Buying Your Dream Home: What You Need To Know
The UK property market is booming. A shortage of properties coming to market, teamed with high demand from would-be buyers, has led to record high price growth in recent months.
If you’re looking for your dream property, you’re going to need to be ready to move quickly. Our top tips will make sure you’re well-prepared and in a strong position to secure the home of your dreams.
Have your finances in order before you start your property search
It may sound obvious, but you’d be amazed how many people start a property search with little realistic idea of what their budget is. An Agreement in Principle from your mortgage lender will give you a good idea of what you can afford and stop you being disappointed later in the property search process.
You should also take the opportunity to ensure your credit score is looking as good as possible. You can do little things to boost your score, such as ensuring you’re registered to vote, clearing any short-term debt and reviewing your monthly outgoings to improve your affordability.
Make yourself as attractive to sellers as possible
In a seller’s market, there is stiff competition between buyers. If you want to be able to secure your dream home, you’re going to need to ensure you are the seller’s most attractive option. The most obvious way to do this is to make the highest offer, but another effective way to stand out from the crowd is to make yourself a chain-free buyer. Property chains are one of the leading causes of sale collapse, so sellers will often choose a lower offer from a chain-free buyer over a higher offer from someone stuck in a property chain.
There are a couple of different options when it comes to becoming a chain-free buyer. One option is to sell your property and go into rented accommodation whilst you find your dream home. However, if you don’t like the idea of moving twice, you could also consider using a professional home buying company. Because a professional home buying company purchases your property directly with their own cash funds, and can complete the sale on a date of your choice, they affectively make you a chain-free buyer without you having to move out of your home. A company like this will pay less than market value for your property, so it’s not the right choice for everyone, but for those really keen to secure their dream home it can be a price worth paying.
Approach homeowners in your desired area
A huge number of properties are currently selling before coming to market, so if you’re particularly keen on a certain area, it’s a great idea to approach homeowners who may be considering selling. A simple, polite note through their door that outlines your position and provides contact details should they wish to discuss the opportunity further is all that’s needed. Any private off-market sale will save the seller on estate agency fees and will mean you don’t have to compete with other buyers to secure the property, so it can be win-win for both buyer and seller.
