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15 Tips for Buying a Property

tips-for-buying-property

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.

 

8) Be patient

Don’t let your patience get the better of you. Never rush into buying a property; buying a house is a big deal and will effect your life. There is an art to buying property, and patience is a big part of it. Impatience leads to expensive and inadequate purchases. If your patience is the direct reason of losing out on a deal, don’t worry, properties come and go on the market. On the other hand, your impatience could be the direct reason of making a bad purchase, and consequently throwing your money down the drain.

 

9) The future is important

Think about the unforeseeable future. The property market is a very uncertain area. Interest rates can increase at any time, and that will have direct impact on your monthly mortgage repayments. You may be out of work for a period of time, would you still be able to afford the monthly mortgage payments?. Therefore try to avoid taking heavy loans and look for a house in your budget.

 

10) An empty property looks so much different

Imagine the property is empty- do not be fooled by proposal a seller has strategically planned. Once a house is stripped from all it’s wrapping, you maybe surprised how different IT, looks. Check behind and under the furniture, because you never know what surprises maybe hidden away- peeling wallpaper, stained carpets etc.

 

11) Don’t forget your neighborhood

Are you looking for a peaceful area? Remember, an Estate Agent is working with the seller to get a maximum sale value- they will arrange viewings at optimum times. When you view a property, the surrounding area may be quiet and peaceful. Consider what the noise maybe like at times you haven’t been there.

 

12) Damp properties

Smell for dampness. Touch the walls; feel if they’re damp. Always be suspicious if a home is overly heated and sprayed with overpowering fragrances.

 

13) The roof can be costly to fix

Check the tiles on the roof. A lot of people neglect the roof when inspecting a house, and that’s exactly where a lot of people have to shell out a lot of expenses. This especially applies to older properties.

 

14) Location is just as important as the property

Finding the dream house is always great. But what about your dream location? Does it contain all your essentials, like a local groceries, schools etc. Don’t just focus on the property; focus on the bigger picture. Make sure the local area is equipped for your requirements.

 

15) Shop around for property

You can never find the right property after one viewing; even if you think otherwise. Make sure you take your time looking at several difference properties. Don’t just look in one area, be a little open minded and open yourself to possibilities. You’ll get a better idea of what your hard earned cash can actually get you.

This blog post was created on Wednesday, March 27th, 2013 and Filed Under Tags: , , , , , , ,
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