A local guide to Buying FAQ
Your budget is of course the factor you should consider first and foremost before you think about looking for a property. This will be your spending limit and will give you a guide as to what properties are available to you.
If you are considering getting a mortgage, it is definitely worth seeking some financial advice. Many developers and estate agents offer their own guidance on finding the best mortgage rates, and it may be worth looking into getting a pre-approved mortgage. These can make the process easier at a later stage when you come to making an offer on the property.
Once you have established your spending limit, the next step is to find a property that interests you. There are several ways of doing this. Properties are advertised locally in the Property News, which is delivered free of charge throughout the area and is available to pick-up for free from all local agents.
Also, this website contains properties from the Slough, Windsor, Ascot and South Bucks areas in an easily online searchable format, and you can register for email alerts so you will be notified of anything new that comes available matching your criteria.
There are also very good national property websites such as primelocation.com which contains properties for sale and rent from around the country.
It is worth registering with as many estate agents and developers as possible in order to maximise the amount of properties available to you.
What am I looking for?
It is a good idea to have a definite idea of precisely what it is that you are looking for. One way of doing this is to make a checklist of requirements that a suitable property would meet. This will help you to focus on what you are looking for. Giving a copy to the agents will also help them to suggest only those homes that are suitable for your requirements. Some things to include might be:
- Price
- Number of bedrooms/bathrooms, reception rooms
- Parking
- Garage
- Garden
- Any renovation that may be needed?
- Local area
- Location in terms of local schools, work, etc
- Noise
- Type of Property
- Direction facing (affects light)
- Heating method
- Age of property
- How long it has been on the market (resale)
Get out there and look
Try to see as many properties as you can to give you an idea of what is out there in your area and what house prices are like. Bear in mind that there are other potential buyers in the same position as you and the agent is instructed by the seller and must try and get the best deal possible for them. For this reason it is best to arrange to view the property as soon as possible, as there may be other people interested.
Arranging a viewing and questions to ask
When you find a property that interests you, you will want to see it for yourself. Arranging to view the property is simply a case of contacting the advertiser who is marketing the property to arrange a suitable time.
The advertiser will most likely ask you a few questions to make sure you are serious, to ascertain your buying position and to satisfy their security checks. This is done to weed out time-wasters and to keep the process as quick as possible.
Don't be afraid to ask questions
You will want to get as much information as you can about the property to familiarise yourself with what you may be buying into. Here are some questions to put to the advertiser and seller and some things to consider.
- How long has the house been on the market?
- What is the reason for your move?
These are possibly two of the best questions to ask to get an impression of the house and area and any potential problems there may be. You may also want to ask the seller:
- What is the area like for crime, schools, entertainment, etc
- How is the house heated?
- How old is the house?
- How old are the electrics/heating?
- Compare the price to that of other houses in the area. Is it cheap/expensive? Why? Websites such as upmystreet.co.uk can help with this.
If you are looking at more than one property, be consistent in your questions. This will make it easy to compare them.
How to make an offer
Once you have found a property that interests you, the next thing to do is to make an offer. Before you do this, however, certain considerations should be taken into account. Working on the basis that you will be taking out a mortgage in order to buy the house, you must decide on several things.
Putting in your offer
When you make an offer your agent will ask you some questions such as:
- What percentage mortgage is required?
- Is the mortgage pre-arranged?
- What kind of time-span are you looking at for the move?
- Do you have any other outstanding offers?
This is to help the agent to get an impression of what stage you are at to communicate to the seller and your capacity to proceed. This may be the deciding element if there is a lot of interest in the property.
How much do I offer?
How much you should offer has to be the biggest question you should pose when buying a house. This is a hard question to answer as it will be different for each property and will be dependent on a lot of factors.
The important thing is to decide how important the property is to you and how much you are willing to spend to get it. Set yourself a maximum amount that you would be willing to go to and do not exceed it.
Once clear on your budget, you will have to decide what your initial offer will be. This will also depend on a number of factors. How far below the asking price you are prepared to go should reflect your confidence in your bargaining ability and level of interest in the house. If interest is high, low offers may be turned down for an offer of the asking price.
On a similar note, if you feel there is a risk of you losing the property, you may want to access your reserve and make an offer greater than the asking price. Be wary, the current market has witnessed a shortage of good property becoming available. This has resulted in a heightened level of interest in many properties and for sellers a level of confidence in getting an offer of the original asking price.
- Decide how much you are willing to spend (maximum) and stick to it
- Find out how much interest there has been in the property. If the house has only just come on the market, the chances are interest will be high. If the house has been on the market for some time, there may be a better chance for price negotiation
- Decide how confident you are about the strength of your offer and your capacity to negotiate if you are going to offer lower than the asking price
- Decide on how much you will offer and how much you are prepared to negotiate
- Talk over with the marketing agent your verbal offer, highlighting your strengths as a buyer (see tips below)
- Submit your offer
Tips
When you put your offer to the advertiser, you will want to emphasise your best points as a buyer. If a seller has had a great deal of interest in their house, they are in a position to select an offer they think will benefit them the most.
If you are a first time buyer, you are in a strong position in that you are not in a chain (you can move as soon as they are ready). This is a major advantage and may put you in a stronger position over a higher bidder who may not be able to move as quickly.
Having a pre-arranged mortgage will save time in the process of buying the property. This may also be an important element for the buyer deciding between offers.
Guide to buying a new home
Buying a new home is a great deal easier than buying properties that are older. You can make it easier by planning in advance and following these simple steps.
1. Location - Consider where you want to live and if you want to stay in the location you are living in at the moment. If you want to relocate, think about which areas will best suit you.
2. Budget - Decide how much you are willing to spend on buying a new home. This will help you restrict your search to properties that you can afford.
Remember to take into account added costs like solicitor fees, stamp duty, surveyor's fee, land registry fee, removal costs, furniture and maintenance costs.
3. Your Requirements - You may find it useful to list what you want from your new home. Decide how many bedrooms you would like, whether you would like a house or an apartment, and whether you want to be near local amenities or transport links.
4. Mortgages - Meet with an independent financial adviser or a mortgage adviser and talk about how much money you can put down as a deposit and what you will need to borrow. That way you can work out what you can afford before you start looking for a new home. Decide what type of mortgage best suits you and your needs - this could be fixed or variable rate, interest-only or repayment, for example. It might be worth getting a pre-approved mortgage which cuts down on a lot of the hassle when you get to the stage of putting an offer on a new property that interests you.
5. Viewing - Contact the developers of the properties that you would like to consider further and make an appointment to view. Ask as many questions as you feel are necessary. The sales staff will be only too happy to help. Ask also about any added extras, like fitted carpets and extra power points, that the developer may offer.
6. Area and Amenities - Once you have found a house you like, it is a good idea to have a look at the surrounding area. Think about transport connections and locate the nearest schools, stores, petrol stations, etc. Find out how much Council Tax, water and electricity cost on average, and whether there are any maintenance fees to pay.
7. Agree Terms - Developers will have considered carefully the price of each new home, bearing in mind the home itself, the entire development, its facilities, and the location of the property. There may be room for negotiation, however. Some developers offer extra features and services, like fitted carpets. These may have an effect on the price. When you go ahead and make an offer, this is subject to the contract and the results of the survey.
8. Solicitor and Conveyance - Once you have agreed on a sale, you need to find a company that specialises in conveyancing. A good place to start is personal recommendations. The Law Society lists local specialists in an online directory. It is best to agree on a cost with your chosen solicitor beforehand. They will need property details, developer details and possibly details of your mortgage lender.
9. Surveyor - The best way to find a surveyor is through personal recommendations - ask friends, family and colleagues. The Royal Institution of Chartered Surveyors (RICS) can provide you with details of qualified surveyors in your area. Agree on a cost with your chosen surveyor beforehand. Costs can vary because they depend on the location and size of the property and the type of survey you commission. This could be a homebuyer's report, a valuation report, or a full structural survey.
10. Exchange Contract - Once the price is agreed and your mortgage is approved, read and sign the contract your solicitor has prepared. After you have exchanged contracts with the seller, you will have a new home. Your developer will give you an estimate of when your house will be ready for you to move to.
11. Move In - Make a final date to move in. Decide whether you want to hire a removal company or move yourself.
Redirect mail in good time and inform local authorities, utility providers, your banks, credit card and insurance companies of your move.