The Seven Questions First-Time Buyers Should Ask
Everybody remembers the time when they bought their first home… it’s not the easiest of things to tackle. And with the average house price in the UK reaching a record high of £266,0001, purchasing a property today is incredibly expensive and stressful, raising a ton of questions for first-time buyers.
However, stop searching for advice via your search engine, as experts at regulated property buyers, GoodMove offers their insider brains to reveal the questions that all first-time buyers should be asking. Plus, how to go about solving them.
Can I afford the property?
Getting onto the property ladder in today’s economy is a massive commitment, so it’s important to assess whether you have the finances to make such as big investment right now.
Preparation is essential in this respect, and when entering the property market buyers should know exactly what they want and what to expect. Make sure you consider all financial commitments when deciding on an appropriate deposit, and mortgage payments.
What is a house survey?
A house survey is a little bit like a GP checkup for your property. It involves hiring a professional to conduct a detailed inspection and survey the condition of the property, picking out any causes for concern.
If the property is found to need work, you must either ask the seller to lower the price or fix the property – or alternatively pull out completely.
What is the area around the property like?
So, you’ve visited the property, you think you’ve found your dream house – but have you checked out the area?
Not only can a good area mean you are less likely to go through another buying process soon, but it can also be a good investment. Desirable areas boost demand, and demand, in turn, boosts house prices!
During the house viewing make sure you ask questions about the neighbourhood, the average asking prices nearby, and transport links. If you are planning on raising a family, it is also recommended you ask about the quality of the schools in the area.
Is the property freehold or leasehold?
Although similar sounding, leasehold and freehold are a complete juxtaposition. A freehold means you own the entire property and the land which surrounds it, and on the other hand leasehold means you own the property for the duration of the lease.
This can have vastly different parameters for renovating or making big structural renovations to your property. So, if you are big on renovation perhaps avoid freehold leases.
Why has the current owner put their home on the market?
Understanding a seller’s motivation can strengthen your position as a buyer. As such, one of the most valuable first-time buyer questions to ask when viewing is the reason for the sale.
If a seller’s motivation is for a quick sale, then this can put you on the upper hand as a buyer. This motivation can make big savings, by making a lower offer than what is on the market.
How long has the property been on the market?
If a property has had a long-time on the market, it is normal to be sceptical. Ask yourself could it be that the valuation is too high? Or that the property is located in an undesirable neighbourhood?
With such a big purchase it is incredibly important that you are making the right decision. Regret is an expensive state of mind to enter in property!
What is included in the house sale?
You wouldn’t buy a phone contract without asking what’s included and with a large investment like a house, this should be no different.
In the early stages of a house deal, make sure to ask for an inventory that outlines whether white goods and furniture are included, for instance. If not, you can amend your budget accordingly.
Commenting on the research, Nima Ghasri, Director at Good Move, says: “For anyone purchasing a house is a big step, and for a first-time buyer this can be a big landmark in their life. This is likely to bring up a lot of questions, which can be incredibly overwhelming. Therefore, we hope that by providing some clarification we can assist we can help first-time buyers achieving their dream home with reduced stress (and cost)!”
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(Seen August 2021)