Using Estate Agents
Don’t just use one or two estate agents for your search. In order to widen your search for the ideal property, send a generic email containing the following information to as many local estate agents as you can.
- What type of property you are looking for
- What size and number of bedrooms you want
- What location and how many miles surrounding that location you are willing to extend your search to
- Your realistic lower and upper budget for the purchase
- Any specific requirements such as a garden, utility room or garage
- Include your preferred contact details such as an email address and mobile number
Follow up your email with regular telephone conversations to ensure that the estate agent has you at the forefront of his mind when new properties enter the market.
It is also a good idea to point out areas to the estate agent in which you are willing to be flexible, for example having a garage may be an added benefit but not really essential. If you provide this flexibility it is likely that you will get a wider range of properties put forward to you.
It always beneficial to remain open minded when looking at the estate agent’s description of a property. If there are certain point within the description that discourage you, they may transpire to be minor when you view the property.
As tempting as it may be to put an offer on a property that is just over the top of your budget, this can be dangerous. You might have to pull out of the transaction at a later date or even if you can secure the mortgage you might find you cannot afford the repayments in the future.
The key to an effective budget is to draw up a financial statement that details both your income and outgoings. This will allow you to calculate exactly the amount of deposit you can afford and what monthly repayments you can make. Remember to add some extra into your budget to allow for the costs of moving home and any refurbishments you may have to make. It is always better to have some money left over than not to have enough.
Once you have finished your financial statement, look around for mortgages before you start looking for a property. Seek the assistance of an independent mortgage advisor. An independent advisor will either work for a financial services company or will often work alone. They work on a combination of a fixed fee and commission basis. If they find you the best mortgage deal then you will have to pay a fixed fee prior to taking out the mortgage and they will also claim commission monies from the mortgage company. Using an independent body rather than merely having an appointment with your bank ensures that you will get the best deal for your financial situation.
Finally, when coming to select conveyancing Solicitors to help with your house purchase, make sure that you select specialised conveyancing Solicitors. It’s also worth considering appointing local solicitors rather than relying on one of the conveyancing factories scattered throughout the country.