Strategies For Purchasing Property With Logic, Not Emotion.

Strategies For Purchasing Property With Logic, Not Emotion.

 

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RICS Home Survey Level 2

with or without valuation

RICS Home Survey Level 2

with valuation and post work valuation

RICS Standalone Private Valuations

Strategies For Buying Property With Logic, Not Emotion. 

 

Posted 04th July 2024.

For many, purchasing a home represents the most significant financial commitment of a lifetime, making it crucial to navigate the process with care. In this guide, we outline the essential steps savvy buyers take when acquiring real estate. While emotions can play a role in many decisions, when it comes to buying property, logic and thorough planning should take precedence.

Our advice to home buyers is to be wary of the charm of TV-style renovations. The appealing new paint, chic laminate floors, and stylish minimalist decor may appear contemporary, but they might be masking significant problems.

Set aside any idealistic views and scrutinise the property in a realistic manner. The critical factors are location and structural soundness. Fresh paint can hide damp problems, laminate flooring may cover sub-floor issues, and the delightful smell of coffee or baked goods could be masking drain odours.

 

First-time buyers can be more vulnerable due to their eagerness to find a home and their tendency to settle quickly on the first property that meets their basic criteria.

Here is a checklist outlining the perils of prioritising feelings over reason:

  • Do not buy a house because you like the colour of the walls (or other similarly superficial details).
  • It is important to accept that you will not be fond of every detail in the house. If you happen to be fortunate enough to like everything, make sure to verify which fixtures and fittings are included in the purchase. Otherwise, you might find the home looks quite different on moving day.
  • Stay alert to ‘home staging’ many sellers bring in professionals to transform the look of a property and drive up its sale price. Do not be taken in by this tactical ‘investment dressing’.
  • Honesty about priorities is essential for couples buying a home together. Do you seek a quiet neighbourhood or an active community? Would they prefer being close to a park or having their own garden space? Discussing this now is key.
  • Initial impressions do count, but you should see a property at least twice, at various times of the day, for a fuller picture. A charming, quiet neighbourhood on a Sunday morning might reveal itself as a busy, noisy, and congested area during weekday mornings.
  • Prepare yourself! Ensure you have a solid understanding of the housing market basics. Do you know the difference between freehold and leasehold? If this is new to you, begin investigating it now.
  • Think beyond the property’s purchase price. Your moving cost checklist should include solicitor fees, land registry fees, local authority searches, mortgage lender fees, survey costs, and stamp duty. Additionally, account for moving expenses, building insurance, and storage costs.
  • When you are ready to make an offer on a property, have a qualified chartered surveyor conduct a thorough survey. Skipping this vital step can result in costly surprises later. Being well-informed about the property’s condition before settling on a sale price is far better than discovering issues after the purchase.
  • Do not let your emotions tie you to a property until the entire transaction is complete. In the UK, nearly one in three house sales falls through. Once you have signed the necessary documents and taken possession of the keys, then you can truly consider it your own home sweet home.

 

 

 

Years Experience

Our Services

RICS Home Survey Level 2 (with or without valuation)

Our reports are easy to read with sub-sections included as well as bold text in the relevant places and photos of defects or advisory information. These will help you to understand exactly what we are talking about.

RICS Home Survey Level 2 (with valuation and post work valuation)

You will receive the same high-quality service as the survey with or without a valuation but you will also get a valuation of the property of what you should realistically expect to achieve once the remedial works have been carried out to a professional standard.

RICS Standalone Private Valuations

We offer a few of the most common types of standalone private RICS valuations, such as, those that can be used in investment purchases or the purchase of the remainder of a Help to Buy loan.

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