Most of our content here at Power Bespoke is aimed at sellers, sellers of property, locally and nationally.
It’s what we do well: help vendors sell their property for the highest possible price.
However, in our next articles and eGuides, we’re going to turn our attention to the buyer.
Let’s start with an assertion.
Most estate agents look after the seller and sometimes take their eye off the buyer.
Don’t you agree?
At Power Bespoke, we have a different philosophy for both buyers and sellers alike.
We help both move, the “powerbespoke way” so here are five things every property buyer should know:
1. Do your homework on property prices
That property price, guide price, set by an estate agent and property owner, can have more emotion attached to it than the ending of “Titanic”. The estate agent may have done preliminary homework and looked at the local market, comparables and done some data calculations based on land registry and house price inflation. But that figure of £750,000 that is the realistic value of the property may be scoffed at by the homeowner at the valuation. You, as a buyer, need to be aware that a property may have been set at a higher price because another agent has flattered egos, been leaned upon and agreed a guide price of say £900,000. Do your own homework as a buyer and feel free to ask any of our team at Power Bespoke.
We don’t want to be brutal or tactless here, but it will save you time, if you know, before looking at properties in a certain price band, what you can actually afford. You may want to view that £1.2 million riverside penthouse but your affordability budget will stretch to £1 million at a push so don’t view houses outside your affordability range, because credit checks will leave you unqualified and disappointed.
3. Moving home is expensive
As well as the mortgage costs, you have stamp duty, council tax, house insurance, removal costs, conveyancing fees, estate agent fees and more to account for, which could leave your sizeable equity with a sizeable dent. Work out the costs of moving before you begin hitting the portals so you know what you can and can’t afford.
4. Seek independent financial advice.
Ideally you want an IFA with whole of market coverage who can access mortgage deals that you’re unlikely to beat online. A great independent financial advisor can save you a lot of time and cost as they’re financial professionals.
5. Decide what you want.
How many bedrooms do you need or would like? Is an ensuite vital? Do you want off-street parking? A private garden? What style of property – modern or period? Where do you want to live? The perfect home for any buyer can be elusive – you’ve only to watch back episodes of “Escape to the Country” to see legions of ready and willing purchasers unable to find their dream home, with a property expert and film crew in tow! You need to be flexible and be prepared to compromise on what you want, so that property search doesn’t end up like finding the Mary Celeste (that’s our second ship reference!)
We do hope this post has been useful to you and if you have any more property buyer questions, contact us at any time.