10 important Rules of Buying a Home
Buying a home, especially your first one, is a challenging endeavour fraught with uncertainty. It’s a massive commitment, and there’s always a risk of overpaying. However, by following these ten golden rules, you can secure the home you want at a price you’re happy with whilst avoiding the invisible pitfalls that many buyers unknowingly fall into.
## 1. Get Your Finances in Place First
Before viewing properties, ensure your finances are properly arranged. This is crucial for three reasons:
– It allows you to choose your own independent, whole-of-market mortgage broker rather than being forced to use one recommended by an estate agent. A good broker will discuss your life plans and help you select the most suitable mortgage product for your long-term needs.
– Estate agents will take you more seriously when you have a mortgage in principle, making it easier to arrange viewings.
– Your offers will carry more weight, as sellers prefer buyers with proven financial arrangements.
## 2. View Everything Possible
Viewing properties is never a waste of time. Each viewing provides valuable insights: you might like a property more or less than expected, learn about market conditions from agents, and understand what other buyers are doing. Most importantly, being active in viewings maximises your chances of being in the right place at the right time when an unexpected opportunity arises.
## 3. Appoint Your Conveyancing Solicitor Early
Select and appoint your conveyancing solicitor before making any offers. This prevents being referred to an estate agent’s preferred solicitor, who may not have your best interests at heart. A good conveyancer is crucial as they handle all legal aspects of the purchase, including leasehold paperwork and title deed checks. Having one appointed early speeds up the transaction process and strengthens your position when making offers.
## 4. Sleep on It Before Making an Offer
Never make an offer immediately after viewing a property. Avoid getting swept away in the heat of the moment, as this often leads to overpaying. A good estate agent will recognise your enthusiasm and might use it to their advantage. Sleep on the decision—if you wake up equally excited the next day, that’s a positive sign. If you’ve almost forgotten about the property, it might not be right for you.
## 5. If in Doubt, Rule It Out
Trust your instincts. If you have doubts about a property, walk away. There’s nothing worse than committing to a purchase you’re unsure about. Sometimes your head and heart may disagree—listen to your gut feeling if something doesn’t feel right.
## 6. Only Offer via Email
Make offers exclusively through email, never verbally or over the phone. This approach helps avoid being drawn into negotiations where you might be outmanoeuvred. Your first offer should be your best and final offer—starting low with the intention of increasing later often backfires. A well-structured email offer should include all relevant documentation (mortgage in principle, conveyancer details, proof of deposit) to demonstrate your serious intent and ability to proceed quickly.
## 7. Order Property Searches Immediately
Once your offer is accepted, order the property search pack straight away. These searches are required by mortgage lenders and often cause delays if not handled promptly. Take control of this process rather than leaving it entirely to your conveyancer, as delays in receiving or reviewing search results are common.
## 8. Always Commission a Building Survey
A building survey is essential and never a false economy. Whether you opt for a Level 2 or Level 3 survey depends on the property’s age and condition. The survey might reveal no issues (providing peace of mind), minor problems (which could be grounds for price negotiation), or major issues (allowing you to withdraw before making a costly mistake).
## 9. Don’t Overpay
The consequences of overpaying can be severe, potentially leading to negative equity and difficulty selling in the future. Consider whether you could sell the property for the same amount immediately after purchase. Be particularly cautious with new builds, where developers often resist negotiation—remember you can always make an offer below the asking price.
## 10. Reinspect Before Exchange
Always view the property again just before exchanging contracts, especially if considerable time has passed since your last viewing. Some sellers might remove fixtures and fittings that were supposed to remain or leave the property in an unsatisfactory condition. If exchange and completion dates differ significantly, consider checking the property before both events.
Remember that estate agents work for the seller, not the buyer. Their advice will always prioritise their client’s interests over yours. By following these rules, you’ll maintain control over your purchase process, avoid common pitfalls, and secure a home at a price you’re comfortable with.