People often ask estate agents the same question, what should they do when buying a new house? Well, the answer can vary depending on your preferences and financial status. In the UK, 45% of people prefer to buy a property through a bank loan however some choose to get a mortgage. Prices of properties don’t remain fixed and tend to increase as time passes. So, it is crucial for the buyers to evaluate their preferences and consult with a professional in this regard. In this post we will go through a few crucial steps that can help you make a profitable property deal:
Decide on a financial option
The qualified estate agents in Covent Garden usually recommend that their clients decide on a finance option in the first step. You should know whether you need to sell your existing property, or if you have enough savings to buy a new home. If you are planning to get a bank loan to cover the finance, you should be aware of the current interest rate and all the legalities, it’s best to look around and speak with different banks before settling on one.
Research the area you want to buy property in
The candidates should research the area they’re thinking of buying a property in, as certain factors are vital to consider:
Traffic Noise: You should make sure you visit the area both during rush hour and not so that you can experience the traffic and the noise.
Crime Rate: Buyers should be aware of the crime rate in the area. If you are unable to get this information from the estate agent, you can either look it up online or ask the local police department.
Schools: If you have children or are planning to then, looking at the local schools is a necessity. You’ll want to find out if they are close and what the ratings are like.
Flood Risk: Homes near the sea or rivers are obviously more prone to flooding. So, it’s vital to consider these factors too. You can look up the likelihood of flooding online, or by asking your estate agent.
Know the current market price
Sellers prefer to set a high price of their property however; it doesn’t mean that’s the price you’ll pay. You should keep an eye on the price variation and the current market price. However, besides the price per yard, the overall interior of the house also matters. The flooring, kitchen countertops, plumbing, insulation, and ventilation are crucial factors that can also affect the price of a house.
Contact the estate agent
It isn’t easy finding the right property and you may have to compromise. So, the best way is to contact a qualified estate agent who can make this whole process a lot easier for you. These agents don’t only help in finding a reliable seller, but they save the cost of clients.