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Buy To Let

Top tips for getting your dream home

Tahmina Mannan
Written By:
Tahmina Mannan
Posted:
Updated:
05/03/2013

We ask the experts for their best advice to make hunting for the perfect home that little bit easier.

Buying a home is hard work. Not only do you have to go through the initial headache of finding the perfect property and the uncertainty of whether you will get the finance, there’s no guarantee until the very last minute that the deal will go through.

Britons, as a nation of wannabe homeowners, spend countless hours pouring over estate agents’ offerings to find the best property in an otherwise trying time.

Dan McLeod, director at Atkinson McLeod estate agents, says:”If you’re out househunting, it’s often advisable to put aside a few hours or even a whole day as you can get a lot more achieved that way.

“Like many things, house hunting needs momentum. Going online and checking all the major portals, creating a shortlist and then arranging back-to-back viewings can be an effective way to look for a property. When you get to properties, take pics or even video the property with your phone.

“It means you’ve got something to look at and reflect on when you’re back at home. It’s hard to keep a good picture in your mind of multiple properties. It also helps if you have really settled on a specific area, or collection of areas. It means you can be far more focused during your search.

“Also, be sure to ask lots of questions of the agent. They’re there to help and a good one will be able to answer most questions you put forward. Last but not least, instinct can also be important when looking for a property. If it feels right, it often will be right.”

Here, we share a few more top tips.

The money bit


Be realistic – Buying a home is a long-term financial commitment and you need to ensure that you set yourself a realistic purchasing budget.

This should allow you to comfortably meet your monthly mortgage payments and your other financial outgoings. It is also advisable to allow yourself a monthly financial buffer to cover any unexpected costs.

Most buyers purchase a property using a combination of their own money and borrowed funds. Your first step should be to calculate how much money you can comfortably borrow from a mortgage lender.

Although it is very possible to source your own mortgage deal, a professional mortgage adviser will assess your individual circumstances, provide guidance on how much you are able to borrow and recommend specific products.

There are several other costs that need to be considered before a budget can be set.

It is first vital to account for each of the following additional costs: conveyancing and solicitor fees, searches and disbursements, Land Registry fee, Stamp Duty, surveying costs, mortgage arrangement fee and mortgage advice fee.

There are several ways of finding a property including, estate agent windows, online property portals and local newspapers.

Before you begin your property search it is vital to establish a list of constraints and priorities. Once you have these you can then start searching.

A good starting point is to look at properties that have sold in the area in which you are interested in. This will give you an idea of the types, sizes and styles you can afford.

Once you have an idea of the type of property you are looking for and your budget, speak to an estate agent. Estate agents know the local area and will be the first to know when a property comes to market. It is important to get to know your agent, visit them and discuss your requirements face to face. This will ensure that when you call or email them they’ll remember you and be familiar with your requirements.

Look around


At the viewing.

Before viewing a property, make a list of the property’s pros and cons, this will enable you to give thorough consideration to each of them there and then. It’s also advisable to measure your furniture.

Take your tape measure with you so that you can check whether your favourite items will fit.

Never view property alone. If you are a single buyer, ask a friend to accompany you or arrange for the estate agent to go along for security reasons.

Arrange to attend several viewings in one day, this will enable you to compare properties while they are fresh in your mind and should help when it comes to drawing up a shortlist.

Consider the exterior of the property and assess what the street is like and how well maintained the property is. Does the property have private off-street parking, is the front of the property in good repair, are there slates or tiles missing from the roof?

Consider the interior and whether the layout of the home works for you. Check out the size of the rooms and think about the furniture you have.

Don’t be put off by the decor, although it might not be to your taste it can easily be changed and shouldn’t prevent you from opting for a home that ticks all of your other requirements.

Check out the services – does the central heating work, when was the boiler serviced?

Look out for signs of damp and cracks in walls or ceilings that could indicate subsidence, it’s better to be thorough than to discover a fault after you’ve bought.

Ask the owner lots of questions – why are they moving, what the neighbours are like, how many viewings have they had, what the average utility bills are, and if they have had any work done on the property.

If you like the property after seeing it make sure you go back for a second viewing at a different time. This will enable you to see what the property looks like in different lighting and check out the local area for things such as traffic flow.

All of these aspects could have an impact on your purchase decision so make a note of anything that worries you.

Making an offer

 

If you’re convinced you’ve found the property of your dreams, it might seem like you have to go through a million more hoops to make it yours.

But patience and a little careful planning could literally save you thousands and a lot of heartache in the long run.

Use recommended conveyancers – Ask around and see if someone knows a reputable solicitor or licensed conveyancer. If you choose a solicitor, make sure they’re specialist conveyancers and have a good reputation for moving quickly.

Offers– Set the offer price too low, and you might just wind up the seller before you’ve even started. Aggressive haggling can turn relationships sour pretty quickly, so tread carefully. You don’t want the seller to resent you, and continue to look around for other offers.

Size-up the property seller – knowing how quickly the seller wants to move on the sale could help you get a good price or hinder you.

If the sale needs to be as quick as possible, you might find yourself in a tight squeeze trying to get your finances in order.

And lastly, don’t just up and leave for a two-week break without letting the other party know about it. Don’t leave anything you don’t understand, ask the seller, your solicitor or even the estate agents. Look online on forums.

There’s nothing worse than being penalised later on a legal issue because you couldn’t be bothered to check up on something you didn’t understand.