Advice Area

Points to Consider

Affordability

Your budget will determine what and where you can buy. Your choice will often be for a smaller property in a highly desirable area or a larger property in a less popular area. Properties in a highly desirable area often prove to be a better investment as they increase in value more relative to properties of the same price in less desirable areas. From an investment perspective often a good compromise is to pick a location on "the way up".

Location

What are the most important factors for you:

• how good are the local amenities such as schools, transport, shops and parks?
• what leisure facilities such as restaurants, cinemas, sports or other recreational opportunities are adjacent?
• which area has all these facilities but is not yet that fashionable and could be considered to be "on the way up"?

New or Old?
New property requires less maintenance or upkeep or repairs, but often involves upfront unexpected costs for such items as builders extras, decoration and garden creation. On the other hand repairs and renovations to older properties such as extensions, conversions, new kitchens, bathrooms and windows will always cost more than you think. The plus for an older home is you can take your time to work through these improvements; the minus is the additional cost of heating and unexpected burdens such as hidden woodworm, damp, rot, crumbling plaster and old ineffective service mediums such as pipes and wires.

Which property?

• Use our search facilities to see what is on the market for sale.
• Speak to and leave your name with as many of the estate agents as possible in the location of your preference. Talking to these professionals will help you learn more about the process.
• View a number of houses before making any offer as you will then have made some comparisons and be in a better position to judge.
• Visit a target property at least twice and at different times during the day or night and jot down a list of your pluses and minuses.
• Remember location is the main factor affecting valuation.
• Ask how long the property has been on the market and be cautious about property that has been on the market for more than three months.

Viewing a property

There are so many things to consider when viewing a property and often the most important questions are forgotten. Ensure you ask the relevant questions by taking our handy viewing checklist with you on your viewing.

Viewing checklist view a printable version of this checklist

Estate Agent: _____________________
Agent's phone number: _____________________
Property address: _____________________
Property asking price: _____________________
Current Offer: _____________________

If the property is an apartment or townhouse, particularly an older one, be aware and listen for possible neighbour noise problems.

Making an Offer
The offer should be made to the estate agent who is obligated by law to record it in writing and pass it on in writing to the seller.

Here are some helpful pointers:

• Remember the three most important valuation factors are location, location and location!
• Normally the price of a property has a certain amount of leeway built into it so it is usual to initially offer less than the asking price unless the market is buoyant and you want to try and quickly agree a deal.
• Make sure it is clear that your offer is made subject to survey and contract; this means you will not be legally obligated until your survey has been effected and you have signed the legal contract through your solicitor.
• You may be able to get some carpets, curtains, blinds, light fittings or other contents if you say your offer is to include these items.
• It will cost you more than you think to renovate so remember a property with recently fitted windows or kitchen or bathroom fittings may save you a lot.
• Sellers do not always necessarily take the highest offer. It can help to build a relationship or friendship as some sellers like to be reassured their home is going to someone nice. Also, discuss your offer directly with the seller if possible.
• The seller and agent will be reassured if you are able to:-
• confirm that your own house is sold,
• that you have 5% or 10% of the price available as a deposit,
• that your mortgage arrangements have already been favourably considered subject to survey and you are thus someone the seller or agent should have confidence in.

Once your offer has been accepted you will get a letter from the estate agent confirming the agreement reached on a "subject to contract" basis. This means the arrangement at this stage is not legally binding on either the seller or the buyer. At this point buyers need to incur expense by employing solicitors and surveyors and finalising mortgage arrangements. Buyers are at risk on these expenses if the deal does not proceed to a legal contract and then completion.