First, take advantage of today’s buyer’s market, which may allow you time to view and revisit all properties in your price range.
“There are more properties on sale today than this time last year. Therefore buyers can affortd to take longer and be more choosy, ” says Camilla Dell of Black Brick, a professional buying agency.
Second, do your research before making an offer. “Look at the purchase price and then divide this by the size of property to give a “price per square foot”. We look at how the price per square foot compares to similar properties sold in the past six months in that street or block’, says Ms Dell.
“This enables us to assess whether the property is being marketed at market value, bwlow market value or is grossly overpriced. The Land Registry (landreg.gov.uk) allows you to search for details of sales by postcode for a fee. It’s a small price to pay to avoid making a costly mistake and over-paying.’
Third, get your mortgage and a survey arranged, as some sellers will opt for the buyer who is ready to go.
Don’t be too influenced by the new Home Information Pack, which applies to every property on sale. It doesn’t contain the most important item the purchaser needs to make a good decision – the survey. You, the buyer, still need to commission that.
