Posted on Tuesday, July 11, 2017
If you want to ensure you are ready to go in such a buoyant market then you need to take a step back and put a little TLC into your preparation. Ready?
Boring I know, but MORTGAGES. Those dreaded appointments talking through figures that quite frankly go in one ear and out the other. This step is absolutely essential! We can’t say it enough - “speak to a financial advisor!!” We recommend an Independent, whole of market financial advisor who can browse across all the lenders for the best rates for you. Rather than going from bank to bank trying to remember the information that each firm has provided, a mortgage advisor can go through all this in one appointment saving you time and in the long run, money! Bonus!
There is also a huge misconception around the level of deposit required and how much you can borrow, so it’s important to be clear on your price range from the outset. It is also advisable to get proof of this with an Agreement in Principle (AIP). We understand not all lenders provide a printable version so allowing the agent you are buying from to have your financial advisors details is just as good. Both options show the estate agent and the vendor that you a serious applicant who is raring to go.
Before you start the viewings you should take time to gather what you are looking for. What does the property need to provide? Is it starter home that you plan on leaving before starting a family? Or is it a home that you will grow into? Is the distance to local schools important and what about the transport links to your place of work? What sort of property best suits you? If you opt for an older style home, have you taken into account the cost of any maintenance that might be required over time, versus a new build? Or if you are looking to buy a flat rather than a house, have you considered the additional yearly costs such as ground rent and service charges?
Once you have a clearer idea of what you want in your head, you’re ready to start the exciting bit and organise viewings. We also recommend speaking with a local agent like ourselves that cover Nuneaton, Coventry and Bedworth who have good knowledge of the area and will be able to provide valuable advice on the current market conditions.
When you are ready to make an offer, make sure you have your agreement in principle ready and decide the time-scales that you are hoping to work towards. A first time buyer in a good position can be just as appealing as a cash buyer or investor, providing you can show that you are organised and ready to move forward quickly. Being open and transparent with the local estate agent is important and building a good rapport from the outset can make the transaction a lot easier.
Once your offer has been accepted, don’t take your foot off the gas. Have a solicitor lined up ready to do the conveyancing so that you can get the transaction moving along quickly.
Navigating the property market can be a scary and stressful time for a first time buyer. But, with the right preparation and advice, you could be unlocking the door to your new home in no time. Also a key benefit of choosing a traditional, locally-based estate agent like Hawkins Estate Agents is the advice they can offer. They will understand the market better than anyone in that area and can, of course, help guide you through the entire buying process – Happy days!