Buying a property is beyond exciting, it’s life-affirming. A time filled with the joy and promise of a fresh start, and which signals your arrival into the world of property. YES! Come on! First-timers are as popular as cash buyers and investors, as long as you’re organised and ready to move quickly.
But beware! There’s big money involved and a lot of balls in the air, and often at periods in life when you’re working hard and possibly planning a family. Buying property can be emotional and stressful. There’s no denying that laying down roots for the first time and committing to a mortgage is huge.
But for now, let’s return to life-affirming.
We want you to ace this, you’re important to the market and to us. Check out our advice below, it’s real, it makes sense and will put you in an even stronger position to negotiate.
1) Before you begin viewing properties
There’re misconceptions about the level of deposit required and how much you can borrow, so it’s important to be clear on your price range right from the get-go.
Check your credit score and speak to a financial adviser, to establish what you can afford and which mortgage route is best for you. There’re lots of options available including the Help To Buy ISA.
2) Get outside and away from the internet
It’s a fact that not all financial products are available online, same applies to the properties which are in the pipeline, but not yet listed. Chatting face to face with someone experienced in the local market is your ticket to the inside track. And with a team dynamic, there’re always more solutions available, in the face of potential challenges.
3) Chase your ‘right now’ home, not just the dream
As our lives change, so will our concept of what our ‘forever’ dream home will be.
Prioritise your needs for right now, in terms of the number of bedrooms and area, the rest can be things you work towards. Only borrow what you can truly afford and don’t pay over the odds
4) Remove that pretty filter from your finances
In the midst of celebrating your mortgage offer, it’s easy to miss the details. Legal fees, stamp duty, transfer fees, home insurance and survey fees can catch you out. And we need to eliminate shocks like this to manage stress levels.
So use a fresh pair of eyes, a friend, a family member and better still your agent to check you’ve budgeted your fees correctly.
5) Negotiate, but first know your facts
Speak to your estate agent, be open about your plans and aspirations, then work together. Your agent will have local knowledge of the area, along with all aspects of the property that need to be discussed and understood before you negotiate. Being in the know, immediately puts you in a stronger position to work from.
6) Look ahead
How will this property sell in the future? Keep an eye on your potential resale value, particularly if you’re planning to carry out work. Again, this is the agent’s area. They’ll advise how much you could invest in a refurb before you spend beyond the resale value for the area.
Lastly, stay focussed on your goal, but don’t linger. The east London’s property market is competitive, so once your offer is accepted, keep things moving by having a solicitor lined up ready for the conveyancing, to get the transaction in the bag. The cheapest solicitor may not be the best choice for you, but we’ve got some names for you.
Talk to us about any of this, we’re just down the street and we love first-timers too.
Estates East Team
Call us >> 020 8520 9300
Follow us >> @estateseast
Find your dream home >> estateseast.co.uk