For most people employed in a permanent job, buying a residential property is probably the most expensive purchase they will make in their lives, so ensure you do your due diligence. Implement a plan of action to achieve this. Attached is a property viewing checklist to help you with your viewings.
Viewing Checklist (Coming Soon)
Target Area
Get to know your target areas as well as possible. If you don’t know them, talk to people with local knowledge or Estate Agents. Know the neighbourhood and what amenities are available. Take into consideration how far the property is from the main road, public transport and other amenities. Also, consider how long it will take to get to work and how long it will take you to get home. If you have children or are planning to have children, you may consider whether there are good schools in the area and whether the property is within the catchment area of these schools.
Walk around the neighbourhood to get a feel of the area. Also, look at the census data to get an indication of the makeup of the type of people that live in the area and what type of employment and education they have. If you can, visit the area at different times of the day in order to get a good indication of what the area is like. Pay attention to traffic levels during the morning (travel to work, school runs etc) and the same in the evenings. If possible speak to local people, as well as anyone involved in a local neighbourhood watch or local law enforcement to get more details on the area. Try to find out what your potential neighbours will be like. Also consider viewing the property in the evening when the neighbours may be at home to see if there are any noise issues.
Start looking at properties as soon as possible so that you can get to know the area. Get a feel of what properties are worth and what they are selling for in the area. This can save you tens of thousands of pounds (dollars). In some instances, properties can be overpriced based on the current selling prices of existing properties. It is also possible that properties can be under the market price. Once you really know your areas you will have an idea of what types of properties sell quickly, as well as what types of properties take a bit longer to sell.
Look at multiple property details (pictures etc..) in the areas that you are interested in to get a feel for the dimensions and layout of properties. This will also give you an indication of what is possible with regards to modifications of the layout.
Estate Agents
Register with local agents so that you can view properties and they will alert you when new properties come on the market. It is also good to visit a few estate agents in person so that you can build a relationship with the people who could be finding your dream home. If you have met them, you are more likely to come to mind if a property that suits your criteria comes up.
Some properties are sold even before they come on the market. So it is important to build good relationships with estate agents and let them know that you are a serious buyer.
Ensure that you let the estate agents know your criteria
Let them know what budget you are looking within to buy your property
Inform them of the types of properties you want
Let them know the types of properties you don’t want
Have an idea of your preferred layout for the property
Decide on any must-have features e.g. a garden and inform your agent of these
Websites
Register with Websites like Zoopla, Rightmove etc… so that you will get alerts when new properties come on the market.
Viewings
Bring the full property details with you – Go over these before you go to do the viewings
Viewing checklist (coming soon)
Take pictures if possible
From the pictures make a list of any repairs that may need to be done. Also if you are able to, make estimates of what it would cost to make those repairs
Remember everything you miss on your viewing could cost you money further down the line.
NEXT STEPS
Know your target area
Look at properties as soon as possible so you can know what properties sell for
Register with local estate agents
Register with property search websites
What location can you afford to live in
What type of property can you afford
(Coming soon How to get a Mortgages)
Good level of comprehensive info. Well done sir. All the best for the FUTURE…(GUSWO.Com)..