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Guide to Buying a Property | Buyer’s Guide
Guide to Buying a Property for Buyer's
Buying a property is one of the most important decisions you will ever make in your life, and probably the scariest one as well.
With our Guide to Buying, you will be able to understand the process of buying a property, and the information needed to help you on your way.
Plan your Budget
Prior to any decisions of where to live and what type of home to get, you need to plan and prioritise your finances, so that you can understand your budget. During your planning stage, you should take into consideration the costs of buying a property, the costs of moving home and the type of mortgage you would like.
For expert financial advice, James Anderson recommends IMC Financial Services, a business partner for over 20 years that have helped thousands of our customers to financially plan their future.
Register your interest with James Anderson
The fast-paced environment of life doesn’t allow for time to be wasted, scanning the web and the various portals, containing thousands of properties for sale, in hope of finding the perfect property. The reality is, your dream property might not even reach the portals, due to the vast buyer’s network available in-house. Therefore, it is vital that you register with our local James Anderson office, allowing you to be placed on the very first searches we carry out to find the most suitable buyers for our client’s homes.
If you decide not to, you will miss out on the benefits this brings you, and you will find yourself hunting for a property in a sea full of buyers doing the same.
Why use James Anderson to find your perfect home
James Anderson has been working in the property sector for 30 years and our knowledge of the local housing market is what sets us ahead of all other estate agents.
As a prime estate agency with offices in Barnes, East Sheen, Mortlake, Putney and Putney Hill that are open seven days a week, until 9 pm weekdays, we are confident that we will find your perfect home.
Book a Viewing
Once you find a property that you are interested in, book a viewing online (if the property is being advertised on our website) or just by calling our local Sales office. Make sure you view all the properties you are interested in, just so that you can get a real feel for the local housing stock in order for you to judge which is the most appropriate property for you.
Our expert team will support you in every step of the viewing, providing you with important details of the property and insights into the local area. We provide accompanied viewings seven days a week, until 9 pm on weekdays and 5 pm at weekends.
Make an Offer
Once you have decided which property you wish to make an offer on, inform the Sales Manager or Sales Negotiator who has been looking after you and they will then speak with their client and hopefully, at the end of the negotiation period, a price has been agreed.
Arrange a Solicitor and Surveyor
Now that you have agreed on an offer on a property, it is vital that you get a solicitor or conveyancer to handle all the legal work in transferring the ownership of the property to you. This sometimes can be arranged through the company that is providing you with financial guidance. Whoever is providing you with the mortgage finance will also need to instruct a solicitor so it will be more cost-efficient to ensure that the same solicitor acts for you personally as well as the mortgage company.
A survey of the condition of the property will be completed, and the property will be checked for any problems that might affect the cost of the purchase – including checking with the local authority and Environment Agency for major problems with the property.
Finalise the Offer and Mortgage
With the survey completed, the surveyor may raise some concerns about the property which you may wish to consider…
James Anderson’s 30 years of experience has taught us a lot. We strive to ensure that your concerns are heard by the seller, avoiding situations where the seller withdraws the property from the market or accepts another offer. We provide expert advice for both parties, and our goal is to secure a successful negotiation.
Once your mortgage has been issued and once your solicitor has investigated the title and raised their enquiries with the seller then you will be in a position to exchange contracts with the seller, provided your solicitor has also received the search from the local authority. A deposit, which is normally 10% of the property’s value will need to be paid to your solicitor prior to exchanging contracts.
Once the contracts have been exchanged a completion date or moving date will be set at the same time.
The above provides a very simplified approach to the entire process. Moving house can become a very stressful process, however, 30 years of experience says that provided the seller completes all the documents that their solicitor sends them within one / two days of receiving them, rather than leaving them on the side to be forgotten about, then the solicitor will be able to start the process of selling the property straight away.
Similarly, it is just as important that the buyer completes a mortgage application straightaway also within 1/ 2 days of the price being agreed to purchase the house and then appoint their solicitor and provide this solicitor with the necessary funds to proceed with the purchase then you tend to find the whole process becomes become allot less stressful for all concerned once the professionals are able to perform their duties in a timely manner. Whenever a sale falls through it can generally be traced back to somebody not realising the importance of delaying the return of documents or submitting a very late mortgage application.
With high demand for property driving up house prices and rents across the country, now is a great time for new or established landlords to ride the wave by investing. But where should you start, and how can you improve your chances of a respectable return? Read on to find out.
Choose your location
Ideally, it’s sensible to invest in an area within a manageable radius of your current location. This will allow you to visit the property easily, complete any necessary improvements, or keep an eye on contractors. If you live nearby, you’re also more likely to know which streets and neighbourhoods are the most desirable, helping you identify golden opportunities as soon as they arise.
Once you’ve settled on a general area, spend some time researching the current market conditions, including the average local rent and sale price for the type of property you’re interested in buying.
Hint: A trusted local agent like ourselves can advise you on this.
Identify potential ways to add value
While searching for the perfect rental, consider ways you could improve a property to make it more appealing to your ideal tenant. Could you add an extra bedroom or a home office by converting the loft? Is the property worth renovating to bring it in line with more high-end lets? This is where your market research will come into its own.
Other ways to increase profit may include selling off additional land a tenant won’t need or splitting up a building into apartments. Just make sure you obtain advice from a relevant professional before you invest.
Decide on funding
Yes, opportunities are endless for cash buyers, but if you have the minimum deposit (usually 25%), a buy-to-let mortgage can help you achieve your dreams. The maximum you can borrow is linked to the rental income you expect to receive, which should be 25–30% higher than your mortgage payment. Specialist lenders may also provide a bridging loan to cover the cost of renovations while you get the property up-to-scratch.
Beyond these top tips, our property experts are always on hand to help.
Contact us to discuss potential investment opportunities or book a rental valuation.
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