Here are 6 simple steps
1) Find out how much you can afford.
Visit an independent mortgage advisor and confirm how much mortgage you can afford ?
Work out how much deposit you can raise and what the costs will be including solicitor fees and stamp duty.
Remember that there will be utility bills to pay so build those into your calculations.
2) Make contact with an estate agent.
There is only so much you can do on the internet and a good agent can help you sort "The wood from the trees" and help you find you your perfect home a lot quicker.
Let them have all the information you can. What price bracket you are looking in,how much deposit you have and just as importantly what type of property you are looking for.
Make a list of how many rooms you want, the preferred areas, local amenities and anything else that is important to you.
The more you tell the agent the easier it will be for them to find the best property for you.
3) Arrange to view.
Make appointments to view your chosen properties and keep them, if you cannot make an appointment let the agent know.
Take a list of questions with you, such as, what is the area like, how is the property heated ? How much is the Council tax and what are the neighbours like ?
It is important to find out as much as possible so you can make the right decisions.
Make notes after viewing and review them later.
4) Keep in touch.
Let the agent know if your requirements change, you may decide after seeing some properties that you need an extra bedroom or a bigger kitchen.
Your agent may have a more suitable property but not shown you it yet, as they think it is not what you want.
5) Sell your property first.
The best way to cut out disappointment is to place your property on the market and get interest before you find the home of your dreams.
6) Make an offer.
When you have found the property you want make a formal offer through the agent.
Let them know how much deposit you have and the details of your mortgage.
Before you offer make sure you have carefully considered everything, does it meet all your criteria ?
Is it large enough for you now and in the future, is it in the right location ?
If you want to be considered as a serious buyer, the last thing you want to be doing, is making offers and then withdrawing them because you have changed your mind.
When the offer is excepted you will need to chose and instruct a solicitor to deal with the transaction.
Good luck with your house hunting, if you have any other questions please ask
Thursday, 29 October 2009
Tuesday, 27 October 2009
Out all day Wednesday 28th see another answer Thursday. What is the best way to sell in the current market?
If you are going to sell in the current market, it is so important to have the right approach, so you can maximise the amount of interest from the very best purchasers.
There is no such thing as one size fits all. Most people put their property on the market, leave it and hope for the best.
You need to find an agent that will take a far more individual, innovative and proactive approach.
Here are some of the ways we help our clients move in any market.
Offers in excess
Is one of the best ways of obtaining the maximum amount of interest in your property.
It encourages the best place purchasers to view your home and quite often achieves more than one offer.
Which results in potential purchasers out bidding each other.
Part exchange
Any well connected agent will have a system to identify potential home swaps, such as a retired couple wanting to down size,with a young family looking to expand.
Often it can be easier to exchange properties rather than a normal sale and purchase.
Auction
Offers speed, simplicity and certainty.
If you require an exchange of contracts and completion 20 working days later
because your are going abroad or moving to start a new career.
Then auction may be the solution, providing you are able to agree to a realistic reserve,typically 15/20 % below the market value.
Remember a purchaser is legally bound to complete once the gavel has gone down.
Open house
Can produce an added excitement amongst potential purchasers as they all veiw on a given day within a limited 1/2 hour period.
This also avoids the hassle of having to keep the property tidy and arranging individual appointments.
Renting
Is an alternative solution to consider.
Rent your property and rent somewhere you want to move to.
It may be a compromise but it allows you to get the full value of your home when the market is more favourable.
Make your agent be creative in moving you.
There is no such thing as one size fits all. Most people put their property on the market, leave it and hope for the best.
You need to find an agent that will take a far more individual, innovative and proactive approach.
Here are some of the ways we help our clients move in any market.
Offers in excess
Is one of the best ways of obtaining the maximum amount of interest in your property.
It encourages the best place purchasers to view your home and quite often achieves more than one offer.
Which results in potential purchasers out bidding each other.
Part exchange
Any well connected agent will have a system to identify potential home swaps, such as a retired couple wanting to down size,with a young family looking to expand.
Often it can be easier to exchange properties rather than a normal sale and purchase.
Auction
Offers speed, simplicity and certainty.
If you require an exchange of contracts and completion 20 working days later
because your are going abroad or moving to start a new career.
Then auction may be the solution, providing you are able to agree to a realistic reserve,typically 15/20 % below the market value.
Remember a purchaser is legally bound to complete once the gavel has gone down.
Open house
Can produce an added excitement amongst potential purchasers as they all veiw on a given day within a limited 1/2 hour period.
This also avoids the hassle of having to keep the property tidy and arranging individual appointments.
Renting
Is an alternative solution to consider.
Rent your property and rent somewhere you want to move to.
It may be a compromise but it allows you to get the full value of your home when the market is more favourable.
Make your agent be creative in moving you.
Monday, 26 October 2009
I am looking at buy to let. What advice can you give me?
There are lots of things to consider if you are thinking of becoming a landlord. Here are my top tips :
1) Before making an offer, you need to have an accurate idea of the rental value and the work you need to do to maximise your rent. Then you can make a well informed offer, a common mistake first time landlords make is to offer before they have all the relevant information.This means they often come unstuck, end up re offering and as a result lose credibility.
2) Never rent to relatives, friends or work colleagues,without a written contract, proper referencing and a deposit.It sounds harsh but I hear of more tenancy's going wrong when relatives are involved than any other.
3) If you considering buying more than one property it is important to have a balanced portfolio between house, flats and also areas. This is because different types of properties rent well at different times. So you do not want to be exposed to the market with all your eggs in one basket.
4) Be careful what repairs you carry out, for instance a tenant will not want to replace a broken pane of glass and it could put them off renting.If you are replacing a kitchen make sure the draws have metal runners.
1) Before making an offer, you need to have an accurate idea of the rental value and the work you need to do to maximise your rent. Then you can make a well informed offer, a common mistake first time landlords make is to offer before they have all the relevant information.This means they often come unstuck, end up re offering and as a result lose credibility.
2) Never rent to relatives, friends or work colleagues,without a written contract, proper referencing and a deposit.It sounds harsh but I hear of more tenancy's going wrong when relatives are involved than any other.
3) If you considering buying more than one property it is important to have a balanced portfolio between house, flats and also areas. This is because different types of properties rent well at different times. So you do not want to be exposed to the market with all your eggs in one basket.
4) Be careful what repairs you carry out, for instance a tenant will not want to replace a broken pane of glass and it could put them off renting.If you are replacing a kitchen make sure the draws have metal runners.
Thursday, 22 October 2009
I have only been on the market a couple of days, I’ve had one viewing and they have made an offer. Does this mean my property was undervalued?
I can understand why you might think so. In fact, you probably won’t be surprised to learn that this is one of the commonest issues that people raise. Which is interesting, when you think about it. After all, if something is offered for sale – particularly given the current state of things - and it’s snapped up straight away, then it would normally be reasonable to assume that the seller would be absolutely delighted! But instead – this being the property market, and human nature being what it is - it’s immediately tempting to believe that we could all have got a higher price.
And of course, that may be true, even with the way the market is at the moment - although to be frank it’s pretty unlikely. But in any case, that does not necessarily mean that your agent has somehow been at fault. After all, the whole point of pitching the asking price at a particular level is to attract buyers - not drive them away! Besides, it is generally accepted that most properties attract the maximum amount of buyer interest during their first 2 weeks on the market. Finally, let’s not lose sight of the fact that you are under no obligation whatsoever to accept this - or any other - offer.
Taking all this into consideration, I would suggest that your agent has actually done a pretty good job – not only with the valuation, but by skillfully filtering your potential buyer from his or her existing mailing list, and knowing that they were looking for a property like yours.
The real key question here is, how close is the offer to your asking price? Use the fact that this is the first viewing to play hard ball. Perhaps ask your agent to negotiate and/or clarify the buyer’s bona fides. And don't agree to take your home off the market immediately. You don’t have to do so, as long as you make your intentions clear, and it’s always possible that this buyer may disappear back into the woodwork just as quickly as he or she popped out. But at the same time, be careful – you don’t want to drive this buyer away, because in the current climate they might just be the only one you get.
And of course, that may be true, even with the way the market is at the moment - although to be frank it’s pretty unlikely. But in any case, that does not necessarily mean that your agent has somehow been at fault. After all, the whole point of pitching the asking price at a particular level is to attract buyers - not drive them away! Besides, it is generally accepted that most properties attract the maximum amount of buyer interest during their first 2 weeks on the market. Finally, let’s not lose sight of the fact that you are under no obligation whatsoever to accept this - or any other - offer.
Taking all this into consideration, I would suggest that your agent has actually done a pretty good job – not only with the valuation, but by skillfully filtering your potential buyer from his or her existing mailing list, and knowing that they were looking for a property like yours.
The real key question here is, how close is the offer to your asking price? Use the fact that this is the first viewing to play hard ball. Perhaps ask your agent to negotiate and/or clarify the buyer’s bona fides. And don't agree to take your home off the market immediately. You don’t have to do so, as long as you make your intentions clear, and it’s always possible that this buyer may disappear back into the woodwork just as quickly as he or she popped out. But at the same time, be careful – you don’t want to drive this buyer away, because in the current climate they might just be the only one you get.
Wednesday, 21 October 2009
My alleged cash buyer actually has a property to sell. How can this sort of thing happen, and what can I do?
Actually you’d be surprised just how easily this sort of thing can happen - and how frequently.
The simple fact is that people often describe themselves as cash buyers when in reality they aren’t. Sometimes, particularly in a raging bull market (remember them?), this may be a deliberate ploy to try and hoodwink the seller into accepting a particular offer. More often, however, it’s a simple matter of ignorance. So, for example, some people will claim to be cash buyers when what they really mean is that they won’t need to borrow any additional money to fund the purchase - once they have sold their existing property! Others may indeed have the cash – but it may be tied up in savings accounts that require anything up to 6 months’ notice or more before it can be accessed. The same often goes for people who claim to have sufficient funds to put down a large deposit.
The simple fact is that a genuine, non-dependent cash buyer is just that: someone with sufficient funds ready and waiting to make the purchase - without having to sell anything else first. If the money is held in an account that requires an extended period of notice before it can be released, then this notice needs to be given straight away – and you will have to decide for yourself whether you are willing to wait for that length of time.
Of course, establishing the true financial position of would-be buyers is an integral part of the agent’s role. Any reputable, professional agent worth his or her salt would have asked all the right questions at the outset.
The fact that this has happened to you therefore suggests to me either that your agent didn’t do a very thorough job, or that you tried to sell your property yourself, without using an agent at all. Either way, of course, you’re perfectly at liberty to cancel your acceptance of this person’s offer and put your home back on the market again. Nevertheless, with serious buyers currently about as rare as hens’ teeth, I would think twice before doing so.
The simple fact is that people often describe themselves as cash buyers when in reality they aren’t. Sometimes, particularly in a raging bull market (remember them?), this may be a deliberate ploy to try and hoodwink the seller into accepting a particular offer. More often, however, it’s a simple matter of ignorance. So, for example, some people will claim to be cash buyers when what they really mean is that they won’t need to borrow any additional money to fund the purchase - once they have sold their existing property! Others may indeed have the cash – but it may be tied up in savings accounts that require anything up to 6 months’ notice or more before it can be accessed. The same often goes for people who claim to have sufficient funds to put down a large deposit.
The simple fact is that a genuine, non-dependent cash buyer is just that: someone with sufficient funds ready and waiting to make the purchase - without having to sell anything else first. If the money is held in an account that requires an extended period of notice before it can be released, then this notice needs to be given straight away – and you will have to decide for yourself whether you are willing to wait for that length of time.
Of course, establishing the true financial position of would-be buyers is an integral part of the agent’s role. Any reputable, professional agent worth his or her salt would have asked all the right questions at the outset.
The fact that this has happened to you therefore suggests to me either that your agent didn’t do a very thorough job, or that you tried to sell your property yourself, without using an agent at all. Either way, of course, you’re perfectly at liberty to cancel your acceptance of this person’s offer and put your home back on the market again. Nevertheless, with serious buyers currently about as rare as hens’ teeth, I would think twice before doing so.
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