Looking For A Good Deal - Tips For Homebuyers

With the numerous stories about house prices at the moment, it’s hard to know what to believe.Whether house prices are going up, down or sideways, it makes sense to put in the hours to get the best home for you at the best price possible. Less2sell Estate Agents eluded in a previous post titled ‘Pre-Christmas Slow Down comes Early’, that we feel that a series of interest rate cuts are needed in 2008 to re-stimulate the market. Since then rumours are emerging that the Bank of England have declared the need to reduce interest rates next year.Anyway, if you’re looking to buy, Less2sell Online Estate Agency would like to share some top homebuying tips with you.

1. Do Your Own Research

One top reason many parents choose to move home is due to the fact they have a child about to start school, and unsurprisingly, properties in excellent state school catchment areas tend to have a hefty premium slapped on. 

The trouble is, catchment areas usually vary from year to year, the way they are worked out can be mind boggling (involving the school, the local County Council or both) and very few estate agents take the trouble to check.  So if you’re looking to buy in a school catchment area, don’t simply trust the seller’s/estate agent’s word that the property is within it. Call the school yourself and ask. Most should also be able to supply you with a copy of the latest catchment area map. Schools are typically very friendly and more than willing to help.  And remember you can find out all about applying for schools at the DirectGov website, and read the latest school reports at the Ofsted site.

2. What did next-door go for?

When you find something you’d like to make an offer on, check out websites such as NetHousePrices or Mouseprice. These brilliant sites can tell you how much similar properties on the road (or within the postcode) actually sold for and when, and all for free. Use this information when deciding upon your offer, and make sure you mention your reasoning to the estate agent when putting forward the deal.

3. Don’t be afraid to make a low offer

Just because the guide price on a property is set high, it doesn’t mean that’s what it will sell for. Remember, most traditional estate agents try to drive prices up when valuing properties, regardless of the current market.  And the thing is, August is traditionally a pretty slow month for house buying anyway, exacerbated by the fact we’ve seen five interest rates rises in the past year.

4. Extras, extras..

If you can’t do anything to drive down the price, see what you can get thrown in. Dishwashers, washing machines and fridge freezers can save you a few hundred pounds - and good quality curtains and blinds, especially for large or awkward windows can cost a small fortune.

5. Snag it..

Don’t forget to draw up a “snag list” on your second viewing. Check around the house and note down everything that needs to be looked at, fixed or negotiated on, before making your offer.  Many people make the mistake of not snagging a house as they feel this is only done on new builds. Don’t forget this is the most expensive single item purchase you will make!

6. Be a snake..

If you’ve only just started looking in a particular area and would like to know if any of the properties you’re interested in have been reduced, check out PropertySnake — this great site will let you search by postcode or area and find out who’s had to drop their price!

7. It’s not over until you exchange!

One in three property chains break down - so just because your dream home is under offer does not mean it’s lost forever.  Keep in touch with the estate agent to check on the progress of the sale and ask them to call you should anything happen. If its chain should collapse its owner may need to find a new buyer in double quick time - if you’re in a good financial position you could take advantage, and if you’re lucky you could even find a cheeky offer is gratefully snapped up!

8. Be aware of flood affected areas

Remember you can check for free with the Environment Agency whether or not that new property has been built on or near a flood plain before making an offer.

9. Affordability

Crucially, you must also consider whether you can afford your new home.

This entry was posted on 27/11/2007 at 09:42 pm and is filed under Tips. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response or trackback from your own site.

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