Whether you're up for a new ideal purchase, downsizing, or upgrading a property, it is always best to keep in mind how the housing market has been moving and progressing over the past few years. Such could affect your decision and to help you succeed in what you want to do, here's a 10-step guide to your successful property investment.
Spend time doing research.
One of the crucial things you should know of would be location - the best area where you'd like to buy a property in, according to your needs and not just because it was "the place" to be in right now. You also need to do your homework and learn more about the factors that could affect your decision - things like mortgages, the housing market trend, insurance providers, and everything that could have an impact on your current financial situation.
Find a competent conveyancer.
The success of your property purchase relies on how diligent your conveyancing solicitor is. Choose a well-versed and experienced conveyancer to act on your behalf throughout this transaction. Make sure you get someone who will provide value for your money, and that they are members of the Solicitors Regulation Authority and accredited by the Conveyancing Quality Scheme. If you don't know where to look for, you can start asking for conveyancing quotes right here.
Ask for referrals and recommendations.
When it comes to other services you need like a property surveyor, take your conveyancer's recommendations. On the other hand, you can also ask your relatives and friends f they ever hired anyone highly-efficient and budget-friendly.
Plan your budget ahead of time.
It is always best to have your finances before searching for a property. This way, you will know how much you're willing to spend on that property purchase and the services needed to complete the transaction. If you haven't got enough to pay in cash, ask for great mortgage deals ahead of time. When your budget is sorted, it will be easy for you to narrow down your search for an ideal property. Plus, it makes you look serious and ready to purchase in the eyes of the seller.
Work on your post property purchase budget.
Paying your seller, conveyancer, and other companies that assisted you in your property searches will mean that the transaction is complete. But it doesn't end there. You still have to work on your monthly budget, especially if you have a mortgage repayment up ahead and other stuff to take care of - service providers for one and possible changes in your necessary household expenses.
Organise your property purchase calendar.
Even though there are no absolute time scales when it comes to completing a property purchase, it's always best to have a target schedule to discuss with your conveyancer. If you're involved in a chain of transaction, like if you're selling a property to cover the payment of your purchase, make reasonable adjustments to your timeline.
Carefully check everything about the property.
Just because you liked the look of your future home does not mean it's all mint and ready for you. Once you found an ideal property, find time to research every bit of information that can affect your decision to buy, or your future dwelling in it. Find out if there are structural issues through a survey; check if you need a planning permission if you're reconsidering a renovation; and find out if the property is safe and sturdy enough during a bad weather.
Check the possibility of adding value to the property.
Properties are great investments but only if you maintain its current (excellent) value or add something to add value. When asking about the house, ask yourself how you're going to spruce things up to give it a higher value in the future. Also, gather information about the area. See if it's going to be an in-0demand area anytime soon, or when you decide to sell.
Avoid losing to a higher offer when you've had a verbal agreement with your seller.
Yes, estate agents or the seller themselves can be tricked into agreeing to a higher offer even if they already agreed to sell the house for you at a reasonable bid. To prevent this from happening, ask the agent (or the property seller/owner) to take it off the market once an agreement has been made.
When in doubt, ask.
It’s never going to hurt of you ask questions about the property. You can do that directly during viewing or you can send in your further enquiries through your conveyancing solicitor. It's best to find out everything you need to know to make sure you're not going to make a bad decision about this property purchase you're so looking forward to.