| HOMEBUYING
GUIDE
Top
tips for first-time buyers
Get a mortgage offer in principle before
you start househunting
This may seem premature, but you need to know exactly how much you
can borrow, so that you will know what you can spend. Most mortgage
offers are limited to a period of around six months, so that should
give you plenty of time to look around. Mortgage lenders will extend
the offer if your purchase is delayed for any reason.
Having a mortgage offer will put you at an advantage with buyers
too and your offer is more likely to be accepted.
Don’t
just rely on estate agents to find you a property. Many properties
never go on to the books of estate agents. Try looking in local
newspapers and Loot for private sales. Also try the Loot website
www.loot.com which
enables you to make direct contact with the vendor and other sites
such as www.easier.com
and www.fish4
homes.co.uk
Decide on your priorities What is most important to you? Do you
need to live near public transport, or shops? Do you want a garden?
You may have to be prepared to compromise. If you’ve set your
heart on living in the latest property hot spot, but find that most
properties are way out of your price range you may have to look
somewhere else, or live in a studio flat. If you search further
afield you’ll find your money goes much further.
Take
somebody with you Before you put in an offer take somebody with
you for a second opinion. While you might be seduced by period features
or the state-of-the-art kitchen, a second eye might be able to pick
up on potential problems, such as a railway line running at the
bottom of the garden.
View the property in the day and the evening Make sure you feel
safe in the area at night. Are there any noisy local bars, pubs
or takeaways that might cause you a problem? Also try opening the
windows to check the noise levels, especially if the property you
are looking at is on a main road
Don’t be put off
by tasteless décor Décor is something you can change
easily and cheaply, so don’t let 70s wallpaper put you off
a potential bargain.
Don’t skimp on surveys Spending extra money is the last thing
you will want to do, especially if you’re on a budget, but
a good survey can save you loads of money in the future. The older
the property, the more important it is to get it checked out thoroughly.
A full structural survey should pick up potential problems with
the roof, for example, or spot the early signs of dry rot.
Go with your gut feeling People always say that you “just
know” when you’ve found the right property, but it is
true. Don’t rush into buying something you’re not sure
about, just because you’re fed up of looking.
Don’t think that just because your
offer has been accepted that you’ll get the property Sadly
gazumping still goes on. You may have set your heart on
a property, made an offer and had it accepted. But that doesn’t
stop the vendor from accepting a higher offer from somebody else.
It can work in your favour though as you could gazump somebody else.
Negotiate
on appliances If you don’t already have a washing machine
or fridge freezer, the vendor may well throw in appliances, curtains
and carpets for a small extra cost if you ask. They may not be what
you would choose yourself, but could see you through the first costly
years of home ownership.
For more
on the Homebuying Process please click
here for Buying Steps Section
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