5 Home Buying Tips from the Buying Experts

by Greg on August 20, 2014

House buying tips

There are all sorts of strategies and advice when it comes to buying property. They don’t all work for everyone all the time, but most people can find value and save time and money by streamlining their strategies in one or two areas. Here are some ideas you may not have previously thought about:

Become a Location Expert

This is difficult if you’re buying in an unfamiliar area. Pay a few visits, walk around the town centre and personally visit estate agents, and drive around the suburbs or districts you’re interested in. Because location can drastically impact price, it’s worth the time and effort. If it’s impossible for you to spend time in the area where you’re purchasing, consider using the services of a property buying agency. They have contacts through out the property industry and can often locate houses before they’re openly marketed.

Be Politically Aware

Can politics really help in house purchasing? Consider recent events that have lead to sanctions against Russia. Prime central London property has long been popular amongst Russians who have recently had their wings clipped. With them out of the property scene, the knock on effect means more PCL properties are on the market than normal. No one knows how long this situation will last, which shows how it pays to keep your ear to the ground and note how global events often have a local effect.

Watch Property Trends

As well as keeping an eye on global politics, watch out for local market trends. Taking London as an example, the popularity of apartments built in new developments left some existing housing stock in the doldrums price-wise. When compared to prices of the previous year, apartments were far more expensive, making house purchase a good investment. Since trends come and go, often reversing at regular intervals, buying off trend today can lead to bigger gains tomorrow.

Financial Preparedness

One of the biggest mistakes home buyers make is not getting their finances in place early enough. It’s never too soon to consult with a mortgage lender and get an offer in principle. As soon as you decide to enter the property market, it should be your first stop. In a competitive market, the buyer who can put money on the table is likely the one who seals the deal. Many a buyer has been frustrated and missed out on an ideal property because of the delay in getting their finances secured.

Be Flexible

Depending on your reasons for buying, it’s possible you could make bigger savings and more profit in the long term by being flexible in the type of property you’re looking for. Find out which property types are selling fastest in your area, then investigate the state of the market in an opposing type. For instance, if flats are the hot sellers, it could be that house prices are somewhat flat because they’re not what the majority of buyers are looking for. This type of trend tends to be very location specific, but by going against the majority and actively seeking out those less popular properties, you may find a bargain.

There are few shortcuts in home buying, but by keeping an eye on the market, knowing your location and having your finances ready to go, you can get an edge over other house hunters.

By Drew Davies

Drew writes for Black Brick, a property buying agency based in London.

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