1. Be Sure of your Finances
Ideally, before you start out viewing properties make sure you have fully investigated your financial position. Have you taken advice from an Independent Mortgage Broker, do they have access to the 'Whole of Market' or just from their small panel of lenders? Can you afford to repay the mortgage each month if the interest rates continue to rise? Check your affordability against a 3% rise in interest rates. You will want to avoid nasty surprises when your fixed-rate deal ends!
2. Be Better Informed
Most homeowners now have to provide detailed information on their property and make this available to potential buyers. Before you make an offer, ask to see this information. or ask more questions, What is the WIFI speed? What items is the Seller leaving behind or prepared to sell? Are there any guarantees for any work that has been done? Can these guarantees be switched to you when you move in? Has the Seller ever been refused insurance on the property? The estate agent has a duty to provide these answers to you, honestly.
3. Timescales
It's no secret that property transactions take time, you could be facing up to 150 days to exchange contracts and move in! So be sure when do you have to move by? Do you have any dates that you have to avoid, holidays etc. Communicate your timescales as early as possible and certainly when making an offer.
4. Compromises
What are you prepared to be flexible on, e.g.; will 3 bedrooms do when you are looking for 4? Can the garage be converted to solve this? By broadening your wish list you are more likely to find the ideal property.
5. Commitment
Buyers expect Sellers to remove the property from the market when their offer is accepted, however, more and more Sellers are asking for the same commitment from their Buyer. Ask yourself, what level of commitment are you prepared to make? This will help your offer be taken more seriously by the Seller. In a crowded market, it could make all the difference.
Protect your purchase from Gazumping by using a Reservation Agreement. Contact us at info@gazeal.co.uk for more information.
