Buying property involves several steps, including sourcing, appraisal, negotiation, and payment. While those who have been through the buying process before may be familiar with all the stages involved, many first-time buyers can be intimidated at the complexity of the process and will require assistance from a professional.
TIPS FOR BUYING PROPERTY
Here are some suggestions you should consider if you a thinking of buying a property:
-
FIND A PROPERTY ACCORDING TO YOUR BUDGET
Setting a budget should be the first thing a buyer embarks on in the property buying process. This budget should take into consideration whether or not a potential property will need renovations done before it can be occupied, and also other expenses such as mortgage fees and management company fees (if applicable).
In saying that, most buyers who set an initial budget end up going over their limit after having fallen in love with a property at first sight. Sticking to a budget can be very beneficial, however. Having a strict budget can not only limit the financial strain involved in buying a property, but it can actually also decrease the time spent searching for a property by only considering properties within your price range.
-
ARRANGE A SOLICITOR AND A SURVEYOR
Once you have found a property you like and make an offer on it, you should hire the services of a solicitor and a surveyor. One of the main advantages buyers receive from the use of a property buying agent is the recommendations provided for these kinds of professionals who are vital to the buying process. By hiring a solicitor and surveyor based on a professional recommendation the buyer will undoubtedly feel much more confidant and relaxed throughout the buying process.
Also at this stage, the property should be valued (also known as property appraisal). This is important because the value of the property will be compared with other properties sold in the same area, and the buyer will know whether the price set for the property is what should be expected.
-
EXCHANGE CONTRACTS
Once the offer has been finalised and the process of buying the property is coming to an end, contracts should be exchanged between the buyer and seller. It is important to have a property agent or solicitor with you during this phase to ensure that the paperwork is in order and that both parties are satisfied.
There are several things which may take place at this stage, such as the deposit which the seller might ask for and the buildings’ insurance which you will need in order to cover the structure of the property once the contracts are exchanged.
BUYING PROPERTY CONSULTATION
While this post has provided you with brief tips when it comes to buying property, the actual process is much more detailed. If you feel as though you need further help when it comes to buying property you should consider using the consultation services provided by Eldron (click here for more info). We provide the buyer with invaluable information on the best areas for investment, property sales data, how to avoid the pitfalls of property buying, and details of the current property market.
If you are interested in any of Eldron’s services, book a free consultation with us to see if we are the right company for you.
