Cross & Prior
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Buying Advice

 

Finding your ideal home!

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Buying property, especially if it is your first time, can be an exciting but daunting experience, as there will not only be a lot of paperwork and complicated procedures for you to go through, but you also will be required to place your trust in a number of different people along the way. It is common knowledge that the rewards of being a home owner are immense, both financially and personally, but make a small mistake and it could have a huge impact on you and your family for many years to come.

However, doing a little bit of homework and remaining vigilant throughout the process, will help you spot potential pitfalls long before you fall into them. Cross & Prior are always on hand, whether you are buying through us or not, to offer our honest and unbiased advice in order to assist you to make your buying experience as smooth and stress free as possible, and ultimately, help make your dream home a reality.

  Setting your budget   Deciding on the area 


  The first thing you will need to do is to establish a budget that
  is both affordable and achievable. If your purchase is reliant
  on a mortgage, remember - you are theoretically committing
  yourself to a budget for the next ten or twenty years, therefore
  this forward planning will be invaluable in order to protect you
  and your home in the long run.

  Your mortgage provider will offer you a mortgage based on
  your age, the amount of deposit you have, and your income.
  Each lender will have a different set of criteria and you should
  shop around to secure the best terms possible, which will
  allow you to comfortably meet your regular monthly outgoings,
  and leaving you with some flexibility in your finances.  

  Before committing to your purchase, you should take account
  of all the financial implications into your budget including:
  Mortgage, Survey and Solicitor Fees, Insurance, and Stamp
  Duty, if you are buying a Leasehold property, you will need to
  consider Ground Rent and Service Charges, to ensure your
  new found home does not become a financial burden.
 
  One of the phrases widely used in the property market is
  "location, location, location" and this is for a reason -
  choosing the right area is every bit as important as finding
  the right property. Whilst other major considerations are 
  imperative, the location you choose to live in is often the
  aspect that will require some extra thought into your search.

  There are many factors you should consider before deciding
  on a suitable area, such as schools and transport links. We
  suggest you draw up a list of your personal needs and then
  them accordingly. Remember to keep an open mind and
  be prepared to compromise as your search could quickly
  become frustrating if you are limiting your criteria.

  It is vital that you take the time to research potential areas
  thoroughly, to ensure you get to know an area well, and
  enable you to make a quick, confident and informed decision
  - which is often needed in a buoyant property market. It is
  also wise to talk to the local agents, as they can be a great
  source of information about the local area.

 
  Identifying the right property   Understanding property jargon 


  When you are looking for your dream home, it is often easy
  to buy with your heart and not your head, and overlook many
  fundamental aspects before committing yourself. Therefore,
  it is very important to ensure that the property you choose is
  suitable home for you and your family to live in - somewhere
  you will to be able to enjoy for many years.

  With this in mind you should always consider all factors such 
  as restrictive covenants, potential to extend, neighbouring
  properties and lease restrictions. Unless you plan to move
  again in a couple of years, you will also need to think ahead,
  do not just mull over what you want in a property now, but also
  weigh up your future requirements and circumstances.

  Remember that to remain open minded but always trust your
  instincts - you should try to avoid forming opinions of the
  property based on the current owners tastes and décor, and
  keep in mind that you may able to improve the property with
  just a little bit of vision and by adding your own personal touch,
  ultimately creating and defining your home over time.

 
  Buying a new home can become one of the most demanding 
  times of your life, and is often made worse by many confusing
  phrases and terms that you will likely encounter and may not
  be completely familiar with. Therefore, it is essential that
  you establish a good understanding of the terminology and
  descriptions commonly used during the buying process. 

  You will also undoubtedly come cross a lot of legal jargon
  that solicitors and mortgage lenders use, usually for the
  reasons of precise meaning, which may not necessarily easily
  understood by you. So if you are uncertain of anything you
  should ask your agent, conveyancer and broker to explain
  everything in clear, simple and easy to understand language.

  You should never underestimate the importance of
  communicating with everyone involved in the transaction, to
  ensure that you are fully informed throughout the process.
  This will allow you to react quickly and efficiently to any
  unpredicted situation, avoid any unnecessary delays, and
  bringing your purchase to a satisfactory conclusion.

 
  Getting the right survey      Buy to let investment 


  Generally speaking, there is no best option when deciding on
  the type of survey to opt for, as each property is unique, and
  the one you need will largely depend on the type and age of
  the property. If you have any doubts, it is certainly worth
  taking time and discussing them with your agent or broker,
  as they will be able to help you in the right direction.   

  It is important to not confuse a mortgage valuation report with
  an actual property survey as this is merely carried out on
  behalf of your lender to assess the value of the property.
  Although it will offer you assurances that your investment is
  sound, and the property is worth the amount you have agreed
  to pay, it will not give you a real picture of its overall condition.

  You will also have the choice to carry out a Homebuyer
  survey, which will provide you with an in-depth assessment
  of the property, along with recommendations for repairs and
  maintenance. Alternatively, you can arrange for a more 
  expensive Building survey on a prospective property, to obtain
  a comprehensive report about its current structural state.

 
  Buy to let property has always been an attractive investment
  for both long term and short term investors, who either have
  the funds available to buy outright or are able to secure a BTL
  mortgage. This is especially so at the moment as rental yields
  on the up, demand is high, and supply is low, which all adds
  up to a perfect mixture for future landlords.

  Before investing in a property, it is crucial that you are fully
  aware of the obligations which you will be taking on as a
  landlord, as well as the opportunities. You should also have
  a contingency fund as protection to cover any unforeseen
  circumstances such as void periods and unexpected repairs,
  to prevent you from the risk of possible financial difficulties.

  When selecting a property, remember to concentrate on the
  rental income you can expect to achieve, since the rent will
  be the key return on your investment. Thus, it is always wise
  to seek expert advice from Cross & Prior as we know the
  market, what properties make the best investments, untimely
  we will help you to successfully acquire the right property.

 

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