Home » Personal Finance

Mistakes New Home Buyers Must Avoid

30 August 2016 No Comment

canstockphoto7295829The property market is like a massive maze and finding your way can be tricky. What’s the goal of the average home buyer? You’re looking to find a property that you love and purchase it for the best possible price. During this process, you don’t want to lose money, and you certainly don’t want to lose the chance at buying a fantastic home. Unfortunately, both of these issues are regular occurrences for home buyers. You need to know how to avoid the problems and get the best home buy possible.

Do Your Research

It’s best to research a few different estate agent sites to conduct a thorough search of the market. Don’t forget that certain houses won’t appear on every website. Particularly, if they are being represented by selected agents. For instance, some properties will not show up on sites such as Zoopla and Rightmove. Instead, you will need to look at the individual estate agent websites. For instance, you could get new details about Taylors properties from their online platform.

Do be aware that certain estate agents operate differently. While some will arrange the viewing for you, others will put in touch directly with the seller. You must be careful not to operate incorrectly. For instance, you should not contact the seller directly if the estate agent is providing full representation.

Avoid Being Gazumped

Gazumping is a nasty practice that still occurs on the property market. In fact, many estate agents actually orchestrate it. They do this by working in the best interest of their client, the seller. When a new offer arrives for a property, the estate agent will get in touch with other interested buyers. They will inform these buyers whether they would like to beat an offer already made. The purpose of this action is to start a bidding war on the property. The estate agent and the seller benefits while the buyers lose. They can be pushed into paying a lot more for a property than it’s worse. You can avoid getting gazumped by directly asking whether the home will be taken off the property market once the offer is accepted.

Conduct A Thorough Investigation

When you view a property, you will have as much time as you like to examine it. This is particularly true if you are being shown around by an agent. You must take the opportunity to complete a close inspection of property. Make sure to look at any signs of issues. For instance, peeling wallpaper often points to a problem with damp. This is going to lead to an expensive repair. You need to do this so that you know whether or not it’s worth taking out a survey. Otherwise, you could lose thousands on a survey for a property you wouldn’t buy anyway.

Home Sellers may try to hide issues so don’t be afraid to ask to see areas they haven’t shown. Or, query weird things that seem out of place. Remember, a seller might seem charming and lovely, but they will always try and keep something hidden that could stop a sale going through.



Comments are closed.