Buying a property, particularly if it is for the first time, is a very personal affair. It relies on factors such as your employment situation and perhaps, whether you are in a serious relationship or not. No matter what your circumstances, however, there are a number of elements that are applicable to us all and that warrant consideration.
Buy When You’re Ready and Not Before
Those who find buying a property and then dealing with the responsibilities that come with it the most trouble free are those who are the best prepared and for many, the most important consideration is the deposit. Having an ample sized deposit means lower mortgage rates and possibly a shorter repayment period, so buy when you are ready and not before.
It may also be useful to think about the time of year in which you look to buy a property. During the winter for example, there are less properties on the market, but you may be able to negotiate a good deal on the ones that are. Spring, meanwhile is the most popular time of the year to sell a house and so you will have more properties to choose from, albeit at a price that is more premium.
Once you have a deposit you can start to plan your purchase, but try to remain measured in your approach. Looking out for good mortgage deals is really worthwhile as the smallest of margins can make a huge difference in the long run. Using comparison websites, visiting your own bank and gathering advice from friends are all worth doing when pursuing the best mortgage deal. Whilst looking to secure a mortgage offer, these last between 3 and 6 months, buy yourself some time and begin your property search, by researching some locations.
Selecting a Location
“location, location, location” is the mantra that we hear time and again when it comes to house hunting and there are many reasons for that. Besides the issues surrounding proximity to your friends, family or workplace, location goes a long way in dictating the price of a property. Plus, it feeds into factors such as lifestyle – do you want to be able to stroll down the road for a coffee or have more peace and seclusion? For the majority, selecting a location will mean a certain amount of compromise based on a well thought through the list of desirables.
It is when selecting a location and a property therein, that people often fall into the trap of overstretching their budget and so bear this in mind – no use having lots of nice restaurants close by if you can’t afford to eat in them.
The Bricks and Mortar
Pinpointing a property to buy can be the most exciting part of the journey as long as you follow a few simple guidelines. First, use a reputable estate agent like Andrews to help you with the search. Also, try to be quite specific about what type of property you are looking for – this may save you a considerable amount of time in the long run and stop you from being distracted by properties that are out of your budget.
Having found a property that you are serious about buying, put an offer in that is around 15% lower than the asking price and wait. If the offer is accepted, great, if not negotiate by offering more on the condition that the house is taken off the market immediately – this lets the seller know you are serious and gives them something else to think about other than the monetary offer.
Once you have an offer accepted, put the legal cogs in motion and celebrate before you begin to plan the logistics of moving – your next big project.