Top Tips for Buying A Property

November 30th, 2008 by admin · No Comments

The current slowdown in the global economic conditions has affected most industries. The property market is probably one of the worst hit. The market is full of new news of property prices falling. With the different stories and rumours about house prices today, it’s hard to know the exact validity of the information. Whether house prices are rising or falling, it is important to do all the groundwork to get the best home for you at the best price.

Following are some factors that can help you procure your ideal house at the right price no matter what the economic conditions are like.

1. Research independently

It is important to do your own research into the house and are you wish to ourchase in. Different factors can be important to different people on a case by case basis. For some families, proximity to catchment are of a nearby school may be an important consideration. It is important to note that catchment areas can change from year to year. If you’re looking to buy in a school catchment area, don’t take your estate agent or anyone else’s word for granted. It is best to do some research yourself. You could call the school yourself and ask.

2. Find out sale price for other houses in the same street

When you find something you’d like to make an offer on, confirm price details in the area from somewhere. This can be done form a numbert of sources. check out websites such as NetHousePrices or Mouseprice. These websites can provide a good insight by giving information on the price of house in exactly the same street or area.

3. Don’t hesitate to make a low offer

When you have found a house you like, you should not hesitate to make a lower offer even if the guide price is higher. A guide price is an indication and does not necessarily indicate the lowest sale price. Remember, estate agents may try to value properties higher regardless of the current market conditions.

4. Try to get Extras.

A property is a high value product and is open to negotiation. If you are not able to reduce the price then try your best to get as many extras as possible included in the price. This could be anything from furniture and fittings to dishwashers, washing machines and fridge freezers. They can save significant expenses when trying to set your house as they can cost a fortune.

5. View and inspect the property thoroughly

While viewing and inspecting the property you can draw a list of all minor or major issues with the property structurally or otherwise. Even if issues are small you should list them down. Check around the house and note down everything that needs to be looked at, fixed or negotiated on, before making your offer. Many people make the mistake of not considering minor issues or problems a house especially if it not a new house.

6. Investigate price drops in the area

If you are looking in a new area for the first time and lack information on local price trends in the area, you can use the website PropertySnake which will allow you to search by postcode or area and find out if prices had to be dropped in sale of houses in the area.

7. The sale is not complete till you exchange

One in three property negotiations do not go through. As such if you have found an ideal property but it is already under offer; you may still be able to acquire it. Keep in touch with the estate agent and check on the progress of the sale.

8. Be careful of flood affected areas

In recent years we have all witnessed the damage floods can cause to households. Floods have become much more prominent in UK than they used to be. You can find information on flood affected areas and conduct a check for free with the Environment Agency. From here you can find out if the new property has been built near a flood plain before you make an offer.

9. Affordability

Affordability is probably the most important consideration in buying a house. Before you buy you must consider all affordability issues in advance and ensure you can afford the house and subsequent mortgage repayments.