Finding a home, whether you are a first-time buyer or an experienced homeowner, is an exciting experience. At the same time though, it can also be stressful and tiring. If you want to make the most out of your sale, or your purchase, then simply take a look below to find out more.
Finances Come First
Before you even think about looking at properties, you have to make sure that you know your budget and that you also have a good idea of how you are going to pay for your new home. If you’re not a cash buyer, then you will probably need to borrow some money through a mortgage. You will also need enough money to put down a deposit as well. This is usually around 10% of the purchase of the property. It’s very sensible to chat with a financial advisor as they can help you to assess the mortgages that are available, and they can also help you to assess your own financial situation. It’s helpful to find a financial advisor as they can help you to get an agreement in principle, which will confirm the amount that you can borrow if you happen to meet the lender’s criteria. If you want to make the most out of your budget then you will also need to think about things such as stamp duty, legal fees, land tax and various other expenses. If you do not take things like this into account now, then you may end up paying for them later and this can really work against you. If you need some help, then hire a mortgage broker as they can give you the best mortgage rates. Altrua Financial are a good starting point if you want to get the process moving quickly.
Identify your Wants and Needs
It’s vital that you have a very clear idea of how much you want to borrow, so that you can then begin looking for a property that meets the criteria you have. If you want to be near to a particular school or even workplace, then it’s vital that you identify this on a map. When you do this, you can then begin to find out if the property is close enough for you. At this point, it is also helpful to make a list of all the things you are looking for in a property. For example, you might want to invest in a double-garage, but you might only need off-street parking. You may love to have four bedrooms, but at the end of the day, only three might be essential. If you are able to distinguish between your needs and wants, then this will really help you to make the best decision and it will also help you to find a property that is suitable for your needs.
Get your Home on the Property Market
A lot of buyers need to sell their home before they even think about making an offer on the new property. This is a recipe for disaster. If your home is not up for sale then you may find that when your ideal purchase comes along, you are not able to secure it fast enough. Any offers that you make will be listed as being subject to sale, and this puts you at a huge disadvantage when it comes to other buyers who might have found their dream property and have cash available.
Starting the Search
You are now ready to start looking at some of the other properties that are available on the market. You need to begin on the internet, as you can list the requirements you have and get instant notifications when something becomes available. There are so many sites out there that give you the chance to filter results by the location, number of bedrooms and even price too. This is a fantastic way for you to avoid wasting time and you would be surprised at what a difference it can make to your search overall. If you want to be at the top of your agent’s list when it comes to properties then make sure that you do your homework and that you know how much you can afford to spend. If you do this then you will soon find that you can come out on top.
Sorting the List
It’s likely that in just a few days, you will have a ton of property details to look through. You need to try and decide on all of the ones that meet your criteria so that you can go and view each one. You will most likely make the viewing appointment through the estate agent. Sometimes they will be the one to greet you at the property as they will have the keys. At other times, you may be meeting with the seller. Estate agents are very busy people and they won’t hang on for you if you are over 10 minutes late. You need to give them a call if you happen to be running late so that they can then work with you to arrange a suitable alternative.
When you arrive at your first viewing, you need to take note of the outside of the property. Is it what you expected? It’s also helpful to look at the surrounding projects as well. Does it appear to be keeping well with the area? How busy is the room? Remember that if you see some wallpaper that you don’t like, this can easily be stripped, but it is much harder to take care of jobs such as removing a fireplace or kitchen. Don’t let the less important things put you off, but always make sure that you look at the property objectively because if you don’t then this can really work against you.
After you have viewed a couple of potential properties, you will probably then need to think about the ones which you like more. After you have done this and talked with your partner, you then need to go and have a second look. Most sales happen to be agreed after the second viewing. It’s important that you make the appointment at a different time of day, because you will get more of an opinion. You would be surprised at how a property can look different, for example, the rooms might look smaller or bigger than you remember. Ask the real estate agent if you can turn on the taps and check the water pressure, and to see where the power is located. At this point it is helpful to find out if every room has central heating. If the seller is there, you might want to ask them if they are going to be leaving the carpets, the curtains or anything else of the sort. Do not be tempted to make an offer on the spot, instead, work through your agent to see if they can give you some support with the sale and to also help you with the negotiation.
Making an Offer
When you have found the property you want, you then need to figure out the price that you want to pay. Every single property out there has an asking price, and the seller will also have a price in mind that they would be willing to accept. Remember that the estate agent is acting for the seller and not you. They have a legal obligation to try and get the best price for the client, and not for you. You may offer any amount you want, but the agent will be legally obligated to pass on the sale. If you want to help yourself then you need to judge the amount based on the other properties in the area. You can easily ask for items to be included in the price if you want, and you also need to make any conditions clear as well. This could include the date you want to move. You have to remember at this point, absolutely everything can be negotiated so if you want to get something included in the price then make this known.
The agent will put your offer forward and the seller will then decide if they want to accept it, or if they want to reject it. If they accept, then this is fantastic, but if they think your offer is too low then they may want to meet you in the middle. A good agent will always guide you to a figure that they think their client will find acceptable, so keep this in mind if you can.
If the negotiations go well then you will get to the point where you find a figure that the other person is willing to accept. When you have your offer accepted and you have your sale agreed, the agent will then confirm everything. This will be done in writing. You will then see that your property is under offer, sold, or subject to contract. Now starts the legal process. You will need to instruct a solicitor to work for you and you will also need to exchange contracts as well. You should know that until this happens, both you and the seller can pull out of the sale. Luckily, most sales do go through successfully, so you won’t have to worry about anything going too wrong here. That being said, you will need to make sure that you are completely at ease with your decision.