A Guide to buying
A guide to
buying - what is involved in buying a property?
Buying a property, whether it is a commercial property or residential, involves many decisive factors from deciding on a budget through to finding the perfect property. Before you start the process, it is essential to learn about what is involved in the process so you know what to expect further down the line. Then you must consider the following points in order to create a successful buyer's strategy.
Buying a property, whether it is a commercial property or residential, involves many decisive factors from deciding on a budget through to finding the perfect property. Before you start the process, it is essential to learn about what is involved in the process so you know what to expect further down the line. Then you must consider the following points in order to create a successful buyer's strategy.
Step one: How much money do
you want to invest?
Perhaps one of the most significant decisions that you will have to make when buying property is at the beginning of the process when you must decide how much money you have to spend on the property. Not only do you have to take into account the price of the house itself but what the process will cost as well. VAT, solicitor fees, estate agents percentage, removal expenses, stamp duty, valuation and survey costs can quickly accumulate and before calculating your costs consider all of the expenditures to get an accurate price range that you will have to spend.
Step two: Choosing a location and requirements
Once you have calculated your price range you must then work out what you want for your money. Write down a list that includes the minimum number of bedrooms and other rooms as well as variables like how essential a garden, garage or driveway is, as well as any specific preferences like swimming pools, acreage or security. If you like or dislike particular areas then make sure your estate agent is aware of this so as not to waste time showing you property in a part of the country you would not be interested in moving to. If you have a family then take into account the education opportunities in the region always do some research before committing to an area.
Step three: Finding that perfect property
There are numerous ways to find a property for sale including searching the Internet, property pages in local and national newspapers and contacting building companies to enquire about new developments in the area. However, the easiest way is to use the services of an estate agent who can advise you on properties that match your requirements.
Step four: Is it right for me?
When you are buying a property it is vital that you don't get carried away with the first impressions of a property. Really look at the building inside and out and get a good idea on the amount of work it will need from a new lick of paint to more intense work like replacing carpets and redecorating. Only view properties that fall within your budget so as to avoid getting swept up in the moment and spending more than you can afford. Dont be afraid to return as many times as you feel necessary before making a decision and ask to see the Homes Information Pack (HIP) that will provide a buyer with important information pertaining to the property.
Step five: Making an offer
When you have found your ideal property the next step is to make an offer that is within your previously defined limitations. If you feel that there are costly or simply time consuming repairs that are needed to be done than it is acceptable, if not common practice, to make an offer that is less than the asking price. There is no limit on the amount of offers that you can make on a property so if an offer is rejected you are free to come back to the seller with an improved offer and so on. An estate agent is a valuable part of this part of the purchasing process as you simply tell them what you want to pay and they will negotiate the price on your behalf.
Step six: What to do after an offer is accepted
When you reach the stage of an accepted offer it is time to get to grips with aspects of the sale that have previously gone unconsidered. Arranging a mortgage, needing a survey, organising legal paperwork and finding out about whether a holding deposit is payable are the main things to take into account before moving to exchange. Once you have gone to the exchange point, the property is legally yours and a date for moving in should be arranged with the current owners before exchanging in case the property chain has been broken and they expect to be able to stay on for an unreasonable amount of time.
From the start of the process, which involves thinking about personal requirements and price, to the end, where an offer has been accepted and mortgages and legal paperwork must be arranged, buying property is often a complex process and you will have many hurdles to jump before you can settle in your new property. The easiest way to limit the stress of buying property is to use an estate agent as they understand the process and can offer advice and help from start to finish.
Perhaps one of the most significant decisions that you will have to make when buying property is at the beginning of the process when you must decide how much money you have to spend on the property. Not only do you have to take into account the price of the house itself but what the process will cost as well. VAT, solicitor fees, estate agents percentage, removal expenses, stamp duty, valuation and survey costs can quickly accumulate and before calculating your costs consider all of the expenditures to get an accurate price range that you will have to spend.
Step two: Choosing a location and requirements
Once you have calculated your price range you must then work out what you want for your money. Write down a list that includes the minimum number of bedrooms and other rooms as well as variables like how essential a garden, garage or driveway is, as well as any specific preferences like swimming pools, acreage or security. If you like or dislike particular areas then make sure your estate agent is aware of this so as not to waste time showing you property in a part of the country you would not be interested in moving to. If you have a family then take into account the education opportunities in the region always do some research before committing to an area.
Step three: Finding that perfect property
There are numerous ways to find a property for sale including searching the Internet, property pages in local and national newspapers and contacting building companies to enquire about new developments in the area. However, the easiest way is to use the services of an estate agent who can advise you on properties that match your requirements.
Step four: Is it right for me?
When you are buying a property it is vital that you don't get carried away with the first impressions of a property. Really look at the building inside and out and get a good idea on the amount of work it will need from a new lick of paint to more intense work like replacing carpets and redecorating. Only view properties that fall within your budget so as to avoid getting swept up in the moment and spending more than you can afford. Dont be afraid to return as many times as you feel necessary before making a decision and ask to see the Homes Information Pack (HIP) that will provide a buyer with important information pertaining to the property.
Step five: Making an offer
When you have found your ideal property the next step is to make an offer that is within your previously defined limitations. If you feel that there are costly or simply time consuming repairs that are needed to be done than it is acceptable, if not common practice, to make an offer that is less than the asking price. There is no limit on the amount of offers that you can make on a property so if an offer is rejected you are free to come back to the seller with an improved offer and so on. An estate agent is a valuable part of this part of the purchasing process as you simply tell them what you want to pay and they will negotiate the price on your behalf.
Step six: What to do after an offer is accepted
When you reach the stage of an accepted offer it is time to get to grips with aspects of the sale that have previously gone unconsidered. Arranging a mortgage, needing a survey, organising legal paperwork and finding out about whether a holding deposit is payable are the main things to take into account before moving to exchange. Once you have gone to the exchange point, the property is legally yours and a date for moving in should be arranged with the current owners before exchanging in case the property chain has been broken and they expect to be able to stay on for an unreasonable amount of time.
From the start of the process, which involves thinking about personal requirements and price, to the end, where an offer has been accepted and mortgages and legal paperwork must be arranged, buying property is often a complex process and you will have many hurdles to jump before you can settle in your new property. The easiest way to limit the stress of buying property is to use an estate agent as they understand the process and can offer advice and help from start to finish.
