As we enter Q2, the property sales market across the UK continues to perform really strongly. If you are hoping to move, the market is a very challenging place in which to do so right now. So, if you are planning to buy or sell over the coming months, what are the key things you should be considering?
Regardless of whether you are a vendor or a buyer, there is no doubt that you need to be extremely organised, well prepared and even flexible. Being willing to live in temporary rented accommodation whilst you secure your next home could be essential.
Getting your ducks in a row will be important, so here are just some of the things you should be doing before you look to buy or sell;
If you are looking to buy a property
- Secure your mortgage agreement in principle with your lender. Make sure you understand your financial position and only make an offer on a property based on what you know you can afford to borrow, not what you think you can.
- In an overheated market, it’s highly likely that competition will be stiff from other interested purchasers. Make sure you have everything good to go.
- In the face of competition from other buyers, don’t be tempted to offer more than you are comfortable with, unless, of course, you plan to live in the home for a very long time or a drop in prices will not affect you.
- Make sure you have lined up a solicitor or licensed conveyancer to help. Do this before you make any offers as you will need to provide their details to the estate agent straight away, if your offer is accepted. Which you choose is up to you — just make your decision carefully. Ask around for recommendations.
If you are looking to sell your property
- Make sure all of your legal paperwork and admin is prepared and in place before you launch your property on to the market.
- Understand that in a buoyant market, you may receive multiple offers quite quickly. Therefore, you should only place your property on the market when you are sure that your ideal next property is within your budget and likely to become available.
- Try and look at your home with fresh eyes and how a potential purchaser may view it. This is not always easy when you may have lived in your home for a number of years. A good estate agent will advise you on how best to present your home, but why not ask a good friend for their honest opinion, too. What’s going on inside your property is important but never forget the importance of ‘kerb appeal’. First impressions really do count!
Whilst estate agents should act in the best interests of their clients (the vendors), buyers best interests are often still under represented. If you’re looking to buy, in such a competitive market place, why not consider engaging the services of a professional property finder. Their local market knowledge and contacts really will make all the difference and help you make that successful next move.