Our friends at Fridaysmove sent us this post about the possible pitfalls awaiting first-time home buyers who are keen to get their foot on the property ladder. Property Property Property know how confusing it can be to purchase a home – hopefully this advice will help those of you who might let your excitement get the better of you!
Buying a first home is such an exciting time, you have a budget to work to and an idea of the area you want to live and you set off to view properties with a choice of estate agents. Many first time buyers overlook the important points and let their excitement overwhelm them. This excitement often comes back to bite them a few years down the road.
Start At The Beginning
Having been in the real estate industry for many years, I saw my share of first time buyers. They would see a property they liked and buy it, they really thought it was that easy. Most of the time it is but when dealing with listed properties and older properties here in the UK, there are a few important steps you need to follow.
Rather than using a choice of agents and getting confused at what properties you have seen, it’s best to choose one top quality estate agent that works the area you are looking in. These agents specialise in the area and thanks to MLS (Multi Listing System), they have access to all the properties on the market in that area. Using one agent means you can build up a good relationship with your agent; they will get a good indication of the type of property you are looking for, which can save a lot of time.
By viewing with a choice of agents, you will be shown a large selection of properties that don’t meet your criteria or budget, but using one agent will ensure you only get to see the properties that suit your requirements and taste.
Putting In An Offer
After viewing a host of properties, you sit down and choose one that really tickled your fancy. It has the right number of bedrooms, it’s the perfect size, in the right location and it comes in on budget. You are so excited and call up the agent to make an appointment.
Let’s put the brakes on here. When signing the offer you must make it subject to a surveyor viewing the property. While this may cost you a small sum of money, it is always money well spent, especially when you are putting an offer in on an older property. This is the biggest mistake so many home-owners make and only later on, when the damp starts coming through, do they find out that the foundations are unstable or end up paying a fortune replacing the roof.
A surveyor will come in and do a thorough report; this way there are no nasty surprises about the property a couple of months or years down the road. You can then proceed with the offer depending on how much work the property will need and you can add this to your budget to ensure you will be able to afford any necessary repairs in the long run.
Signed and Sealed
Before you sign on the dotted line you should have a conveyancer in mind. Maybe you know of a conveyancer, a friend who works in the legal industry or you have a company you have worked with previously. It’s essential you know your conveyancer in advance. You can choose anyone to do the transfer for you, but you want to know that the conveyancer you choose is going to work for you, they are going to offer you the best service and get the transfer completed in the shortest period of time without any problems.
In some cases the seller may suggest you use their conveyancer to complete the transaction, while there is no problem with this moving forward, you may want to hire your own conveyancer to work on your behalf. This is something you will need to decide before placing an offer on your first property.
Fridaysmove offer top conveyancers and surveyors from across the country who are on hand to help you buy your first property or protect you when bidding on an auctioned property.