Buying a property is a big investment, especially if buyers target properties at the top end of a prime market. The outlay will become even larger if they don’t take care to avoid making mistakes during the process. Here is a selection of pitfalls to avoid in order to reduce the risk of costly additions to the bill.
The first mistake buyers generally make is failing to prepare their finances. This can result in all kinds of problems, particularly if they are not in a position to complete a purchase when they find a property. A lack of preparation could leave them facing costly delays or they could even lose out if there are other buyers in the market.
A second problem is not being clear on the search criteria. Buyers can waste a lot of time and money searching for properties when they don’t have a good idea of what they want. Before starting the search, it is wise to decide what basic qualities they need such as the number of bedrooms and the condition, as well as other facilities and luxuries. These should be ranked in terms of importance to determine which properties satisfy the needs effectively.
A third mistake is not conducting research into the market, checking the sale price and value of similar properties in the area. This will help buyers to make a more informed decision on how much they should be paying. For additional protection, an independent survey can be arranged to provide a valuation.
One of the trickiest aspects of buying a property is negotiating. A lack of skills in this area can leave buyers paying much more than they could have. Investors can learn to negotiate if it doesn’t come naturally. The most difficult thing to get right is balancing the search for a great deal with alienating the seller. If this happens it may be impossible to rescue the negotiations.
At Finefair we are committed to helping buyers looking to purchase investment properties in Havering and throughout the rest of London. We have a great deal of experience in all kinds of property matters and always prioritise the needs of our clients, whether they are investors or people looking for their own home. We will help you to avoid potential mistakes and ensure the process of purchasing a property goes smoothly.