|
Budget – work out how much you can afford. Remember to budget for expenses such as council tax, gas & electricity, buildings & contents insurance, life & critical illness insurance and accident/sickness cover. Don’t forget about new furnishings, conveyancing fees and stamp duty.
Viewings – take an experienced home buyer with you as they will see things differently. It’s important that the estate agent regards you as a serious applicant. Show willing, be eager to view and have your finances sorted – you’ll be top of the list when something new comes on the books. Call the estate agent regularly so that they think of you first.
- View properties as soon as possible. Leave it too long and you could lose them.
- Make good use of your lunch hours or make appointments on the way to or from work
- If two of you are buying and you have children, decide on a chief viewer to weed out all but the strongest properties
- Don’t be afraid to make numerous visits with tradesman to find out what you are letting yourself in for
- Check the history of scruffy/cheap properties. If it has been rented, the landlords may have done the bare minimum in repair and upkeep
- Visit properties at different times of the day so that you get a feel for the area or traffic noise
Please use this viewing checklist.
Making an Offer - Check to see how long a property has been on the market – this will give you an indication how urgent the vendor needs to sell, allowing you to make a lower offer.
It is human nature to try and strike a deal, but if you find your ideal home consider asking near to or the full asking price. While you are negotiating someone else could buy it!
Make all offers with the stipulation of taking the property off the market. Getting a sold board outside is a good way to dissuade others from looking.
Gazumping – ‘outbidding rivals at the last minute’ is a horror estate agents are powerless to stop (even if they wanted to!). Under the Estate Agency Act, estate agents are obliged to pass on all offers received. There is little you can do to repel a determined bidder, but there are ways to lessen the chance of it happening:
- Offer the full asking price and request the property to be taken off the market
- Be flexible with the vendor and don’t quibble over minor points
- Make it clear you’re willing to complete on their timescale, not yours.
- Be nice to the vendor – if you have established a relationship with them, it should be harder for them to let you down
- Take out insurance. Policies are available, at a cost, to cover any lost fees etc. At Bright, we offer a FREE Valuation Promise
|
