Expert advice for buying your first property

While it may be tempting to put in an offer on a property that is below your budget or the asking price, this may not always work in your favour. The idea of saving a bit of extra cash might be tempting, but this might translate to the seller and estate agent that you’re not in the financial position to proceed. Keep your offer realistic, and near to the asking price when you can.

Think about faults

If you have spotted some faults in your property, you may be considering putting in a lower offer based on what you’ve found. However, it is better to place an offer based on what you think the property is worth, but be clear to your agent or seller that your offer is subject to the results of your survey. That way, if your survey identifies faults or problems that need addressing before you proceed, your agent or seller will be aware that you will wish to renegotiate the price.

Listen to your agent, but do your own research

The agent/seller must be truthful with you when answering your queries, otherwise they put themselves in danger of facing misrepresentation proceedings. You should adopt a ‘trust but verify’ attitude to what you are being told. Always test the information you are given by the agent/seller either through your surveyor or through your conveyancer.

Head of Residential Property at Jackson Lees, John E Jones, is on hand to provide some expert insight into how to be successful in your property hunt. (Image: Jackson Lees)

Be an attractive buyer

The easiest way to be an attractive buyer is to be seen as low risk. Cash buyers are always attractive, but that requires having the money for the entire property in a bank account ready to use, which is a position not everyone is able to be in.

For buyers that need a mortgage or have another property that needs to sell before being able to proceed with the purchase of a property, the best way to be an attractive buyer is to show that you are prepared and serious about your purchase. If necessary, make sure you have a mortgage in principle already agreed, collate all your paperwork, put your budget together and be realistic about what you can achieve. Contact your agent early on and be honest with them about what you’re looking for and get their advice.

Another tip is to instruct a conveyancer before you’ve found the property you want to buy. This way, you can resolve all due diligence early on, which speeds up the purchasing process when you find your dream home.

Additionally, it never hurts to be accommodating. If your seller faces delays, try to be understanding.

Know what you’re getting

When buying a property, your seller will provide you with a Fittings & Content list for you to consider before exchanging contracts. Pay attention to this and use it against what items you want to keep in the property. Many items, like fixtures, must remain unless you want them removed before completion.

Be honest with budget

When it comes to the property you’re hoping to buy, you can either afford it or you can’t, and downplaying your budget puts you in danger of being dismissed as a potential buyer, as the seller or agent might perceive you as high risk.

If you have prepared before beginning your property journey, you will have a solid idea of what you can achieve on your budget. Remember, mortgage lenders carry out affordability checks and will be assessing your ability to pay, so keep within your budget.

Moving home is an exciting time and we’re here to chat to you about any questions you might have about the process.

At Jackson Lees we will act in your best interests, helping you every step of the way to ensure your home move is completed on time.  For a no-obligation quote, please give us a call on 0808 302 3682 (also free to call from mobiles) or visit www.jacksonlees.co.uk.