2006-07-30 22:22:51 · 12 answers · asked by mash 1 in Home & Garden ➔ Other - Home & Garden
Since this will be your first property, chances are that you will not be there long term. Best advice is to fall in love with the deal and not with the property. In the end, you are hoping to build as much equity in the property as possible before you move on the the next one.
Good luck with your acquisition.
2006-08-02 13:20:05 · answer #1 · answered by exbuilder 7 · 10⤊ 0⤋
Very soon there will be many Foreclosed Homes on the Market- the housing bubble is about to break, interest Rates are going up in August again, people with Adjustable Rate Mortage are going into Foreclouser, Keep an eye on the HUD, find a bargain - HUD has a Web site for all FC homes.
Other wise, do not over pay for a home- all are over priced right now- make sure the Hood is not going down hill- make sure the Title to the property is not clouded- make sure you get an inspection on all items- if its older make the seller give you a Warranty- and if you are not handy, get an Appliance Repair contract.
If the Heating and Air is over 10 years old make them replace it- same for Septic System. Have the Roof looked at Carefully and make them pay for a Termite certification.
Check to see what the seller owes on the property , if there is a large equity, he will negoiate the price.
2006-07-30 22:35:57 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Be thorough and you need rafts of patience I'm afraid! That would be my general advice across the whole of the process.
I would suggest that you really shop around, see what is out there (both with the property and the mortgage) as overly swift decisions made because you want to get in there as soon as possible can lead to disaster. Be wary of what the Estate Agents tell you, they aren't all dodgy, but they are generally all about their cut rather than what is the best for you, so where you can go to lots of different ones in you area to compare prices etc. Don't ever skimp on the survey as hidden structural problems could end up being very very expensive.
That is all I can think of for now, but feel free to email me if you want - I might not be able to help, but you never know. I bought my flat four and half years ago and it is my first property. It is an arduous process, but once over it's a really great feeling to be in your own place.
p*m x x x
2006-07-30 22:40:26 · answer #3 · answered by peggy*moo 5 · 0⤊ 0⤋
1. go to an INDEPENDANT mortgage advisor first and see how much you can borrow (no good setting your heart on something you cannot afford).
2. Register at local estate agents - quickest way to do this is on rightmove.co.uk and NAEA website.
3. View any property that you like the look of.
4. Keep notes on which ones you like.
5. Whittle it down and view your shortlisted properties again.
6. Put in a starting offer on the property you want.
7. negotiate with the vendor until you reach an agreed price.
8. Instruct your solicitor and your mortgage company
9. Get survey back on property - if there are any repairs etc negotiate again with vendor.
10. sign with solicitors
11. pack your stuff
12. MOVE.
Hope that helps. good luck x x x
2006-07-31 00:12:32 · answer #4 · answered by Anonymous · 0⤊ 0⤋
I have just bought my first place with my boyfriend. make sure you have someone with you (who isn't buying) to view property, especially if they have viewed properties before as they will have a better idea of what to look out for (problems wise). Have a good relationship with your solicitor and don't be scared to stand up for you self and ask all the questions you want. good luck!
2006-07-30 22:40:01 · answer #5 · answered by Anonymous · 0⤊ 0⤋
Once that you have found a property that you like, go to that street and sit in your car.
You will then know what the neighbours are like and whether there are drunken brawls in the road etc.
Just because a street looks good in the day it does not mean that the nights will also be good
2006-07-30 22:34:14 · answer #6 · answered by Anonymous · 0⤊ 0⤋
Sorry, but I don't have time to do justice to this one. You need to read up on the subject. There are loads of books on buying property (most aimed at first time buyers) that you will find in any good library or bookshop.
2006-07-30 22:30:40 · answer #7 · answered by ? 5 · 0⤊ 0⤋
it is said that there are three main things to look out for when buying property....
1) Location
2) Location
3) Location
hence it is considered a better thing to buy the worst house in the best street than the best house in the worst street.
Make sure you have searches properly carried out on the property before buying..
2006-07-30 22:46:17 · answer #8 · answered by wollemi_pine_writer 6 · 0⤊ 0⤋
if you get some advice let me know as we are about to buy in january. Try a mortgage broker we have and he seems quite ok.
Good luck
2006-07-30 22:27:48 · answer #9 · answered by jules 4 · 0⤊ 0⤋
Don't rush in and let the heart rule the head.
2006-07-30 22:27:28 · answer #10 · answered by Boris 5 · 0⤊ 0⤋