Top Tops for First Time Buyers
Buying and selling property is often a stressful time, particularly so for first time buyers. You may find yourself suddenly surrounded by several property ‘experts’ and many differences of opinions of what you should or shouldn’t do. Therefore we would like to offer some of our top tips in helping you become a first time property owner!
Mortgage Agreement In Principle
To obtain a mortgage agreement in principle (AIP) we would recommend booking an appointment to meet with an independent mortgage advisor who can look across the whole of mortgage market to include high street lenders and your own bank. The mortgage advisor will be able to provide you with a more accurate decision with what you can afford and with which lender you are best placed based on the information you provide them.
Having the advisor produce you an AIP will help when trying to secure offers on property since an agent will ask to see proof of your deposit along with AIP to confirm with their sellers that they have a formal and qualified offer.
It is important to shop around for mortgage products as unless those lottery numbers come in, your mortgage will be for several years and a mortgage advisor could potentially be saving you ££££’s over a long period of time.
To give you a better understanding of the cost involved in purchasing property we advise getting a quote for a solicitor. The solicitor works on your behalf in the legal and registering the transfer of a property from one owner to another.
When choosing a solicitor we would suggest you speak with an estate agent as they will likely have established a good working relationship with their preferred local solicitors. The solicitors in turn will want the agent to continue referring clients to them therefore are encouraged to provide a quality service to clients.
Finding A Property
The simplest option may appear to be trawling through the internet to find the perfect home when in actual fact your first port of call should be the local high street estate agents. Call into their offices registering your details and make yourself known to them so when properties come up similar to your search criteria the agent will be in touch with you before the property has reached the internet, so increasing your chances of being one of the first to view and securing your dream home!
It is important that buyers build relationships with estate agents so the agent better understands what it is you are looking for and what best suits your budget, this potentially saving valuable time viewing properties that are not suitable for you at all and missing out on properties that would have been your ideal.
Offering On Properties
We are regularly asked what people should offer to secure a property but the offers should be what you feel you can comfortably afford and asking price offers if you believe the property is worth it! If a property is priced a little higher than what you feel it is worth, you should not be put off wanting to offer since sellers may be negotiable. We always recommend to make an offer if you are interested in a property, if you don’t ask, you will never know and ultimately a property is only worth what someone is willing to pay for it!
When looking to purchase your home, it is important you feel comfortable and trust the advice you are being given. From the point of walking into an estate agents office through to the time of completion, the agents, the mortgage brokers, the solicitors will all play a fundamental role during the purchase period and it will be essential to making the process as stress free as possible that you can rely and depend on those offering you their services.
If you would like more advice or to register with us please contact us on 0121 445 3311 .