For most first-time buyers, your property purchase will be the most expensive transaction you’ve ever made. You’ll be spending a huge sum of money, and indebting yourself by relying on mortgage lenders to bolster your budget. The stakes are high, and that means it’s vital to get the most for your money.
However, finding the perfect property is no easy feat. We all want to make our capital go as far as possible, but judging whether or not you’ve managed to negotiate the optimum deal can take experience that you simply don’t have. As a result, people often panic buy, throwing their money at the first property they see.
Unfortunately, if you get it wrong, you’ll have to live with your mistake for a long time. So, to help you out, here are three top tips to live by when you’re buying your first home…
Tip #1: Don’t Be Afraid to Haggle
In the western world, haggling seems to have become something of a social faux pas, but these rules don’t apply when it comes to purchasing a property. In fact, it’s actually expected that buyers will try to negotiate. Most sellers will price their property a little above the value they’re willing to accept, so never offer the full asking price. This means that you needn’t restrict yourself to looking at properties that are strictly within your budget. If a house is £5,000-10,000 more, then take a look, and if you like it be prepared to offer what you have – you might find that you get a lot more home for your money than you imagined.
Tip #2: Be Prepared to Commute
It’s a proven fact that properties outside of major cities cost less to buy than those inside them. The reasoning is simple: most people want to live close to where they work, and most businesses boast town centre locations. If you’re prepared to commute, however, you’ll find that you can get bigger and better properties for much less in the towns and villages surrounding them. Average estimates suggest that if you’re willing to travel just thirty minutes to work each day your budget will buy you an extra bedroom and reception room, as well as a bigger garden. You’ll even have the additional boon of country views.
Tip #3: Learn to See Potential
A lot of buyers want a ready made home, and this means that they’ll often overlook structurally sound properties simply because of out-dated décor, peeling paintwork or a shabby exterior. If you’re prepared to look beyond these factors and expend a little elbow grease, however, you might find that you’re able to buy a beautiful property for well below budget, and that the money you save can be used to transform it into your dream home.
Follow these top tips today to get more for your money.