Buying property is a big decision. It can be the single largest investment you ever make, and it will affect your finances for years to come. That’s why it pays to know as much about buying property as possible before making any decisions. Here are some things you need to know:
Whether you’ve purchased property a number of times or never before, the purchase process may appear intimidating and difficult. Every property transaction is unique, and as real estate agents we are here to assist you throughout your trip, ensuring that you feel at ease at all times.
What to look for when buying a property
When you’re buying a property, it’s important to know what to look for. Here are some things to keep in mind:
- Location: The location of a property is one of the most important factors to consider. Make sure the neighbourhood is desirable and that the commute to work is manageable.
- Size: Make sure the property is the right size for your needs. You don’t want to be cramped up in a small space or too spread out in a large one.
- Age: A newer property will likely have more features and be easier to maintain than an older one, but an older property will often be cheaper.
- Condition: Make sure the property is in good condition. If any major repairs need to be done, you may want to factor those into your budget.
- Financing: You’ll need to get pre-approved for a mortgage before buying a property. This will help you know how much you can afford and ensure that you happy with the payments.
The importance of getting a good mortgage rate
When you’re buying a property, it’s important to get a good mortgage rate. A good mortgage rate will save you money in the long run and make your monthly payments more manageable. Here are some tips for getting a good mortgage rate:
- Shop around: Don’t just go with the first mortgage lender you come across. Shop around and compare rates from different lenders.
- Get pre-approved: This will show the lender that you’re serious about buying a property and that you’re a good risk.
- Negotiate: Mortgage rates can be negotiable, so don’t be afraid to ask for a lower rate.
- Be patient: It may take a while to find the right mortgage deal, but it’s worth it in the end.
Making an offer on your dream house
When you’re buying a new house, you’ll need to make an offer to the seller. This offer will be based on several factors, including the seller’s asking price, the amount of money you have available for a down payment, and your mortgage rate. Here are the steps involved in making an offer on a house:
- Calculate your maximum offer: Based on the information available to you online, like how much the seller paid for the property and when and current market conditions, calculate how much you’re willing to offer for the property.
- Make an offer: Present your offer to the seller, along with a purchase agreement and proof of funds.
- Negotiate: The seller may counter your offer, so be prepared to negotiate.
- Get approval from the lender: Once the offer is accepted, you’ll need to get approval from your lender for the mortgage.
- Close the deal: Once the lender approves the loan, you’ll finalise the purchase of the property and take possession of your new home.
When buying a property, it is important to keep in mind the location, size, age and condition of the house. You will also need to get pre-approved for a mortgage and be prepared to negotiate the purchase price. If you are approved for a loan, you will then need to close the deal and take possession of your new property.
How IMS can help you purchase your new home
With a wide range of houses to select from, IMS has knowledgeable agents and a service that you can rely on, allowing us to assist you in locating the home.
- Customised service and knowledge of your property demands
- Oxfordshire, Northamptonshire, and Buckinghamshire are just a few of the locations where you’ll find properties for sale.
- The finest way to discover the ideal property for sale is to first understand it. We provide in-depth property and area knowledge to assist you in making the best decision.
- To assist you to discover the ideal house for you, we have offices in Bicester and Oxford.
- Professional property agents provide expert market advice.
- Notifications about new properties for sale before they are commercially marketed
- Updates on price reductions will be offered at least once a month.
- Property services are available to assist you with every step of the purchase process, from searching for a home to getting a mortgage.
The IMS Estate Agency provides everything you need to help your ideal property purchase come true, whether you’re looking for a new house or an investment property. We provide the choice to fulfil your needs whatever sort of home you are searching for.