So you're thinking about buying a house? Whether it's your first purchase or not, buying a property can be a confusing and stressful time. Here are some tips to help you have a successful experience.
Using Estate Agents
Do not restrict your search to using one or two estate agents. In order to receive the best search results possible, draw up a generic email containing the following information:
- What type of property you are looking for.
- What size and number of bedrooms you want.
- What location and how many miles surrounding that location you are willing to extend your search to.
- Your realistic lower and upper budget for the purchase.
- Any specific requirements such as a garden, utility room or garage.
- Include your preferred contact details such as an email address and mobile number.
Send the email to as many locally-based estate agencies as possible so you have a greater chance of finding the right property for you. After sending your email, call the estate agent regularly to keep you at the front of his mind when properties come onto the market.
It is also a good idea to point out areas to the estate agent in which you are willing to be flexible, for example having a garage may be an added benefit but not really essential. If you provide this flexibility it is likely that you will get a wider range of properties put forward to you.
It is always good to try and stay open minded when you are looking at the estate agent's property particulars. If there are certain point within the description that discourage you, they may transpire to be minor when you view the property.
Budgeting
As tempting as it may be to put an offer on a property just out of your financial range, it is a dangerous move to make. It could either result in you having to pull out of the transaction at a later date or even if you can secure the mortgage you will not be able to afford the repayments in the future.
The key to budgeting effectively is to produce a financial statement, which will examine your income and outgoings. This statement allows you to calculate exactly what deposit money you can afford to put forward and what monthly repayments you can make. Remember to over budget for the costs of moving home and any refurbishments you may have to make. It's always better to have a bit of money left over rather than to run out.
Once you have created your financial statement, shop around for mortgages before you start looking for a property. Seek the assistance of an independent mortgage advisor. An independent advisor will either work for a financial services company or will often work alone. They work on a combination of a fixed fee and commission basis. If they are successful in finding you the best deal for a mortgage, you will have to pay a fixed fee before taking out the mortgage and they will also receive a commission from the mortgage company. Using an independent body rather than merely having an appointment with your bank ensures that you will get the best deal for your financial situation.
Finally, when coming to select conveyancing solicitors to help with your house purchase, make sure that you pick specialised conveyancing solicitors. It's also worth considering appointing local solicitors rather than relying on one of the conveyancing factories scattered throughout the country.
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