Buying a property for the first time is a thrilling chapter in your life but one you need to take with some seriousness. There’s a lot that you need to know about getting on the property ladder, but here are four things worth knowing when buying your first property.
Know Your Requirements Before Going To Agents
Before you start approaching agents and asking for properties to see, you firstly want to figure out what it is you want. This is something you may not have asked yourself beforehand, and when it comes to speaking to the agents, you may find that you’re blurting out random requirements and then missing half of the things that you wanted. That leads to seeing properties that aren’t your style and then having to go back and explain it all again. This will end up slowing down your process, so help everyone involved in the process and know exactly what your requirements are. Be sure of it before moving forward.
Secure Your Mortgage Offer
You’ll need a mortgage to buy a property unless you’re in a fortunate position where you can pay with cash. So speaking to mortgage brokers is going to be the best way of getting yourself the loan you need. This will also help determine what sort of price range you can afford to pay. Again, this is something you’ll need to do and to get in an official format that the bank or lender is able to provide you with the money. The agent will likely want to see this as this would be confirmation that you are ready to start looking. Take your time with this because there’s likely going to be a lot of things to think about in regard to the terms of your mortgage, how much you pay and for how long.
Ask Questions When Viewing Property
When you’re viewing properties, it can be quite overwhelming because it’s the excitement of seeing something that could be yours. However, you don’t want to let the emotions cloud your judgment. So as you start looking around properties, take each one in as you go. Ask as many questions as you can think of and more importantly, look at everything and explore inside the cupboards, test the pressure of the water and whether the windows open properly. These are all things that the current owners may not think about, but when you’re buying a property, you want to make sure that everything is in perfect working order.
Be Ready To Negotiate
And finally, be willing and ready to negotiate. When you’re buying a property, you don’t want to be going in too high or on the mark of what’s being asked. This is because if you do, the sellers might ask for more. Go in lower to start with on your first offer and then make your second offer the maximum you can go. If they still say no, then have your very final offer. Hopefully, they accept it on the first or second one.
If you end up having unexpected negotiation holdups, don’t panic! Here are some tips on what to do if your offer gets rejected.
Hopefully, these tips will go far in assisting you with securing your first home!
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