Finding a Property – Are you ready?
Do you feel good – You should as your first time homebuyer journey is about to begin. Finding a property and imagine a dream turning into reality. Well we want to help you make your dreams come true. Owning a property is the talk of the town and literally the interest rates and government support has never been so good.
To own your first property there are some simple steps to make. By following the steps property ownership falls into place. It becomes a pleasure and not a heavy weight on you.
A simple question but one that the majority of first time buyer cannot answer. So you are not alone.
How much can you afford – Affordability
To start to find your first property you must have carried out a Mortgage Market Review with a Mortgage Adviser and then lenders will be able to advise what they are willing to lend to you based on your financial position. To help you, they provide a certificate and proof of this lending called a Mortgage in Principle
If you have a Mortgage in Principle and you have discussed with a Mortgage Adviser the value of a property you can afford we can proceed to find the right property for you.
How to find your first property in just a few steps
- Your Budget
- Your Requirements
- Start your search for your first property
- Narrow down and shortlist potential properties
- Investigate the area and surroundings
- Making an offer on a property
Highlight what your new property must have, what you would like to have and what facilities and services you need that should be near to your new property.
- How many bedrooms do you need? Tip … Need and would like are different things. This is your first home, so be reasonable and maybe look at storage solutions and storage companies instead of pushing for that extra bedroom
- Does it need to be near a good school?
- What restaurants, bistros do you like to be near to?
- If you bought a property but then had to move – would it rent out easily?
- What is the maximum distance from work and what traveling / commuting time would you be happy with?
- Which Locations do you know and are there some that you would feel happy if you lived in them?
You now have some search criteria that will help you compare the properties that you find Purchase price, No of bedrooms, Location, What’s happening – night life
You can use the many online property portals to search using your criteria above. The all important social scene will need to be thoroughly investigated. But of course that comes naturally to you!
You have used the portals above and probably chosen between 3 – 5 properties that you are keen to make appointments to view. You have all the time in the world to choose your property. Rushing to buy a property is never a good idea.
Only when you have visited a property will your search criteria change. You will probably reorder in your mind what is important to you. That process happens naturally but only after the visits.
Your viewing agent will call, you will feel under pressure. The feedback you give is simple …
Your agent will then pass this information onto the seller. Good news for you. You haven’t negotiated but in reality the agent is helping you to get the best deal possible. As a first time buyer, making a decision promptly all helps. When you are ready, the seller will know that you are an eager buyer.
You should have 3 properties in your shortlist and now it is time to investigate. Visit the location of each property over a few days. Peak times and late evening. Are you happy with what you have seen? Have a drink in a local bar, visit the local shopping centre, Take a look at the parking situation. Your experience will help you decide which is the property for you.
Top Tip …. Ask your selling agent what rental income you would get for each property that is on your shortlist. Rents are based on demand and as such, the better property for you to buy, would be the one that could attract the highest rental income.
It’s all about location, location, location.
It’s time to make an offer on the property of your choice. This is where negotiation skills, patience and keeping calm will come into play. Be realistic with your offer, but leave yourself room for negotiation within your agreed purchase budget. Phone the estate agent, make the offer and good luck!