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Buying a property

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In recent years, it is has become increasingly difficult for first time buyers to get that all important first step on the property ladder. This has resulted in buyers often trying to find creative ways of bypassing their financial restrictions, such as buying in partnership with friends and family members, seeking out ex housing authority properties, attending auctions for repossessed properties and relocating to more affordable areas. However, whilst these approaches may increase the chance of purchase, it is always important to follow certain steps and procedures to make the purchase a reality, rather than a pipe dream.

Property buying can be stressful, do your homework

Unfortunately selling and buying property can often be a time consuming, stressful and frustrating process even for people on the property ladder.  If you have located what you consider to be the property of your dreams, it’s highly likely that other people will also have their eyes on it. Therefore, if you find something you like, it’s essential to act as soon as possible- and this means viewing it as quickly as possible. In order to become quickly aware of properties that become available, it’s highly advantageous to regularly peruse estate agent’s websites and sign up to their digital mailing lists. Once you’ve found a property you like- you should make quick decisions about whether it’s actually right for you. For instance, if it’s run-down, can you afford the money for renovations? What exactly do you need for renovations and home improvements and where and how are you going to buy them?

Buying property

Despite contrary opinion that suggests that negotiation and trying to get the asking price reduced is a necessary stage of the home buying process– if you really like a property, it may be worth-while offering the full asking price immediately. Whilst this may not be a regular practice on the numerous property shows presently on TV, offering the full price early on will not only provide you with the property of your dreams, but prevent the possibility of gazumping and losing money at a later date. Therefore, if you see something you intuitively like and ticks all boxes- don’t be complacent, but express your enthusiasm and interest immediately. It makes the complex, time consuming and expensive process of buying property a lot easier, and you can rest assured it won’t suddenly be pulled from under your feet by another buyer also intent on getting it. In most instances, offering the full price as soon as possible will result in the property being removed from the market immediately- and away from the beady eyes of other potential buyers! This really isn’t the case with every purchase at all however, it is really only recommended in areas where property gets snapped up very quickly. For good reason, gazumping has become one of the most ugly words in the English language, and if you don’t already know, happens when rivals suddenly offer the vendor more money at the last minute, regardless of outlays you may have already made, such as, surveys, valuations, landing registration certificates, etc.  Whilst other potential buyers are expected to submit offers via estate agents, who are in turn supposed to inform you, gazumpers often approach vendors directly- leaving you and the estate agent out of the loop. Although gazumping is illegal in Scotland, and is regularly identified as an unethical process in the rest of the UK, it is disturbingly common, and can be a source of significant stress for people who fall victim to it.

Therefore, it’s always best not to make decisions about the suitability of viewed properties in hindsight. When you view a potential home, take a checklist with you, so you can ascertain there and then whether it is right for you.  You should remember that the vendor is eager to shift the property as quickly as possible, as they are likely to be in an always precarious chain, and will be happy to answer your questions. Important things to consider include, the size of bedrooms and if they really do suit your needs, the volume of storage space and whether the property can accommodate your possessions, how sensitive you are to noise and if the property has double glazing and whether it can reduce it, if there are any signs of damp in the property and what damp proof action has been undertaken in the past to safeguard against it, and when and how the central heating was last serviced.  It may seem unimportant, but getting this sort of information from the outset can really make the house buying process easier and much shorter in the long run.

 

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