7 Essential tips when purchasing a property
What should home buyers consider?
Whether you’re a first time buyer or an experienced home mover, there is inevitably always one thing you wish you’d thought of before you signed on the dotted line especially when it’s a property you’ve fallen in love with. Keeping your wits about you and having the right mindset can really help you with a purchase. See below for some tips to follow when you’re in the process of purchasing a property or are looking to purchase.
- Work Out Your Budget – with great mortgage offers available at the moment don’t commit to financing you can’t afford – especially when interest rates go back up.
- Buy & Improve – In this market don’t expect your property to increase in value on its own. Buying a fixer upper can be cheaper and gives you the opportunity to add value yourself. Make sure you get a good survey and some advice from a builder where possible. Remember that you will need spare cash flow to pay for any improvements you make. Here at Edison Ford we have a property maintenance division who can provide you with a competitive, no obligation quotation. Get in contact with us today to discuss your requirements.
- Take Your Time – The good news for you is it’s now a buyer’s market – so you can afford to be fussy. Properties will not shoot up in price whilst you make you make up your mind.
- Buy For The Long Term – Most importantly, as we ALWAYS say, any purchase should be for the long term. There’s still a real chance the house you buy today could be worth less tomorrow. If you’ve bought a house you can live in for the long haul, you’ll protect yourself.
- Make Allowances For Life Changes – Be sure you think about what the next big change in your life might be, whether it’s moving job, getting married or starting a family, think whether this house can accommodate it. If not, it’s unlikely to be the one for you.
- Putting in an offer – its human nature to try to strike a deal, but if you find your ideal home and it seems to be priced correctly, consider offering the full asking price. This means you’ll be taken seriously, there won’t be any time-wasting and it will lessen the possibility of another party stepping in with the full asking price.
- Chains – One in three property chains fall apart. This can happen for numerous reasons, from one party not having their finances in order, to an unpleasant surprise in the survey. The best way to ensure a chain progresses smoothly is through good communication. Stay in regular contact with your conveyancer and estate agent to make sure everything possible is being done to speed things along. It can also help to stay flexible. Be prepared to move in with your family or rent as a short-term measure if it means you can keep the chain going.
If you are looking for advice then please do not hesitate to get in contact with our sales expert, Kim Hewer on 01454 316718 or firstname.lastname@example.org. She will happily explain the process of purchasing in a step by step clear and concise manner.