Whether you’re a first time buyer or have years of experience in the world of real estate, committing to buying a property can be a very daunting prospect, to say the least. Equally, buying a home could prove to be one of the most rewarding investments you will ever make. So how do you go about finding a property that’s right for you and what should you bear in mind before taking the plunge?
1. Wish list
Even before you start shopping around, make a list of what you are looking for in a property. En suite bathroom? Spare bedroom? Good views? Parking space? Proximity to shops, pubs and clubs? Once you have drawn up a wish list, this will help you narrow down your search and make finding a suitable property a much quicker process.
2. Researching the area
If you find a potentially suitable property, make sure you spend time getting to know the surrounding area. What are the amenities like? Does it have good transport links? You can find out most of this information and much more, including such things as crime levels and school results, by doing a postcode search on certain property websites. But nothing compares with visiting the area in person and experiencing it for yourself. It’s worth going at different times of the day and on different days of the week to gain a true overall picture.
3. Stick within your limits
When it comes to buying a property, it’s very easy for costs to spiral out of control. It’s important not to overstretch yourself. Set a budget – and stick to it. Don’t forget that over and above the price be paid for the property, costs will be incurred through conveyancing and legal fees, stamp duty, insurance as well as council tax and utility bills. Consider fixing the cost of your legal work upfront and make sure you know your stamp duty thresholds to avoid any unexpected costs.
4. Make your bid a realistic one
It’s one thing finding a suitable property – it’s another securing it. Don’t bid too low for a property. It may increase the chances of being gazumped and may leave a feeling of resentment with the seller. And once you enter the process, don’t disappear on holiday, for example, without informing all the necessary parties. It’s worthwhile building up a good relationship with the other party and then, hopefully, any problems that arise can be quickly overcome by simply picking up the phone and talking through the issue amicably with one another.
5. Trust your instincts
Forget the glossy brochure, the mortgage deal and the proximity to essential services. If it doesn’t give you a good feeling, walk away. On the other hand, if the property gives you a good vibe and it’s within your limits, it’s likely that it’s the right one for you.
With these pointers in mind and your homework done, you can sign on the dotted line with confidence knowing that you have left nothing to chance and look forward to finalising the deal on your ideal property.
With the property market showing signs of good recovery nationwide and interest rates remaining at historically low levels, a new wave of potential buyers are currently on the look out for their ideal property. We have certainly been as busy as ever here at One Park West.
With only 28 apartments remaining, we have had a steady stream of people interested in owning a luxurious apartment in the heart of Liverpool through the door. If you would like to see what we have on offer, why not contact Kingston Shaw Residential on 0151 232 3333 or pop into the new marketing suite open 7 days a week? There’s no time to lose and you won’t be disappointed.