Probably the most common call I get is from first time buyers. They always are hungry for knowledge and it is one of the most pleasurable aspects of the business to help them onto the property ladder. Obviously my advice is very mortgage focused but this article has a few tips on the house buying process that you might find useful.
House-viewing checklist: questions you should ask
When you’re buying a property for the first time, there are certain questions you need to ask yourself in order to make the right decision. From the sellers to estate agents to solicitors, you’re bound to deal with a wide range of people on your journey to buying your first home. But what should you be asking yourself and these people?
Here are some questions you should consider asking if you are not planning to buy a new build property:
Have you considered where you want to live?
You might already have an idea of where you want to live but try not to discount certain areas. Areas that are not great now might be on the brink of change. Look for signs like new shops or cafés appearing and other businesses investing in the area. Think about how much space you could get for your money in one area compared to another (if a spare room or a garden is a priority for you).
Consider how near you will be to family, friends and the amenities you need. How far will you have to travel to work? Is there frequent public transport if you need it?
It is a good idea to walk around an area to get a feel for the neighbours and the local community. You will also be able to spot ‘For Sale’ signs and might find a property that you have missed online.
Why are the current owners looking to sell the property?
This information will help when it comes to putting in an offer. It’s good to find out if they are very motivated sellers who may need to move quickly, or if they’ve just put their home on the market to see what kind of interest it gets.
If they’re looking for a quick sale there could be an opportunity to offer a lower price, especially if you’re in a good position with no chain and a Mortgage in Principle already sorted.
How long has the property been on the market?
The time it takes to sell a property varies depending on local market demand, the price and the type of property, so it shouldn’t put you off if it’s been on for a few months.
Normally, if it’s been on for longer than six months there could be an opportunity to negotiate on the asking price, unless it’s already been reduced recently.
Has the property had any major building work done recently?
It’s recommended that you have a full structural survey on a property you’d like to buy, but you can ask some questions before then as well.
You could ask on the viewing if the house has been extended and how long ago that was. It’s also worth asking if there’s any potential to extend the property, but bear in mind this will need to go through planning permission so may not be approved.
What’s the parking situation?
If your property doesn’t come with a garage or parking space, you’ll have to work out where you can park.
Do you need a disabled parking spot on a main road, for instance? Contact the local council to find out how you can get a designated space.
How much will the bills be?
Ask the estate agent if they know how much the Council Tax is for the area, and also have a look at the Energy Performance Certificate (EPC), available on the property listing, to see how energy efficient the house is.
The EPC will tell you the current rating from A – G and the potential rating it could be if the energy efficiency is improved.
Is the property part of a chain?
This may give you a little bargaining power. If a seller has already found their next property, they may be willing to accept a lower offer to ensure that a move happens quickly.
However, if they haven’t, you might become part of a longer chain, so you need to think about how long you’re willing to wait.
Does the local area have any issues to be aware of?
Investigating the location properly is massively important. Do your research. Visit the house and ask neighbours what they think of the area.
Also, if you’re new to the area and will be commuting by train or bus, try and visit the area both during the day and also at night.
What’s included in the sale?
Get as much information as you can here. For example, will any white goods, such as a dishwasher or washing machine, be included in the price?
Having these essentials already in the property will make the move feel a lot smoother as you spend the following days and weeks unpacking. If you already have your own white goods you may even be able to make some money by selling what’s been left behind.
Who are the neighbours?
How much this answer affects your decision will vary from buyer to buyer. Noisy neighbours who party all night long could be a massive turn-off for some people.
But for others, it might not be such a big deal. Alternatively, a community with really friendly neighbours may make up for any negatives a property has.
Ready to get your foot on the property ladder?
Thinking about buying your first home? Getting onto the property ladder can be a big step. To discuss how we could help you through the mortgage process, speak to The Surrey Mortgage Broker – telephone 01252 759233 – email richard@thesurreymortgagebroker.co.uk