If you are thinking of buying a property for the first time; it can be a very daunting experience.
There are lots of things to consider but we have set out the 7 basic steps to get you on the right path.
Know your numbers
Financial knowledge is key to ensuring you choose the best option for funding that’s right for you.
Its important to seek advice from an independent financial advisor or mortgage broker as they can provide you with guidance on the best options out there based on your needs-not which company they work for. Remember to ensure you set yourself a comfortable budget & stick to it; there is no point in having a lovely property if you can’t afford to eat!
2. Write down a list of “must haves” for your purchase.
This can be property type, specific locations, features etc; all of the things your dream purchase would have. Once you have done so, go back to the list and cut it in half. Highlight the “must haves” from the “nice to haves” and be really honest with yourself about the key areas you cannot compromise on. The reality is that very few properties tick every box on a dream board so make life easier for yourself by identifying the parts that really do matter to you.
Research, research, research!
If you think you know everything about a location; think again! Spend time looking into the local surrounding area online.
Websites like postcodearea.co.uk are great for the data & statistics but nothing will give you a real sense of an area like joining the local social media community groups! Take a drive around and gain a feel of whats really going on; make sure to do so at different times during the day and week as (like the song says) some places “change when the sun goes down round ‘ere”!
4. This is one that frequently gets missed and is really important-TALK TO LOCAL AGENTS!
If you think that watching the property portals is all you need to know about the property market then think again. There are lots of experienced & excellent estate agents working in the local markets that really know their stuff! Being registered as a prospective buyer with estate agents & talking to them regularly will ensure you get to know about new properties before they are released online. Remember; agents are there to provide help & guidance to buyers & sellers alike.
Viewings- a taboo subject!
Should you view a property if you aren’t sure its right for you? Should you only view a property if you are ready to buy today? Will you be labelled a “time waster” if you view lots of properties and don’t buy? The answer to these is that there is no definitive answer. All sellers have different circumstances and so long as you are honest about your buying position with the agents then they will advise.
Generally speaking; if something has caught your eye enough for you to have a drive by (or ticked enough of your must-haves list) then book a viewing. You wont be able to get a real feel for a property without an internal visit and most sellers welcome all viewers. If you can, take someone along with you as two pairs of eyes are far better than one and its always good to get a second opinion from someone you trust.
6. Sealing the deal!
When you are at the stage of making an offer on a property, its important that you are prepared. All agents will ask for financial verification documentation so its helpful if you have this ready to share with them. Before staking your bid, spend time considering the pricing of the property & how much you are willing to pay (remembering that budget you set at the very beginning of the journey). Once you have reached a figure you are satisfied with then submit your offer-just slightly below the price you are willing to pay. All good estate agents will encourage you to increase your bid and most sellers will turn down an initial price so by pre-planning your increase you are protecting yourself from getting carried away and going over budget.
7. SSTC
Once the figures are agreed & the financial checks have been complete then you have provisionally secured your purchase! Before you start to progress anything further, establish the position with the chain upwards (do the people selling need to find a property still or are they good to do). A lot of the legal & financial work is time sensitive so you don’t want to commence without being certain the chain is complete. Once confirmed, this is where you need to contact your financial advisor to start the formal application for funding and instruct a conveyancing solicitor to carry out the legals. When selecting a conveyancer ensure you choose a company that is recommended for service and familiar with the location . Often the solicitors can unearth matters that seem catastrophic if they arent familiar with the local area & this can throw a real spanner in the works for everyone.
Remember to seek advice & guidance from the experts around you at every stage. The companies working in the industry are there to help.
For any further advice or questions, contact the Crucible Homes team in Chapeltown or Wickersley on 01142459696 or 0170950033