Collaborative Post
Buying bricks and mortar is one of the best ways to grow your money and invest in your financial future, but it’s not always easy. If you’re trying to sell your home to fund the next move, you’re a first-time buyer, or you have specific requirements, it can be tricky to navigate the process of finding the perfect home and completing the purchase process. If you’re looking for a new pad, here is an essential check-list for buyers.
Figuring out your finances
There’s nothing worse than falling head over heels for a dream home you can’t afford. To avoid this scenario, don’t start your search for a new property without setting a realistic budget. Before you contact agents or start trawling through online listings, sit down and analyse your finances. Work out how much you can afford to put down as your deposit, seek advice about mortgages and think about how you’re going to sell and buy at the same time. If you find a property you love, and you haven’t yet sold your home, there are options, such as bridging loans, which might enable you to proceed. It’s crucial to make sure that your budget gives you room for manoeuvre, especially if you’re selling, as your home might not attract asking price offers.
Choosing a location
When you’re on the hunt for a new home, it’s important to think about where you want to live. The location of a property is critical for buyers not just because they want to be close to good schools, family and friends and transport links, but also because they want to invest in a lucrative asset. Some areas have a much more healthy and buoyant market than others, and some amenities and facilities are more appealing than others. If you’re buying a family home, for example, proximity to excellent schools, leisure facilities, parks, shops and train, bus and road links will make your home more saleable.
Outlining priorities
It’s rare to find a house that ticks every single box on a wish-list, especially if your budget is tight. Compromise is a word you hear all the time when it comes to buying houses. If you are willing to compromise, it’s beneficial to outline your priorities from the outset. What matters most to you and what could you live without? Perhaps you’re desperate for a large, spacious kitchen, but you don’t mind too much whether you have 3 or 4 bedrooms, or maybe a garage is desirable, but not essential, for example.
Negotiating
If you stumble across a property you love, and you want to take the next step, take some time to plan your next move. Liaise with the agent, find out more about how long the house has been on the market and try and gauge the level of interest. If the vendor is keen to sell quickly, the property has been up for sale for months, and there doesn’t appear to be much in the way of competition, it’s worth trying to negotiate. If you start low, you can always increase your offer.
Buying a property may not always be a walk in the park. If you’re ready to start your search, use this checklist to reduce stress and maximise the chances of finding a perfect new pad.