Buying Guide

Buying Guide

View any properties that interest you as soon as possible, if you leave it too long, you could lose the house. But be warned, new carpets, bathrooms and kitchens can be signs of a superficial renovation that is hiding more serious work to be done. 

On the other hand, if you’re tempted to buy a run-down property to renovate and sell on, check how long it's been on the market; one that has been on for a long time can mean there isn't a lot of profit to be made.  

Questions to the vendor

Why are you moving and when would you like to move?

If a vendor would prefer a quick sale because they are changing jobs or want to get their children in to a new school, they will be more open to negotiating.

Have many people have viewed the house?

You’re more likely to get a true idea of the level of interest in the house from the vendor rather than the agent who is skilled at selling properties.

What work have you done on the property? 

How much is the council tax?

Putting in an offer

Although tempting to try to strike a deal, if your ideal home seems to be priced correctly, consider offering the full asking price. You’ll be taken seriously, will avoid time-wasting and it will reduce the chances of another party stepping in.  All offers should be made with the stipulation that the property is taken off the market. A ‘Sold’ board outside will discourage others from looking.

First-time buyers

The more affordable route for first-time buyers is to consider buying with a partner or friends.  The advantage being that it allows you to buy a bigger and possibly better home in the area of your choice. Make sure it’s the right decision by having a six month trial run and rent together first.  It’s much easier to walk away from a tenancy agreement than a joint mortgage.

Chains

Most houses are sold as links in a chain and unfortunately for numerous reasons one in three of these fall apart, for example one party may not have their finances in order, or there could be an unpleasant surprise in a survey.  To help a chain progress smoothly, stay in regular contact with your solicitor and estate agent and make sure everything possible is being done to speed things along.  Remain flexible and be prepared to move in with family or rent on a short-term basis to keep the chain going.

Gazumping

Gazumping happens when rivals outbid at the last minute.  Under the Estate Agency Act, agents are obliged to pass on all offers they receive, although a determined buyer will probably go straight to the vendor.  To avoid this happening, offer the full asking price and request the property be removed from the market. Be flexible with the vendor, don't quibble over minor points and make it clear you're willing to complete on their timescale, not yours.  Lastly, be nice to the vendor - if you've established some kind of relationship with them, it should be harder for them to let you down.

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