Property Buying Guide
Buying a property is a big step involving a substantial long-term financial commitment, so think hard about what you can afford. You will need to consider the assets you have – savings – as well as the money that’s coming in and going out. and then realize you can’t afford some of the nicer things in life! It may sound obvious but take time to think of all the things.
Searching the ideal property
You will need to consider what aspects of a property are most important to you:
- Number of bedrooms / bathrooms.
- Parking provisions.
- Separate kitchen and dining room.
- Private garden.
- How much time/money you may want to spend on redecorating etc.
Tell your agent exactly what type of property you are looking for and the elements that you could possibly compromise on. Also inform them what you don’t want .
You may want to consider buying a new build; which are growing in popularity and offer many benefits to homebuyers. The benefits of buying a new home include:
- Not having to spend money or time redecorating or repairing your new home. You may even get to choose the design before it’s built.
- New build house developers usually provide a 10-year warranty. Similar guarantees can be gained from other providers.
- The average new home is(possibly) up to six times more energy efficient than a traditional second-hand home. *(If built using modern techniques )
- There are no upward chains when buying a new build house, so the whole process is quicker and less stressful. Some new home developers offer part exchange deals on your current home.
If you are moving to a new area, you may want to do some research to see if it is suitable for your lifestyle. Useful information about house prices, school performance, public transport links and other amenities.
Getting the most out of viewings
To find out as much as you can about a property you like using the photographs, floorplans, virtual tours, online brochures and local information that is available with most descriptions. As soon as you have established the property is of sufficient interest for you, book a viewing with the agent.
Negotiating and making an offer
Once you have found the property of your dreams, the next step is to make an offer. It is important to consider a variety of factors when choosing your price level in order to achieve the right deal for you. Take a step back to logically look at all the things that matter before making your offer.
Be sure to check if they are in a hurry to sell or have been trying to sell for a long time. If so, they may be willing to accept a lower offer to make the sale. Sellers who are not in a hurry to move are more likely to hold out for a higher price.
Knowing your budget ceiling is crucial so decide your maximum limit from the start and stand firm. If the seller refuses to budge, you need to think very carefully if the property really is worth the extra money and of course, what you will have to live without over the long term. Do your homework and check what the property is truly worth. Whilst sold house prices can help give an idea of recent sales, it’s better to see what the competition is like now. If there are few similar properties for sale in the area, chances are the seller has the upper-hand. Also, if there are any faults or repair work required, use this to justify a lower offer. In tougher times when there are fewer buyers, sellers may be more willing to negotiate on price.
Offer accepted. What next?
Once the seller has accepted your offer, ask them to take it off the market,
- Obtain sellers’ responses to questions, such as who owns the boundaries, whether they have had any disputes with neighbours and what fixtures and fittings are included.
- Check the seller really is the owner of the property.
- Arrange registration of title in your name.
- Once everything is ready, you’ll then be asked to pay a deposit- usually 10% -20% of the property value before contracts can be exchanged. If the buyer pulls out after this stage, they will lose their deposit and may face legal action from the seller.If the seller backs out then will pay double of the received amount to the buyer and may face legal action from buyer.
- A date for completion is usually set for at least four weeks –6 weeks after contracts are exchanged. This should give you enough time to arrange Money.
Enjoy your new home, Best wishes from Ghandhara Estate.