First Time Buyer
You have just seen your dream home and you are filled with excitement about it. But there is a bit of a journey before you can go on to make that offer. As a first time buyer, navigating the property market can seem a tad confusing. Let’s face it, there are some knots to unravel and what looks like a dream home might just be that. A dream.
In order to ensure that you get the best possible deal, it is important to do the groundwork. This is not to put you off, but the property market is highly competitive and you can put yourself in a position of strength by being efficient and well prepared.
Below are some important steps to follow before you can comfortably make the offer on a home.
Maybe you have thought about buying a home, but you’ve never gotten round to doing that before now. Or you could be thinking about making such an investment for the first time. Regardless of which category you fall into, you probably already have a pretty good idea of what you want in a home.
At Elliot Davis Properties, we advise our clients to settle the finances as soon as possible. As a first time buyer, talking to a financial consultant is probably not what you expect to do right from the beginning. You would rather be off doing more exciting things like viewing potential homes. And we understand that.
However, it is vital to know what you can afford before you start looking as this will guide your search. Most people do not really know what level of deposit is needed and how much they can borrow. This can lead to a lot of disappointment and wasted time. This is why we offer financial advice to our clients on the best mortgage route.
You can stand in a position of strength if you are able to get a mortgage agreement in principle. This sets you apart and marks you as a serious contender.
In this case, the right estate agent is one that has extensive local knowledge and can give you the best advice on prospective properties. Not only do they understand the market, but they are willing to walk you through the entire process. This is essential for any buyer.
At Elliot Davis Properties, we have in-depth local knowledge and provide the best property advise to our numerous clients. With our first time buyers, we understand that the process can be a bit daunting. Which is why we do our best to guide you through the process of buying the right property for your needs.
When you work with estate agents that care about your satisfaction, the journey becomes much more pleasant and the property waters, easier to navigate.
Now that you know how much you have to spend on your house and you have engaged a solid estate agent, the next step is to research prices in the area you want. It is important to think about what you need and what is negotiable.
Although you might already have a good idea of what you want, it is important to keep an open mind because it is possible to find just what you need, even if it does not fit into your preconceived idea.
As you carry out your research, there are a few things to consider.
* How long you would like to stay in the house
* If proximity to certain areas like schools, transport hubs, etc., is of prime importance
* Whether you are willing to take on maintenance of a home
* Flat versus house
* Ground rents and service charges
When you carefully think through these and decide which is more suited to your personality and needs, then you would have narrowed down what you are searching for. Our agents at Elliot Davis properties are always on hand to guide you through this part of your property haunt.
The next step is to organize a viewing. Don’t feel pressured about finding the perfect home. Remember that keeping an open mind is important. While you should be alert and look for red flags like water marks, problems with dampness and roof leakages, it is important to differentiate between structural issues and problems that can be fixed with minor repairs.
If you see something that suits you, don’t wait around or someone else might snap it up from right beneath your nose. Let your agent have the mortgage agreement in principle then work towards a mutually agreed time-scale.
Being a first time buyer does not place you at a disadvantage. If you are organized and efficient, you can have as much appeal as a seasoned investor. So, go ahead and make your offer. Once it has been accepted, get a solicitor to draw up all the relevant documents. At Elliot Davis properties, we have an experienced solicitor who can get that sorted out for you.
Buying a property for the first time does not have to be a nerve-wrecking experience. Being efficient and connecting with the right estate agent can make things go smoothly. If you are buying an investment property for the first time, contact us 020 8552 0711for a free consultation.