Before You Buy - A Buyer's Guide
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Everything you need to know to get started on the road to buying your dream home
Property to sell? Get it on the market and under offer
This is the first rule for buyers with a property to sell.
Please see our “Selling” section to learn what Henry’s does differently, to help you achieve the best possible price.
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If you are under offer with a completed lower chain, you are ready to proceed once you’ve found your perfect home. You will also be able to negotiate on price for your purchase which could save you £ thousands. On the other hand, if you are not under offer, you may have to offer the full asking price for your purchase to be considered, and may also suffer the heartache of losing your dream purchase to a competitor buyer if they are better positioned than you. (Completed lower chain, or nothing to sell).
Make yourself available for viewings
Desirable properties which are well priced, will generate huge interest. Enquire and get an early viewing as soon as possible – before it gets sold!
Consider a second or third viewing
If your first viewing was mid-day on a week day, try viewing later in the afternoon/evening or at the weekend. This may give you a better idea about the ease of parking, the street scene, whether it’s the quiet area you thought it was, etc.
Condition of the Property
If you are buying with a mortgage, your survey is likely to highlight any significant issues and if any issues are uncovered you may be able to renegotiate. Look beyond a poorly presented property which has mainly cosmetic issues and try to imagine how you can improve it. The vendor will know it may not be presented perfectly and you may be able to secure it at a good price. Take a look at the floorplan. You may be able to reconfigure the property to meet your own requirements. Other buyers may not have this foresight and may simply walk away, perhaps missing out on their perfect property due to a lack of vision.
Are you ready to buy?
1. Get your lower chain complete!
If you’ve got a property to sell, is it under offer, and do you have a completed lower chain? If not, you’re not ready to buy.
If you are a first time buyer, well you are in a great position so read on.
2. Get a decision in principle (DIP) from your lender
You will be looking for the cheapest possible Mortgage to match your requirements so speak to a Financial Adviser who can arrange mortgages with a wide range of lenders. You will be asked to provide evidence you have funds in place to support any offer you make, so have your DIP available.
3. Speak to solicitor, we can help!
Once you’ve made an offer, speak with your solicitor, and be to proceed if your offer is accepted. The selling Agent and their seller will see this as an indication that you are serious and ready to proceed. This can position you ahead of another buyer.
Research the location
Ask an expert who knows about the area, perhaps a reputable local Estate Agent, not the one selling the property, or your potential new neighbour about the location, specifically, the neighbourhood, the Schools, Shopping amenities, Public Transport, Leisure facilities and other factors that may be important to you, to ensure your proposed purchase matches your expectations.
Research Property Prices
Research what similar nearby properties have actually sold for recently, to gve you an indication of whether the asking price seems reasonable. If you notice a property appears to be particularly competitively priced ask the selling Agent if there is anything you need to know about it? Are there any issues with the property? It may simply be that the vendor needs to sell it quickly, or perhaps the property could be a Part-Exchange so the Builder wants a quick sale. Don’t rule these out as they may be amongst the best value houses on the market.
Negotiate the right price
No-one wants to spend more than they need to. So if you’ve found your dream home and it seems fairly priced, do consider your finances carefully with a view of offering as much as you are comfortable with. This may be the asking price. This gives you the best possible chance of securing the property without running the risk of being outbid. For particularly popular properties in desirable locations, which have achieved a lot of interest, you may even need to offer over the asking price, to be successful