Money-Saving Tips for Your Property Purchase
Do you find the thought of buying a home daunting? Do you fear the process will include many hidden or unexpected costs? Do you want to be better prepared and save money on your property purchase? Our estate agents have put together a list of the best money-saving tips for home buyers.
Buying a first home or a new home is easier when you have all the tools and information you need. You will need to properly plan your budget, take into account all the related and applicable costs, and spend wisely in the process.
Some costs may not be worth it, while some may save you a lot of money in the long run. Read on to find out how you can save money when buying a property in London.
Plan Your Budget Well
To avoid costly surprises, it is always a good idea to make sure you understand and account for all the costs related to purchasing a property. You will incur survey costs, mortgage and valuation fees, as well as stamp duty, to name only a few.
Let’s take a closer look at what home-buying costs you can expect:
Research Your Favourite Areas and Sale Prices
Even if you enlist the help of an estate agent or plan to do it alone, you should always do some homework on the areas you are looking to buy a property in ahead of time. Visit them at different times of day, engage in some friendly conversations with your potential neighbours. Find out what the area is like and how they like living there.
As for sale prices, an estate agent can help you find the answers to this question to help you get a better idea of how far your budget can stretch. There are also many options to do some preliminary online research on this topic.
Enlist the Help of a Great Estate Agent
As much as we love DIY projects, some things are better left to professionals. Buying a home, especially a first home can be complicated and stressful. Having an experienced estate agent by your side through the entire process can save you a lot of time and headaches. And, most importantly, a lot of money.
An estate agent will be able to compare properties available on the market and give you access to a large number of options. They will narrow down your search using their knowledge of the area and the market and only show you the properties that are relevant to your particular needs.
They will be able to give you great insights into the area you are looking to relocate to and know a lot about local listings and how similar properties compare in price.
A good estate agent will also help you get a lot of answers that can help you save money when buying a property. They will know to get info on how many other buyers are interested in the property, whether its price has been recently reduced or is negotiable (and how much), and how long the home has been sitting on the market.
Going into more detail, an experienced estate agent will know to check when the home was last renovated and how recently its electrical and gas installation have been checked. They will verify the boiler inspection reports and check the service charges and the council tax.
ouble Check the Property Before Making a Final Offer
A surveyor can answer all these questions for you if you pay for an in-depth report. However, you will be able to save some money if you do some of the checking yourself. Here are some of the items you should cross off the list before deciding to put in an offer for a property:
- Check for any mould issues as this issue can take a big chunk of your budget once you move in
- Check for any water and sewage damage and infiltrations
- Check the state of the electrical installations, flip a few switches, and try a few sockets
- Turn on the boiler and check that the heating works properly in all the rooms
- Check that all windows and doors close properly
- Check that all the wiring, equipment, and gas installations are up to date and verified
- Also check any roofing or outside wall issues
Be Prepared for How Long the Process Will Take
It can take anywhere from 6 to 9 weeks from start to finish to secure your new home.
The first step after you’ve carefully planned your budget and you know what you want and where is finding the property. Using an experienced estate agent can help you find out more about a property you are interested in or give you access to listings that are not yet available.
Once you put in an offer, you and the seller will have to agree on the price and the payment conditions. This process takes, on average, around 4 weeks.
When you and the seller agree on all the conditions, a surveyor will come to verify the condition the home is in. Meanwhile, your solicitor and the seller’s solicitor will close any issues regarding documents.
Take into account that once you pay the deposit for your new home you will no longer be able to change your mind without losing it.
The final step in the process is finishing the payment and receiving the keys and the property deeds.
Doing things right, being mindful about the steps and procedures you follow when buying a home, and enlisting the help of diligent professionals can save you a great deal of trouble and help you secure a home in less time and with less stress. If you are currently in the process of looking for a new home, our estate agents are just a call away and would be happy to be of assistance: 0207 055 0441.