Searching for a property to buy

With the recent confidence from mortgage lenders offering 10% deposits, now is a great time to get on the property ladder or upsize your property.

A good friend of mine recently purchased her first home with her husband and although she is a well-educated teacher, she had no idea of the process of buying a property and it occurred to me this could be the case for many people. Unless you have been through the process or work in the industry, sadly it just isn’t common knowledge.

As an introduction or reminder of the process, I have put together this handy step by step guide to buying a property. Of course, if you do have any questions please do not hesitate to contact me.

First things first

So, you have the dream of buying your very own property and taking that step onto/up the ladder. There are a few things to consider before this dream can ever become a reality:

• Your credit history should be good. Although there are mortgage companies that will lend to those with a less favourable credit score, the fees and rates will mean it costs you a lot more. You are also likely to need a much higher deposit to even be considered (not something you want to find out mid-way through the conveyancing process)
• Bank statements are reviewed by mortgage lenders and your application may be refused if it shows numerous betting transactions or gambling sites being used.
• Speak to an independent mortgage advisor in the first instance, they will be able to offer advice and give you a good indication on how much you can borrow based on your savings and income. Be prepared for your appointment with the relevant ID and documentation they ask of you, as well as details of your savings, monthly outgoings and any outstanding loans & credit cards. If you would like a recommendation for a local mortgage advisor who can search the entire market, please just ask and I am more than happy to help.

Searching for a property

Once you have a good indication of your budget, the fun can really begin!

Before you start looking at properties on Rightmove and Zoopla etc you might prefer to already have a good idea of what you can realistically afford vs what you need. The best way to do this is to make a list which indicates the following:

• Preferred type of property; flat, house semi/detached/terrace etc
• Minimum number of bedrooms required
• Whether you need a garden or outside space
• Parking and/or garage
• Location including proximity to train stations, amenities, transport links, open green space etc

If you manage to find something with ALL the above as per your wish list, you are on to a winner!

These criteria can be filtered on the portals (Rightmove, Zoopla etc) however your initial search should be kept quite broad or you could end up discounting your ideal property without even realising. For example, if you are adamant you want a semi detached but do not select terrace in your search, you could miss out on a lovely END TERRACE which ticks all your other boxes.

If you are buying with someone else you should both write down your “must haves” and “would likes” so you are on the same page.

Once you have found some properties that suit your needs above, it is also important to think about the following:

• Whether you are prepared to do any cosmetic works or extensions
• Future maintenance of the property
• Layout, open plan or separate reception rooms, location of toilets etc
• Opportunity to add value and re sale opportunity
• Immediate surroundings, cul de sac, rural etc
• Freehold/leasehold & any management charges
• School catchments
• Your personal circumstances changing (growing family, pets etc)
• EPC rating (if you hate the cold you might want to look at properties in the A-C range)

If you sign up to the portals you can save your search and get email notifications of new and reduced priced properties. You can also save your favourite properties to create a shortlist of potential viewings.

It is inevitable you will have to make a compromise somewhere, whether it is giving up your ideal location to gain and extra bedroom or loosing out on driveway parking in order to be super close to a mainline train station.

Even with a healthy budget, do be prepared to adjust your expectations once you start your search.

Once you have a good idea what you are looking for, my advice is to get registered with local agents. Many estate agents simply wait for Rightmove enquires to come through, but a good agent will keep in regular contact with buyers.

And of course, don’t forget to follow my Georgina - Avocado Partner | Facebook page for regular updates, videos of every property and the fabulous “beat the portals” time. This is where I will give you a sneak peek outside a property before marketing details have even been produced. Get ahead of everyone else as the best properties are being snapped up in this climate!

Check out my next blog on guidence for arranging a viewing!