09.02.2016

A Guide To Buying Property in Birmingham

Buying a property can be as daunting as it is exciting but fear not, your friendly, neighbourhood agent is on hand to provide you with a simple guide to buying.

1. Set a budget
It is far too easy to start looking around at what is out there and think “it’s only 10k more” but it is important to set a budget and stick to it. You never know when unexpected costs will show up in life and you don’t want to have committed yourself to a restrictive mortgage when the head gasket blows on the trusty old car that you’ve been meaning to replace for the last two years.

2. Secure a mortgage
Before you even start searching it is well worth securing a mortgage in principle agreement with a lender. That way you’re in a much stronger position when you do find your property and won’t be pipped to the post by someone else who took the time to sort it all out at the very start.

3. Prioritise
The fun bit. Before you start, decide what are the most important elements to you and prioritise each aspect of your new property so you know what you are looking for first and foremost. Think about what is most important and be prepared to sacrifice a few things. Casting a wider net is always best initially.

4. Research and viewings
If you don’t know the area very well then it is best to do your homework to save time in the long run. In Birmingham, certain areas have their own personalities and types of things going on so it is beneficial to have a rough idea of what will suit you best in the long run. If in doubt, ask us, we are city centre experts after all! You will no doubt look at so many properties that they will merge into one so we recommend you keep in regular touch with us. We know which properties you have seen with us and which properties we think you would like to see.

5. Making an offer
You’ve found the one and you’re all ready to move in but there’s just the small matter of buying it first. If you’re not sure how much to offer, research the prices of similar properties in the area or speak to us; we are happy to advise what’s best. Any offers must be in written format and sent to one of our negotiators. The negotiator will liaise with the vendor and at a later date will inform you of whether the offer has been accepted.

6. The legal stuff
Your offer has been accepted! Great news but now is the time to start making things happen as the vendor will want to see progress. Now your job is to choose a conveyancer. We recommend getting quotes from three conveyancers as it puts you in a stronger position to negotiate with them. We would also suggest you push for a no-sale-no-fee agreement with them which means you won’t lose any money if the deal doesn’t go through for any reason. Stay in regular contact with them and do your best to make sure the process is moving along as swiftly as it can do. We will also chase the vendor’s solicitor to ensure the process is as speedy as possible.

7. Moving in
Once the legal stuff is complete, we will organise a handover appointment for you. This is where you come to our office and we go through any necessary paperwork and of course hand over the keys to your new pad. Moving can be stressful but it is also incredibly exciting, so enjoy!

If you would like more advice or would prefer to sit down with one of our team members, please contact the sales team on 0121 366 0450 or email [email protected]

#buying #mortgages

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