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Welcome to Hunters Estate Agents Folkestone

Hunters Folkestone Buyer’s Guide

If you’re searching for a property in Folkestone, then this buyer’s guide is for you. Put together by us here at Hunters Folkestone Estate Agents, it has been designed to help you navigate through some of the most pressing considerations that will befall you when starting your property search.

To begin, let’s take a look at the state of the market.

Property Prices in Folkestone

Currently, the average value given on all properties in Folkestone over the past 12 months stands at £223,218 (down -0.48%).

By category, the average values of houses in Folkestone break down as follows:

Detached

£367,102 (up 0.38%)

Semi-detached

£236,261 (down -1.00%)

Terraced

£181,148 (down -0.84%)

Flats

£149,320 (up 1.45%)

What Can You Afford?

Before you start getting your heart set on a property, you need to work out what your budget will allow you to afford in the Folkestone area.

The first thing to do is get to grips with a free online budget calculator. Using this tool, you will be able to work out all of your expenditures against your income. The remaining figure is what you will have left for your mortgage – though of course, you will need to consider the fact that it would not be particularly wise to spend every last penny that you have each month, as this will not put you in a financial position where you can deal with anything unforeseen that life may throw at you.

In terms of expenditure, you need to think about everything – food, clothes, children, car insurance, how much you spend on fuel, council tax, utilities, water, phone contracts, broadband, credit card repayments, any other debts you have etc. This is actually the perfect time to start getting in control of your finances, and you will soon know what you can afford in a mortgage.

Choosing A Mortgage

What you can afford in a mortgage will also depend on how much of a deposit you can raise. The best mortgages are often reserved for those who can put down at least 15% of the full asking price of the property. For anyone who can’t rustle up at least 10%, it is usual that you will find yourself subject to a Higher Lending Fee, which means that your mortgage will essentially be more expensive.

In order to put yourself in the best possible negotiating position, you will need to secure a mortgage before you start hunting around the property market. The reason is that if and when you find something that you’d like to make an offer on, the seller will not be able to take you seriously until you can confirm that you have access to the appropriate funds. Indeed, many people have lost out on a dream home due to a competing buyer being more organised and ready to pay.

What’s The Right Property For You?

What are your requirements from a property? Here at Hunters Folkestone Estate Agents, we’re committed to finding the right properties for the right people – but there are things that we need to know from the buyer in order to find a match.

Consider the following:

  • The number of bedrooms you will require

  • The number of bathrooms

  • Whether you want a separate kitchen and dining room

  • If you need parking

  • Whether you want a garden and/or a conservatory

  • Your budget for redecorating

Negotiating The Best Deal

You of course want to try and get the best property at the very best price. However, it’s imperative that you set yourself an upper limit and stick to it. If a seller won’t budge on a certain price, then you may have to let the property go – don’t, whatever you do, commit to anything that you cannot afford for obvious reasons.

You may be able to give yourself an advantage when negotiating deals, however. If you aren’t locked in a chain and have already secured a mortgage, then you are in a great position and will represent someone who is ready to buy, which will make you very attractive to a seller. As such, you may be able to get the property at a lower price. However, if the seller is in no rush to let go of the property, then they will likely hold out for the asking price, so bear this in mind.

Contact us

Hunters Folkestone
93-95 Sandgate Road,
Folkestone,
Kent,
CT20 2BQ
Sales: 01303 210335
Email: [email protected]

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