3 Essential Tips That Every Homebuyer Must Remember
Residential property sales in the UK recorded a significant decrease from December 2019 to December 2020. Fortunately, housing experts have forecasted a 46% leap (increase) by December 2021. Therefore, it is vital to equip yourself with the necessary information regarding home purchases. That said, here are three things to note when buying a home.
Use a trusted realtor
A trusted realtor is the link between your desired property and the property owner. Indeed, a realtor earns commissions on a house sale and would stop at nothing to make the sale. This makes it imperative to leverage a credible one. However, due to increased scams in the UK housing market, it is now more critical to determine your realtor’s authenticity. Thankfully, specific actions indicate a fraudulent realtor, some of which include:
- Unrealistic promises about a housing deal without giving the appropriate information.
- A sudden demand for a buyer’s private bank details
- Failure to disclose their contact even upon request
A credible and savvy realtor should be ready to protect your interests without focusing only on what they can extort from you. As a tip, you must exercise a great deal of common sense when working with a realtor. In essence, you have a responsibility to do your checks when you settle on a realtor, as rushing into a deal you’re unsure of might cost you money.
Keep your legal documents organized
An essential element of a house purchase is the number of documents to claim rightful ownership of the property. In ideal situations, a solicitor will handle the conveyancing of your purchase for authenticity. While at it, you should check for several documents that comprise the property purchase contract like Title deeds, lease copy, report on title, management pack, fittings, and content form.
You should also request a property information form, stamp duty receipt, warranty, indemnity insurance, and lastly, an energy performance certificate. Additionally, be wary of appending your signature to standard agreements without detailed information, as it can pose problems in the future.
Risks associated with buying fixer-uppers
Do you wish to buy a property in a neighbourhood you most likely cannot afford? There is a way to go about this, but it comes with inherent risks that you should be aware of. Fixer-uppers generally refer to properties in high-end neighbourhoods that require significant repairs. A house like that will sell less only if you are willing to embark on a renovation project. However, it is critical to thoroughly inspect the property before making a financial investment to avoid a bad deal. With expert advice, you will know whether that fixer-upper is worth investing in.
Buying a home is undoubtedly a significant investment and is why you must commit absolutely to the cause. More importantly, always think about the long term when you’re buying a home. With that mindset, you can avoid a bad buy. Therefore, you may follow these tips to avoid a bad deal and acquire your dream home.