Buying a property is likely to be one of the biggest purchases you ever make. It can also be extremely stressful if you haven’t bought a house in a while, or if it’s your first time.
There are many things you need to remember if you’re going to be hunting for a new house. Here are some of the top tips for buying a new property:
Get all of the inspections
Before you sign on the dotted line, be sure to get both building and pest inspections completed. There’s nothing worse than shelling out hundreds of thousands of pounds only to realise that your house is structurally damaged and it will cost a bomb to fix.
For just a few hundred pounds you can have a professional check the property and ensure that there’s nothing wrong with it. They’ll also check for pests and termites, which could also be completely devastating to a property in jut a few short years. If you find any issues which won’t have an impact on whether or not you buy a house but you still don’t like them, you can use them as negotiation points and ask for a lower price when negotiating.
Don’t rush the process
In a perfect world you’ll have months to find a new house. However if you’ve already sold your old house, or have another time-sensitive reason for moving, you may be feeling like you should have found a new house yesterday.
Whenever possible try to see as many houses as you can. Ideally you would see close to a hundred houses in different neighbourhoods, with different features and price points so you can get an idea of what to expect. Make a note of what you liked how close they were to schools, amenities, and public transport, and how many months they’ve been on the market for. Take your significant other, a friend, or a supportive family member as often as you can, so you can look for different things. If you’re the type who gets emotional when it comes to large purchases, bring someone with a solid head on their shoulders so they can help you to think logically.
Know your market
You’ll need to understand exactly what’s going on with the market in the area where you want to buy. If you’re in a buyer’s market you’ll be in luck, as it means that there is a greater supply of property than people who want to buy, and you may find yourself snapping up a great property for less than you anticipated. However a seller’s market is the opposite of this, so do your research, ask around, and consider if now is the right time to buy.
Many things influence the price of property, including inflation, politics, and immigration. The best buyers are informed about the world and know exactly what they’re getting themselves into. Speak to experts, do your research, and you’ll find the experience goes far more smoothly than if you were uneducated.