London-Properties.co.uk

Buying your first home or property can seem a daunting process. Understanding what is involved in buying a property and how to go about it is key to making your experience easy and enjoyable.

The way it works...

Work out your budget
Establish what kind of property you want
Start looking for your property
View the properties you like

Work out your budget
First steps first, before you can even begin to start looking for properties you need to work out how much you can afford. This will be your spending limit and will determine which properties fall into your budget. If you are not a cash buyer and are considering getting a mortgage to finance your purchase, it is well worth getting some financial advice. Our Mortgage calculators can help you work out how much you can afford and how much it will cost.

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Establish what kind of property you want
Once you have worked out your budget, the next step is to determine your exact requirements. What is it that I want from the property? Having a clear idea of what exactly it is that you are looking for will help you narrow your search. The kind of things to consider would include:

The type of property you would consider - house or flat, detached or terraced?
How many bedrooms, bathrooms and reception rooms are you looking for?
Do you want a garage?
Does the property have to have a garden, and if so, how large?
Are you prepared to carry out renovation work?
Do you need to be near schools or in a certain catchment area?
Do you need to be near work or within easy reach of public transport?
Do you want a new build house or prefer an older property?

A degree of flexibility can help track down the perfect property for you. For this reason prioritise your requirements, into what are 'must have' and those things that are 'nice to have'. This will help you and any estate agents working on your behalf to focus on what is most important for you.

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Start looking for your property
You now know your budget and what it is you want from your property. Now comes the search, where you have to find a property that interests you.

There are several ways of doing this. Properties are advertised through estate agents, local newspapers and Internet sites.

Visit as many estate agents and property developers as possible. Register your interest with them and give them details of your budget and what you are looking for. Estate agents tend to focus on the surrounding areas where they are based, so try and track down the agents in the areas that you are interested in. Most estate agents advertise properties in local newspapers, so search though these to find any properties that you might have missed.

Local newspapers are a good source of information and can be a useful way of learning about what type of properties are on offer and the kind of prices that you may expect to pay. In addition, these papers will write about the area, its facilities, infrastructure and the people living there that can help you decide if you would like to settle there.

The Internet has revolutionised the way we advertise, buy and sell goods. The property market has embraced this medium and as a result the details of the vast majority of properties on the market can be viewed online. Our company is no exception and you can search the properties we currently have on our books.

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View the properties you like
A viewing is your first real opportunity to see the property. As most properties are advertised by estate agents, a viewing is typically made by contacting them to arrange a convenient time.

Try to gain as much information about the property as possible, so don't be afraid to ask questions. You'll be surprised what can learn from a few simple questions.

How long has the property been on the market?
Why are they moving?
What are the neighbours like?
How old are the electrical and heating systems?
Has the house been extended, and if so, when was it done and by whom?
Had planning permission been applied for, and if so, was it granted?
If on or near busy roads, what are noise levels like?

If you think you've found a place you like, ask to see it again and take someone with you for a second opinion. Most people only take in a small amount of the property the first time they see it. Don't be sidetracked by colour schemes or furnishings - these are superficial and can be changed. Instead, focus on the state of the kitchen and bathroom, as these can be costly to replace.

Make sure you view several properties, as this will allow you to get a real feel for what is available and the price range involved.

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In part 2 of the buying process we will explain the costs involved in purchasing a property. How to make that all important offer and the legal steps involved before you finally get the keys to your new property.

Part 2...