Tag Archives: House hunting

Successful house hunting wrapped up for Christmas

OnlineThis Christmas, once youÔÇÖve opened the presents and eaten the turkey, thereÔÇÖs only one thing left to do ÔÇô and itÔÇÖs not watching the QueenÔÇÖs speech, apparently! Christmas is one of the busiest times for viewing new homes online, so if youÔÇÖre planning to peek at properties in between all those parties and family visits, read on!

Property search and acquisition specialist The Buying Agents has compiled a homebuyersÔÇÖ checklist and its top five tips for successful house hunting ahead of the festive break. The advice follows last weekÔÇÖs Autumn Statement, after which The Buying Agents predicted that the market will now pick up at a considerable pace following chancellor George Osborne’s decision to implement ÔÇ£buyer friendly stamp duty changesÔÇØ.

Established in 2001, The Buying Agents is one of the UKÔÇÖs leading property finders, with seven offices in London and the Home Counties. Managing director Henry Sherwood said: ÔÇ£The seasonal slowdown could well be counteracted by the new sub ┬ú1m stamp duty changes. Therefore, buyers need to be prepared if the market takes off again in the new year. The slow holiday period is the ideal time to reassess your position and prepare yourself for when the market picks up.ÔÇÖ

ÔÇ£No one can predict the market will re-start before the impending interest rate rise and general election, so you need to be prepared. There is still pent-up demand from buyers and the changes in stamp duty could create┬ápotential for another property boom below ┬ú1m in 2015. Following a simple set of basic rules can ensure you gain a significant competitive advantage and are quicker off the mark than Lewis Hamilton come the first week of January!ÔÇØ

self-buildThe Buying AgentsÔÇÖ 5 tips for successful house hunting:

  1. Re-assess your requirements. While the property market quietens down, take a moment to write a list of what you really need from your next move. Cross out all the ÔÇ£nice to havesÔÇØ and concentrate on the essentials. You will get estate agents working much harder for you if it doesnÔÇÖt take a long time to list your requirements and you can be clear about what you want.
  2. Choose your team carefully. Ask friends to recommend mortgage brokers as well as lawyers and surveyors. When you speak to a broker, be honest about income and expenditure – the changes brought in by the Mortgage Market Review mean that lender criteria is far stricter than before and you will now need to provide a greater amount of detail about your financial circumstances.
  3. Set up portal alerts. With the Christmas break being one of the busiest periods for viewing property online, itÔÇÖs a good idea to set up alerts now to give you a head start before the January viewing ÔÇÿrushÔÇÖ kicks in.┬á The two biggest property portals will list 95% of all property, so set up alerts with both before Christmas!
  4.  Record and research. List every property from your alerts on a spreadsheet in order to build a comparable database, helping you identify the accurate market value for properties that are of interest to you. Input the price and square footage to gauge the price of homes you like; you can usually do this before you view if a floorplan is available.
  5. Pick up the phone. DonÔÇÖt waste your time emailing estate agents. If you donÔÇÖt pick up the phone to speak to the negotiators, you will always be the last person on their list to contact when a new property becomes available. Always call in the morning when agents are likely to be in the office and not out on viewings

HomebuyersÔÇÖ checklist:

  • Get an Agreement In Principle (AIP)
  • Ask friends and colleagues to recommend solicitors
  • Research surveyors and survey types
  • Assess (or re-asses) your requirements
  • Set up portal alerts
  • Record all property on a spreadsheet
  • Know the local prices
  • Conduct area checks upfront
  • Be prepared to offer BEFORE you view