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Property For Sale - The best tips for finding the dream home
Buying a property is profound life event so finding a property can be difficult and could hold many pitfalls. The home purchase process should be well thought out, with a detailed search carried out to help you on your way to become a happy homeowner.
Search - How to find the right property?
When doing the search to find your property, the number one rule is patience. Only through broad and intensive research can you collect all the relevant information needed to make an informed decision to buy the property. First of all, the real estate market should be monitored over several months to get a rough picture of the purchase price level in the desired region. This can be carried out by using numerous online tools such as mouseprice, zoopla and rightmove all of which have property price research tools on their website. As well as these well known internet portals you should also keep an eye on traditional advertising media such as newspapers and print ads. Estate agents are also a good source of information, but remember they may have a biased opinion as they will be earning commission from the seller when the property has been sold. As well as factual research on the property, also research what facilities, schools and transport are available as well as getting opinions on the different area`s from family and friends.
Places To Find Properties For Sale
- Property Web Sites on the Internet
- Advertisements in daily newspapers
- Estate Agents
- Relatives, friends and acquaintances
- Driving area`s of interest that may have houses with for sale signs
Once you have found a property that you are interested in you will need to carry out the next level of due diligence. Visit the property and the area at different times of day, make sure the property does not have any unknown drawbacks.
Find a Property: What to consider?
When finding a property you may well visit many houses, this is where you able to carry out a full inspection of the property, you should view the property structure to ensure it look structurally sound making notes in any walls in cracks or other signs of any problems in the property.
- When was the house built and what impression makes the overall building and building subsidence at first sight?
- What heating technology is used in the property? How old is this? Consider the cost of replacing and running the property heating system.
- What window insulation and glazing is like? In general, the production year in the inside of the window glazing is noted.
- Utilities available, some country properties may have limited access to some utilities, such as super fast broadband.
- What about the basement? Possible water marks indicate problems with moisture, as well as rust and discoloration of water - and gas pipelines.
- What is the solar orientation of the house? Depending on personal preference should be about the future bedrooms face the sun-drenched east side - make sure in the kitchen or optimal lighting conditions. In general, however, the lighting conditions play a role, especially for balcony, terrace and living room.
- re there any passage - or windowless room ?
Once you have decided to purchase the property and had an offer accepted you will need to have the property surveyed, you will need this to get approved for a mortgage as well as helping you find any potential structural problems in the property.
Funding - How do I pay for your property?
Buying a property is the biggest investment for most in life. Therefore, potential home buyers should be informed in advance about the proper financing available for purchasing a home. Setting a Budget
The first step is setting a budget, consider how much you can afford to pay each month, take into accounts your earnings and outgoings, ensure you don`t over stretch your selves as missed payments on a mortgage can result in penalty charges as well as the possibility of your property being repossessed. When making the budget it may be worthwhile considering keeping a financial reserve that will help make payments in the event of an emergency.
Property Deposit and Loan to Value
There are mortgages available up to around 95% loan to value, this means you will require a 5% deposit to purchase the property, this means if you are buying a £200,000 property you will need a £10,000 deposit. The more deposit you have the more chance you will have to get approved for the mortgage required for the property that you have found to buy, you will probably also receive a lower interest rate on the mortgage.
Mortgage interest rates are currently low, but it is important to consider how interest rates may change, if interest rates rise then your monthly mortgage payments may increase, it is important to ensure you are able to keep up on your mortgage repayments in the event of an increase. When looking for a mortgage it is not just the APR that is a factor, other things to consider is ensuring flexible payments as well as possible early repayment charges, a qualified mortgage adviser will be able to discuss your requirements to find the best mortgage deal for your circumstances and needs.