With the average house prices in the UK reaching record highs, buying a property is a hugely expensive investment – especially as a first-time buyer.
The process can feel incredibly stressful and small mistakes could mean you miss a trick and potentially a great bargain!
Today we thought we would share our top questions for first time buyers from the property experts.
For anyone purchasing a property is a huge step, and for a first-time buyer this a big steppingstone in their life. At times it can feel very overwhelming however, by using our top questions we can help first-time buyers achieve purchasing their dream home with reduced stress and cost!
Can I afford the property?
Getting onto the property ladder is a huge commitment, so it is important you have the finances to afford this investment. Make sure you consider all costs like the deposit, mortgage repayments, insurance, council tax, energy bills etc.
Preparation is key in this scenario, and when entering the property market buyers should know exactly what they want and what to expect. Make sure that you consider all financial commitments when deciding on an appropriate deposit and mortgage payments.
What is a house survey?
In simple terms, a house survey is a little bit like having a GP checkup on your property. It involves hiring a professional to conduct a detailed inspection and survey on the condition of your property, picking out any causes or concern that should be addressed.
If the property is found to need work, you must either ask the seller to lower the price or fix the property – or alternatively pull out completely to avoid extortionate costs in the future.
What is the area around the property like?
So, you have visited the property and you think you have found your dream home – but have you looked around the area?
Not only can a good area mean you are less likely to go through the buying process soon, but it can also mean a worthwhile investment. Desirable areas boost demand, and demand in turn boosts house prices.
During your viewing, why not ask questions about the neighbourhood, the average asking prices nearby, and transport links close by. If you are planning on raising a family, you should also ask about the quality of the schools in that area too.
Is the property freehold or leasehold?
While both terms may sound similar, leasehold and freehold are completely different things. A freehold property is where you own the entire property and the land which surrounds it. On the other hand, leasehold is where you own the property for the duration of the lease.
This can have drastic differences in terms of renovating or making big structural renovations on the property. So, if you plan to do large renovations perhaps avoid leasehold leases.
Why has the current owner put their home on the market?
Understanding the seller’s motivation can strengthen your position as a buyer. For example, if the seller is looking for a quick sale you could have the upper hand. This motivation can make big savings if you were to make a lower offer than what is on the market.
How long has the property been on the market?
Buying a property is a huge decision. It is normal to be skeptical when a property has been on the market for a long time. Ask yourself was the valuation too high? Is the property located in an undesirable location?
What is included in the house sale?
In the early stages of a property sale, make sure to ask for an inventory that highlights whether any white goods or furniture are included and how much this may cost. If not, you can then amend your budget to facilitate white goods and furniture purchases.
We hope that these tips helped you with your property journey! If you are a first-time buyer and need specialist advice to get you through the property purchase journey, please contact our friendly team on 01332 383838 or email [email protected].