Buying a Home: Tips and Tricks
Buying a home can be a daunting and stressful process, especially for first-time buyers. With so many factors to consider, it’s easy to get overwhelmed. However, with the right guidance, you can navigate the process with confidence.
Understanding the Relationship with Your Estate Agent
Before you start viewing properties, it’s essential to understand the relationship you’ll have with your estate agent. According to Phil Spencer, a renowned property expert, it’s crucial to be punctual, professional, and "proceedable." Being proceedable means having all your financial ducks in a row, including a mortgage agreement in principle and a solicitor lined up to handle the conveyancing.
Staying Focused During Viewings
When viewing properties, it’s natural to get excited, especially if you find your dream home. However, it’s essential to keep your cards close to your chest and not reveal your true feelings to the estate agent. Instead, focus on asking important questions that will help you decide if the property is right for you. Remember, estate agents are trained to pick up on clues about a buyer’s desire for a property, so it’s crucial to remain neutral.
Asking the Right Questions
To determine if a property is worth the asking price, you need to ask the right questions. Spencer recommends asking the estate agent about the seller’s position, including how long the property has been on the market, how many offers there have been, and why the sellers are moving. You should also quiz the agent on whether there have been other offers and if the seller is in a hurry to sell.
Checking the Property’s Value
To determine a fair price for the property, you need to do your research. Spencer suggests checking the following:
- What have other similar properties in the area sold for?
- What school catchment area is the property in?
- What is the local crime rate?
- What are the running costs of the property?
- What broadband speeds are available in the area?
Making an Offer
Once you’ve decided to make an offer, it’s essential to start with a realistic price. Spencer recommends starting at 10% less than the asking price and being prepared to negotiate. If your offer is rejected, don’t be discouraged. Instead, ask the seller why your offer was rejected and use this information to calibrate your next offer.
Working with a Buying Agent
A buying agent can be a valuable resource in the home-buying process. They work solely in the interest of the buyer, finding properties to view and negotiating the best price and terms. While their services come with an extra fee, they can provide invaluable expertise and help you secure the best possible deal.
Conclusion
Buying a home can be a complex and daunting process, but with the right guidance, you can navigate it with confidence. By understanding the relationship with your estate agent, staying focused during viewings, asking the right questions, checking the property’s value, making a realistic offer, and considering the services of a buying agent, you can ensure that you get the best possible deal on your dream home. Remember to stay calm, do your research, and don’t be afraid to negotiate. With these tips and tricks, you’ll be well on your way to finding your perfect home.
