There are signs that the price of properties in the UK may be starting to rise again after the post Brexit lull. For many, first time buyers included, a good time to buy is just as the market is turning, this way the property is purchased for a reasonable sum and quickly picks up a little equity – it’s a win, win.
Here we look at the factors that young house buyers should consider when looking into buying their first home and the first piece of advice is to do the research.
Viewing Properties First Hand
While searching for properties using online estate agents is a great place to start, you only really get a feel for the market and a property by going to see it. Viewing properties first hand gives you a much broader perspective that not even the best photographer can provide.
For example, the approach to the property will give you an all-important taste of how it sits in the surrounding area. Once you arrive at the property you can ascertain the condition of the neighbouring houses are in and thus learn a little about the type of people who live there. Making a note of the type of cars parked outside can also be useful.
Once inside you can really get a feel for the property and whether or not it is the type of place you are looking for. The physicality of a property is extremely important and seeing it up close and personal is the only way.
Try to find properties that are big, a large property gives you so many more options and that could prove to be lucrative. For instance, if you wanted to, you could bring in lodgers to help pay bills or provide an additional income.
Alternatively, take the example of TV’s Phil Spencer who is a property expert and presents Location, Location, Location. His first property was a four-bedroom flat which he converted into two flats and pocketed a hefty profit into the bargain.
It is worth bearing in mind, that as your first property, you are unlikely to live there for ever, so make it work for you.
Avoid Pricey Locations
Expensive places like London, rarely make good hunting grounds for first time buyers, unless they have deep pockets. Instead look to find areas with added value like great transport links and areas that are “on the up”. Here, you are more likely to find people like yourself and a property that will afford you more options while living in it and when you come to sell.
Much like the world of stocks and shares, a little inside information goes a long way and so sniff around for useful information to help you make informed decisions.
Fools Rush In
Don’t make the mistake of getting all excited about a property while viewing it. This will only serve to make negotiating a good price all the more difficult. Instead, play it cool, umming and ahhing is a much better tact and may end up getting you a much better deal.
You should also expect to have your first offer refused, if you don’t you have made a bid that is too high. Better to go too low to begin with and put the seller on the back foot – they can only say no.
Put the Dream on Hold
There are very few first time buyers who find their dream home straight away. Expect to make compromises and you are less likely to be disappointed. Thinking about how your first property can lead you to your dream home is a much more realistic way to approach the situation and one that may make your dreams come true all the quicker.