a property you have fallen in love with, it’s important to establish how soon the seller wishes to move at the outset. If they want to be moved out straight away, will it fit with your circumstances?

If you are keen to save as much money as possible, your chances may be better if the seller has an incentive for getting things done quickly. This could be due to reasons such as the property being on the market for quite some time, or they may need to relocate for work purposes.

4. Let the seller know if you are a first-time buyer

First-time buyers are in a strong position when buying a property. As you will have no complications associated with being part of a chain, estate agents and sellers are more likely to see you as a good bet.

5. Make tactical offers when buying a property

Though no one wishes to pay over the odds, it is important to be aware of how aggressively you try to reduce the price when buying a house. If the seller does accept your cheeky offer but feels like the price they are being offered is unfair, this may contribute to your chances of being gazumped.

6. Be smart with your Conveyancing

When it is time to consider buying a property, the best option is for you to find a conveyancer who can guide you through the process. This is where Harold Stock and Co come in.

Your transaction will be dealt with by an experienced Conveyancer who will keep you informed at all stages and will be there for any questions or queries that may pop up.  When obtaining quotes for your conveyancing, be wary of choosing the firm based upon the cheapest quote. This quote may not necessarily include everything and extras may be added throughout the process. Your house is likely to be one of the most expensive items you ever purchase. Do not base your choice of conveyancer on price alone. Look at their feedback and reviews. Speak to friends and family and ask for their recommendations. The saying “you get what you pay for” goes for legal fees as well as anything else.  

7. Be sure to Communicate during the process of buying a property

For example, if you were to go on holiday for two weeks, keeping your estate agent,seller and conveyancer out of the loop could leave the impression that you are getting cold feet. It is important to let them know if you are going away so they can be made aware that you will not be in contact for a certain length of time.

Talk to the Experts

It is imperative that if you receive any letter or contracts regarding buying a property that you find difficult to follow or understand, you cannot simply brush it under the rug and hope it goes away. Any questions you have must be raise immediately to help the process of buying a property go through as smoothly and efficiently as possible.

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