Buy

Buying Tips

Listed below are some helpful suggestions to consider when buying property:

Do Your Research…
You can never do enough research when looking at buying property.  Many people plunge into the property market, without being tooled with up-to-date property information, and leave themselves vulnerable to making very 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.  LEAVE NO STONE UNTURNED!  There are many websites out there that will give you all these details at no cost.

Organise Your Finances
Make sure you have your finances in order and you know what you can afford to purchase.  Take every cost into consideration, such as conveyancing, stamp duty, survey fees, Estate Agent fees etc.  Most importantly, make sure you can get the financial backing you need.

Structural Checks
Always get a structural survey on a property.  With the newer homes, the basic or mid-ranged survey is fine.  With older properties, ensure you get a more comprehesive survey.  Although a survey may add to your initial purchasing expenses, it may end up saving you thousands in the long run.  Most Mortgage lenders now require that you obtain a structural survey on the purchase property, as they want to ensure that they are not financing a dwelling that is about to fall apart.

Property Fittings
Make sure you know exactly what comes with the property before you make an offer.  You want to avoid the nasty shock of moving in and finding that the previous owner took the fittings with them.

The Property Market
Do some investigating and find out how long a property has been on the market for from your Estate Agent.  If your desired property has been on the market for a lengthy period of time, be suspicious and ask the reason why.  If the property if legitimately listed for sale, and for some odd reason has not sold, make a low offer.

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.  If you act overly keen, they will make you spend more money than necessary.  Keep your cool and your emotions under wraps!

Patience
“Slow and steady wins the race…”
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.

Future Considerations
The property market is a very uncertain area.  Interest rates can increase at any time, and that will have a direct impact on your monthly mortgage repayments.  Consider the scenario that you might be out of work for a period of time.  Would you be able to afford the monthly mortgage payments?

Don’t Be Fooled By The Props…
When inspecting a property, try to imagine it empty – do not be fooled by props a seller may have strategically placed around the house.  Once a house is stripped from all it’s belongings, you may be surprised at how different it can look.  It is okay to check behind and under the furniture to see that there are no hidden surprises in store for you.

The Neighbourhood
The key with purchasing any property is to remember that an Estate Agent is working with the seller to get a maximum sale value.  As a result, viewings will be arranged at optimum times.  If you are looking for a property in a peaceful area, consider what the noise maybe like at times you haven’t been there.

Possible Damp Problems
When inspecting a property, smell for dampness.  Feel the walls to make sure they are not damp.  Always be suspicious if a home is overly heated and sprayed with overpowering fragrances.

Inspect The Roof
More often than not, people neglect to inspect the roof when considering to purchase.  Check the tiles on the roof to make sure they are in good condition.

Location
The location of your dream home is always important to consider.  Will you be close to all amenities, such as public transport, schools, supermarket?  Make sure you focus on the bigger picture and ensure that the local area will meet all your requirements.

Shop Around
Make sure you take your time to inspect and consider several properties.  Don’t just look  in one area – be a little open minded and look at other possibilities.  Your aim should be to ensure your hard earnt cash buys you the best buy.