It can be difficult to know where to start when looking to buy a home. Buyers need to understand what’s needed before putting an offer in on a home, how to negotiate and when to walk away. To help people looking to purchase a home in 2022, Ross Counsell, chartered surveyor, and Director at regulated property buyers, GoodMove, has offered six top tips.
2. Look for a home at the best time of year
The property market fluctuates throughout the year with Christmastime traditional being quieter before the New Year rush in January.
Ross said spring is a good time to look for a home as more people are putting their homes on the market.
Less demand and urgency in the market will ultimately result in lower house prices.
Ross added: “So for anyone looking for a home, March may be a good time to start searching.”
3. Have mortgages in mind
It’s a good idea to have a mortgage-in-principle before putting an offer on a home.
A mortgage-in-principle confirms how much your lender is prepared to lend you to buy a property.
Having a mortgage-in-principle shows sellers how serious you are as a buyer and can speed up the buying process.
Ross explained: “A mortgage-in-principle also means you know exactly what you can, and cannot, afford when searching for a suitable property.
“I’d also advise working with a mortgage broker throughout the house buying process, to help you with this and understand which mortgages are best for you.”
4. Look at homes under budget
House prices are at an all-time high and because of this, buyers are finding themselves paying far too much above the asking price for homes.
Ross suggested looking for homes under budget so that if you like a property and put an offer in, you can go in with a higher offer that will put you in good stead over other buyers.
This can save you money in the long run which you could spend on renovations or new furniture.
5. Get the most out of viewings
Ross said it’s important not to take a home you’re interested in at face value.
It’s easy to be excited and giddy when viewing a home you love, but don’t let the agent’s glossy photos blind your judgement.
Ross said to check for “factors including if the doors and windows are secure and efficient, if the current owners have experienced disputes with neighbours, if there is any damp or holes in/on the walls, are the electrics/plumbing up to standard, and if there any structural issues.”
Taking a checklist with you will ensure you cover all the important points.
6. Be flexible, stay positive and have patience
The current property market is competitive so it can be disheartening for buyers when they lose out on the home of their dreams.
And, even if you have secured your perfect home, things can go wrong during the home buying process.
It’s important to stay positive and remember there will be other homes you will love just as much.
Ross said: “Be patient and understand that the home buying process does take time.
“If you’re renting make sure your tenancy agreement is on a month-by-month rolling contract if possible, so it doesn’t come to an end before you can move into a property, and if you’re selling a home yourself, pick a date for completion that is realistic.
“Being flexible and an easy person to work with is paramount in buying a home.
“It’s important to make a seller’s life easier for them, so consider doing things like letting them pick the closing date if you can afford to do so.
“If you are in a property chain this will be harder to do but is a great piece of advice for first-time buyers.”
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