Buying a new home is a huge decision to make and even investing in property which is a buy-to-let or commercial purchase requires careful planning and consideration. Small mistakes can end up being costly and sometimes it’s hard to know where to start and what questions to ask, so we’ve compiled a list of our top 5 buyer faqs to help you…
TOP 5 FAQs
1: I already own a home, should I buy another before selling my current home?
Buying a new home before having sold your current property is a difficult decision to make and will depend on a number of factors. Are you in a financial position to purchase an additional property if your current one hasn’t sold yet? Buying a new property means you will have somewhere lined up to move to, but If this depends on selling your current home you may be disappointed if the sale falls through to a buyer in a better position. You may be able to sell first and then rent a property, or move in with family until the purchase completes. Take your time and ask your estate agent more about this as they can offer expert advice to help you make an informed decision.
2: How long will it take to buy a property?
The average time from starting the purchase process to completion is generally 12 weeks, but this is dependent on whether or not there is a chain involved. Many property transactions will differ and you are relying on all parties working together for this to happen. Our job as your estate agents is to coordinate the correspondence between all parties involved and work with the vendors and solicitors to ensure that the transaction moves to completion as soon as possible.
3: How much deposit will I need for my property purchase?
On average the deposit required will be 10% of the asking price. Your mortgage company may ask for more and it is worth shopping around to find out their requirements – here is a handy online calculator from Money Saving Expert to help you get started. Don’t forget that there is the Government Help to Buy Scheme which is worth looking into before making your decision as the deposit requirement for this can be as little as 5%.
4: Do I need a mortgage before starting my property search?
It is always advisable to seek financial advice at an early stage, especially if you know you will need a mortgage to purchase a property. Once you have contacted your preferred Lender and provided them with the necessary information they will send you a mortgage certificate which proves to the seller and estate agent that you have the funds provisionally agreed for the transaction.
5: How much should I offer the Vendors?
Once you have found your ideal home or buy-to-let opportunity you need to decide how much you are willing to pay for it. Some key factors to consider when making an offer on a property are:
What is the maximum budget you can afford for this property? does this figure include spare money required for any expected works/improvements to the property?
How much do you feel the property is worth to you? Are you willing to lose out if you offer a lower asking price than the property is being advertised for and what happens if another buyer offers a higher sum, in some cases this could be the asking price or perhaps even above the asking price to secure the offer? You need to be aware of other players who may be interested in making an offer so you can have a plan of action for any offers and counteroffers.
You can always speak to the estate agent directly to ask for advice and information about making an offer as they will be aware of any interested parties, as well as the status of the property i.e: has it been on the market for a while or only just come on? or perhaps the vendor is looking for a quick sale or they may not be in a rush to sell. There are a whole host of factors which could affect the asking price and level of negotiation if any available and your agent will be best placed to help you with this.
Found this helpful but want to know more?
At Middleton Estates we are always happy to answer any questions you may have regarding a property purchase or sale. Our sales team understand how daunting the house buying process can be whether it’s your first purchase or your next step onto the property ladder, and that’s why we encourage our clients to come in and see us, give us a call or drop us an email- whatever suits you, we are here to help!
We work closely with trusted financial advisors Wooton and Bean and their mortgage expert Josh Sisley is based in our Shoreham office every Tuesday and our Hove office every Thursday, so if you would like to book an appointment to discuss your mortgage options then please let us know.
If you have any questions that you want to ask us, then please feel free to get in touch on 01273 454878, email us firstname.lastname@example.org or simply come in and see us for a coffee and chat. It’s important to us that we are answering the questions that are helpful and relevant to you, and if you have any FAQ suggestions for our website send them in as we’d love to hear from you.
Lyndsey Fisher, Senior Negotiator email@example.com