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Things to do Before Making an Offer on a House

Property   |   November 2, 2023   |   Wright & Co Estate Agents

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Making an offer on a house is a significant step in the home-buying process. This is a decision that you shouldn’t rush into and it requires careful consideration. Whether or not you’re a first-time buyer, it’s essential to ensure that you’re taking your time to browse the property market and find a house that meets all of your needs before you make an offer. 

To help you prepare for the home-buying process, below we have put together some essential things you need to do before making an all-important offer. 

Know Your Budget

Before you even start looking at houses for sale, it’s crucial to have a clear understanding of your budget. This involves not only determining how much you can afford as a deposit but also considering monthly expenses like mortgage payments, taxes, insurance and maintenance costs. Knowing your budget will help you avoid looking at houses that you can’t afford. 

Get Pre-Approved for a Mortgage

Once you have a budget in mind, it’s beneficial to get a mortgage Agreement in Principle (AIP). This process involves speaking to a lender and assessing your financial situation to determine how much they are willing to lend you. Having an AIP will make your offer more attractive to sellers and can help you move quickly when you find the right house.

Define Your Must-Haves 

Make a list of your must-have features in a house. These are non-negotiables that you won’t compromise on. Additionally, it can be useful to create a list of other features that would be beneficial but aren’t deal-breakers. This will help you narrow down your choices and focus on houses that meet your essential criteria.

Research the Market

Take some time to research the property market in the area where you’re looking to buy. Understanding things like market trends, recent sales prices and the average time properties stay on the market will give you a better sense of what you can expect in terms of sale price and competition with other buyers. 

Contact an Estate Agent

An estate agent can be an invaluable resource during the home-buying process. They can help you find suitable houses for sale, negotiate on your behalf and provide guidance throughout the entire transaction. Look for an estate agent with many years of experience and knowledge of the local market, so they can offer invaluable advice. 

Book Property Viewings

Houseviewings are essential to help you decide whether a property is the right choice for you and your family. Booking to view properties you like when browsing online can give you a better feel for what it would be like to live there. It will also enable you to identify any potential issues or red flags with a property or the local area. 

Factor in Additional Costs

In addition to your deposit, you need to budget for the other costs associated with buying a house. Common fees include solicitors fees, local searches and property surveys. Understanding these costs before you make an offer will prevent surprises later down the line and ensure you can afford everything required to move. 

Prepare Your Offer Strategically

Once you’ve done your homework and found the right house, it’s time to prepare your offer. Work closely with your estate agent to decide on a competitive offer that takes into account the market conditions, the seller’s motivation and your budget. Be prepared to negotiate and don’t be discouraged if your first offer isn’t accepted.

Stay Patient and Flexible

In a competitive market, houses for sale can receive multiple offers and there’s always a chance that your offer might not be accepted. You should keep in mind that the home-buying process can be time-consuming and unpredictable. Try to stay patient and be willing to adjust your expectations. The right house is out there, it may just take some perseverance to find it.

Searching for Houses for Sale in Sheering?

All in all, buying a house is a significant decision that requires careful preparation. By following these steps and seeking the guidance of professionals, you can be confident that you’re making the right choice when you make an offer on a house. If you’re searching for houses for sale in Sheering, or the surrounding areas, our team at Wright & Co is here to help. 

 

We have been offering properties in the local area since 1981 and we can provide you with advice about everything from local house prices to schools, parks and transport links. Our customers are always our top priority and you won’t have to chase us, we will go above and beyond to help you find the perfect home. Don’t hesitate to contact us today to find out more about the houses for sale in Sheering. 

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