The current property market may favour home buyers, but this doesn’t mean that home buyers shouldn’t be well prepared and armed with the facts before putting in an offer. Setting out your expectations before beginning the search for a home is just as essential as ever.
The top five tips for home buyers to consider are:
- Price
Price is the number one and biggest determinant of what kind of property a buyer should identify which areas they are likely to find a home that meets both needs and budget. There are a number of good properties from which to choose but that doesn’t mean that sellers will readily accept offers that fall too far short of the asking price. Home buyers need to establish how much they can really afford to spend on a home and know how much they can borrow if they require a mortgage loan before commencing with a property search.
- Location
Location is all important and the home buyer needs to ensure that influencing factors such as traffic, commuting time, nearby schools and conveniences are all taken into account when buying new property. Sometimes compromises can be made if you fall in love with the house itself but ultimately a good neighbourhood and somewhere that you can be happy are paramount.
- Accommodation
Before going to look at a prospective home in person you need to be certain of your accommodation needs. Purchasing a home is a big commitment, and it is wise to look for a long term plan. Ask yourself whether this property will still be suitable for you in 5-10 years. It’s sensible to write a list of ‘must-haves’ and ‘negotiables’ when it comes down to your basic requirements.
- Special features
This is where you think about the features you would really like in your new home. Some of these you might be able to do without or negotiate on. A huge swimming pool and sauna might be a bit far fetched for many; however, a period-style property with some nice features to it is not unrealistic.
Also think about whether the new property is suitable for any pets you might have? Can you park your car? Is there enough outdoor space? These all need to be taken into consideration.
- Cost
Cost is a different thing to the price of a property. Buyers need to know if they can keep up with the ongoing costs of living in their home and whether their budget will stretch. What about council tax, water rates and general home maintenance?
And lastly….
Once all of these things have been taken into consideration and you, as a buyer, feel that the property is right for you, then it’s full steam ahead with negotiating and getting your dream property. Good luck!
Before committing to the purchase of new property, get in touch with a qualified Chartered Surveyor who can help you assess the condition of your new home, and any potential hidden costs.
MRE/SH