It's question time

31st January 2018 posted in Buyers

If you’re looking to buy a property, you’re likely to have a number of thoughts running through your head but don’t worry as we’ve looked at the most common questions a potential homebuyer wants answered. 

What is best – renting or buying?

This is one of the most common questions but one that is very personal to you and your journey. Buying is a long-term investment but renting can be the best option for some – depending on circumstances. Before you decide to buy you should ask yourself some questions – how long do you plan on staying there? Are you ready for the responsibility? Are you buying alone or with a partner and if so, is the relationship secure? Whilst it is a great option, buying is not for everyone. 

How do I choose an estate agent?

It is important to choose an estate agent who is knowledgeable and has experience in the local area. It is also crucial that you build up a good rapport with your chosen agent, as the likelihood is that you’ll be having a lot of communication with them. A lot of estate agency work is done on referral so ask around and make sure you are truly happy with your final choice. 

How many homes shall I view before making a decision?

We are very lucky that we can view a number of properties without even moving from the computer so use this to your advantage. There is no right and wrong regarding the amount of properties you should view before making a decision but remember when you do find the one, you’ll know. If you want to streamline the process then why not focus on a particular neighbourhood?

What can I afford? 

Again, everybody wants to know the answer to this but it will depend on your situation. Start by looking at your finances and creating budget – you can quickly become deflated when you realise you can’t afford the properties you have been looking at. Take into account your income and outgoings and meet with a mortgage advisor to discover the possibilities. 

How was the asking price determined?

It is important to look at the market and decipher how much similar properties in the same area have recently sold for. A number of sellers will set the asking price too high so do your research!

What should I look out for?

What you look for in a property will be completely down to you but if you don’t have the budget or time to complete renovations then keep an eye out on possible work needed and make sure you inspect the bathroom and kitchen as these can be very expensive to improve.

If you have any more questions, then please get in touch today.