When you decide to buy a property it is all too easy to get carried away by the excitement of it all. However, there is some homework that is essential before you finally take the plunge into the property market.
Before you view
Ensure you are able to gain the mortgage you need by arranging a mortgage planning appointment with a suitable lender so that you will have a realistic idea of what you can afford. For a quick estimate, use the Mortgage Calculator provided by Money Saving Expert.
Visit the area in person and drive around to get a feel of the place. Visit on different days and at different times if possible to ensure it is a place you would enjoy living in. There are a few questions to ask the estate agent as well as reading all the online information. If the property has been listed for some time, try to find out why. It may not have sold because it is overpriced or there may be potential issues that you are unaware of. Comparing the price with those of similar properties in the same area can be helpful.
Investigate the potential costs of running the property by viewing the Energy Performance rating, checking the rateable value with the local council and running a home insurance quote.
Before you make an offer
There are certain questions you should ask before you make a formal offer. These include finding out whether there are any past or current bids on the property and whether an agreed sale has ever fallen through, and if so, why? Also, ask whether the seller has a price in mind that they would be willing to accept.
You should also have your solicitor arranged before making an offer. If you need a firm of conveyancing solicitors Reading has companies such as https://www.samconveyancing.co.uk/conveyancing-solicitors/conveyancing-solicitors-Reading that will be able to take care of the process for you.
Making an offer
It can be complicated to work out what price to start the bidding at. If there are bids and you really want the property you will probably have to offer more than the highest bid. If there are no current bids on the property, it may be worth offering below the asking price. The estate agent should be able to guide you here.