The media has been full of stories of property shortages and a highly competitive property market, and in some areas properties are being sold before there’s even time to get a ‘for sale’ board up or list the property online.
So here are our top tips to secure your dream home and beat the competition:
1. Do you research at the start – it’s important to spend time looking at your financial situation and thinking realistically about what you can afford, both in terms of the mortgage lending available to you and in terms of your monthly budget and affordability.
2. Shop around for the best mortgage products – there are some really competitive mortgage deals around at the moment so make sure you shop around for the deal that best suits your circumstances; make sure you look at the full picture though, and take into account any fees charged for different products.
3. Once you’ve decided on the right product, getting a mortgage agreed in principle will save time once you’ve found a property – you’ll already know how much a mortgage lender is prepared to offer you, and will therefore have an accurate understanding of your budget, and it will also make you more attractive to the vendor as it proves you’re a serious buyer.
4. With stats from property investment company Quick Move Now suggesting that nearly 4% of property purchases this year have fallen through due to property chains, it’s little wonder that vendors prefer chain-free purchasers. It will definitely work in your favour to make yourself as proceedable as possible. If you have a current property to sell, try to secure a buyer before you make an offer on a property, and if you’re downsizing and have a considerable amount of equity built-up in your property, it could also be worth considering a cash house buyer who could offer you a guaranteed sale and time it to coincide with when your new property is ready to move into – this will put you in an excellent position, making you a hugely attractive buyer and put you in a great position to negotiate a good price.
5. When the time comes to make an offer, make sure you present your case well to the estate agent – why should they choose you over any other offers? A lower offer from someone who’s chain-free is often accepted over a higher offer from a less proceedable buyer, as it frees the vendor up to move forward with their onward purchase. Make yourself as proceedable as possible and make sure you highlight any other positive aspects of your positions – in a competitive market the buyer in the most proceedable position is usually the one that will secure the property.