A list of tips for buying property, useful whether you are a property investor or house hunter looking for a property yo buy in Sheffield.
The property investment project recently published a list of tips for buying property, a useful list whether you are a property investor looking to buy an investment property in Sheffield or if you are a Sheffield house hunter looking for a property to buy in Sheffield.
1) Research is the key
“Always do research. You can never do enough research. A lot of people dive into the property market head first and blind folded, and that’s when people make bad purchases. If you like a property, find out about the surrounding area; find out the local crime rate, find out how much properties in the area recently sold for. Find out EVERYTHING. There are tonnes of websites out there that will give you all these details at no cost.” And don’t forget to ask us, Belvoir! Sheffield have many years experience of the Sheffield property market and housing in the various areas of Sheffield and can help and advise you.
2) Prepare yourself financially
Financially prepare yourself before you make any offers - get financially sorted. Make sure you can afford the property. Make sure you have taken every cost into consideration, like conveyancing solicitors, stamp duty, survey fees, etc. Most importantly, make sure you can get the financial backing you need.
3) Structural Survey
Always get a structural survey done. With the newer homes, the basic or mid-ranged survey is fine. But with older properties, definitely get the higher-level inspection. Sure this may add expenses onto your limited budget, but it could potentially save you thousands. Regardless, most Mortgage lenders will insist on a structural survey, as they won’t want to help you finance a house that’s about to fall apart.
4) Property fittings
Make sure you ask what comes with the property before you make an offer. A lot of houses are presented beautifully, especially with fitted bathrooms and kitchens. You may get a nasty shock when you move in only to find the previous owners took the fittings with them.
5) The future is important
Think about the unforeseeable future. The property market is a very uncertain area. Interest rates can increase at any time, and that will have direct impact on your monthly mortgage repayments. You may be out of work for a period of time, would you still be able to afford the monthly mortgage payments?
6) Damp properties
Smell for dampness. Touch the walls; feel if they’re damp. Always be suspicious if a home is overly heated and sprayed with overpowering fragrances.
7) Location is just as important as the property
Finding the dream house is always great. But what about your dream location? Does it contain all your essentials, like a local groceries, schools etc. Don’t just focus on the property; focus on the bigger picture. Make sure the local area is equipped for your requirements.
8) Shop around for property
You can never find the right property after one viewing; even if you think otherwise. Make sure you take your time looking at several difference properties. Don’t just look in one area, be a little open minded and open yourself to possibilities. You’ll get a better idea of what your hard earned cash can actually get you.
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