Buying a new home is a huge decision and it’s important to know what to look for and what research to do when viewing a house. We’ve compiled a list based on years of experience to help guide you through the process.
Know your budget
A mortgage in principle provides an indication of what you can borrow, and what you can afford to spend on a property, so your first step should be to speak to a mortgage broker. It’s not a guaranteed mortgage offer but it gives you a good idea of your budget and demonstrates you’re a serious buyer to both the Estate Agent and the owner.
Remember it’s not just the mortgage repayments and deposit you’ll need to afford. There are other expenses with house buying to consider, such as: stamp duty (the rate you pay depends on the property value and where you live in the UK); legal fees; valuation fees; and survey fees.
Create a wish list
Before viewing any properties, you need to know what you’re looking for and compiling a wish list can help you identify that. Think about your requirements for both living and outside space; whether you want to extend in the future or are happy with a ‘move in ready’ home; the need for parking; and proximity to amenities. Very rarely does a property tick every box but you’ll be in a better place to compromise if you know what you’re looking for to begin with.
Explore the neighbourhood
The property needs to fit the bill but you should also work through your wish list to see how the neighbourhood matches up. Does it offer the required transport links, have the necessary restaurants and coffee shops you want, or have good schools in the catchment area?
Turn up for viewings
While most house hunters start by viewing properties online, show rounds are a fundamental part of the sales process. It’s amazing how little time most of us spend on the biggest purchase of our lives but it’s crucial to get a ‘feel’ for a house. It’s important to go with an open mind, so you can look beyond the obvious décor and furnishings and focus on the property itself.
Give feedback
It’s in both the buyer and sellers interest to give and receive feedback after a show round – so your Estate Agent knows what works and what doesn’t for you and what, if anything, the seller can change. This kind of information is the cornerstone of any agent’s relationship with their client and is a step that many buyers completely disregard.
There’s no doubt that purchasing a property can be daunting. Your Estate Agent should be there to help you feel more confident about the process so you’re in a position to decide if it’s right for you and whether you want to put in an offer.
