10 of the Best House-Buying Tips

1. Take into account all the hidden costs.

Getting caught up in the excitement and relief of having your offer accepted can often lead to a false sense of security as far as money is concerned. So keep your wits about you and make a list of all the things you need to account for after you sign on the dotted line. This includes Stamp Duty, removal costs, valuation and mortgage arrangement fee, plus any repairs or decorating required.

You are always better off over-budgeting than under-budgeting.

2. Be organised not disheartened.

Despite what we are often told, there is no such thing as a universal credit rating or ‘blacklist’. Rather, each lender has its own list of preferences on what makes for an ideal customer. The good thing about this is that being rejected by one lender does not been you won’t be accepted by another. That said if your credit check is inconsistent then your chances of success will be severely dampened.

The best thing you can do is to ensure you deactivate any accounts that are no longer in use and update all the ones that are. Above all, register everything to your current address.

3. Scope out the area.

‘Location, location, location’: a cliché that exists for a reason. Sure you can redecorate, extend and renovate, but the one thing you can’t do is move a building. If you think you’ve found your perfect home then it is worth doing a little investigation into its surrounding area before you hand over any money. Shops, pubs and parks are a good insight into local communities, as are the appearances of gardens and streets. Be confident and talk to people – ask them about the neighbourhood and what it’s like to live there.

Check out the schools’ league tables, police crime-mapping sites and local newspapers to read up on what goes on.

4. Know where to look.

As is the case with many professions, the role of the estate agent has significantly taken on a new guise thanks to the Internet search. But what begins as empowering soon becomes overwhelming and it is easy to find yourself wanting to give up entirely. Rightmove, Zoopla and Home.co.uk are all highly credible sites that offer varying search options as well as providing plenty of supporting information for the listings. You can even look into statistics such as the comparison of asking and selling prices within an area.

Once you’ve narrowed down your choices you can start contacting the estate agents directly to personalise the service and let them do the work for you.

5. Gather as much information as possible.

Viewing a property is not just about having a look around – it is a valuable opportunity to ask questions and lots of them. The more you ask, the more you can gauge if you’re onto a winner and you can even demand answers in writing. Find out how long it’s been on the market and how many viewings or offers it’s had. Query the infrastructure such as the last time the boiler was checked and how old the wiring and plumbing is. Neighbours, parking and council tax are all important factors. Anything you think of, ask. You have nothing to lose by doing so.

6. Use your commonsense to save money.

Whilst surveys are sometimes necessary, in most cases you can check for the most obvious things yourself by being alert and sensible. Small defects like broken draws or overgrown gardens may not be an issue but large patches of damp certainly can be. The most useful thing is to take a copy of the property description with you when you view it, and make a note of anything you see that is not included and query it.

Assert your rights as a prospective buyer and be bold enough to test sockets, turn on taps, flick the light switches, check out the loft space and look inside cupboards. The more you like the property, the more worthwhile all this will be.

7. Get your offer right.

To avoid paying more than you need to for your new home, it is absolutely crucial that you wise up to the art of haggling. The basic principle is pretty simple: you need to go in lower than the asking price, but not too low. Then barter with the seller to meet in the middle. If you really play your cards right then you could grab yourself a bargain.

If you are unsure as to what your first offer should be, make use of the countless public forums that are available and put it to the experts. The more popular the site, the more response you are likely to get but remember that your posts will be there for all to see – including the seller.

8. Backing out.

No matter how far into the process you are, if you haven’t signed a contract then you can still pull out for whatever reason. Be warned however – should you change your mind after pen’s been put to paper then significant costs will be incurred.

Unfortunately, if the seller is the one who decides to pull the plug before contracts are exchanged then you have no right recover costs from them. There is such a thing as indemnity insurance but this can be a long and complicated affair so ask your solicitor for advice.

9. Ask practical questions to make life easier.

Before the seller hands over the keys, make sure you know all you need to know about your new property. Things like who the energy and broadband providers are, where the thermostat is, if there are any old tins of paint to touch up the walls, are all useful nuggets of information that will save a lot of unnecessary hassle further down the line. Have a list of things to ask before you move in to avoid pointless phone calls to the estate agent.

10. Sort out insurance in advance.

The moment you move into your house is the moment you should have insurance in place. So do the groundwork and get quotes before you exchange contracts so make sure the right cover is available. Remember that you are not obliged to use your mortgage provider’s cover.

Many insurance companies cash in on people’s reluctance to have different policies with different providers, yet this is often the cheapest option. Double-check the background of your new property too, for example, if it’s in an area considered to be at risk of flooding.

If you are experiencing financial problems and considering selling your home then Jemima Poppy can help. Please call us on 01908 232879 to speak to one of our advisors in confidence.