Buying a property is an exciting but often overwhelming experience, especially when you're unfamiliar with what to look for during viewings. Whether you're a first-time buyer or an experienced investor, knowing how to view properties properly can help ensure you’re making the right choice.
In Preston, certain local factors — like proximity to schools, transport links, and the condition of the property — will play a huge role in your decision and can effect house prices. This detailed step by step guide will cover everything you need to know about preparing for property viewings and key aspects to pay attention to while you're there.
1. Preparation Before the Viewing
Before you start house hunting, it’s crucial to be well-prepared for the complex home buying process. Viewings can be exciting, but they can also be overwhelming if you don’t have a strategy. One of the important steps in the home buying process is establishing a budget to understand your financial capabilities before making any decisions. Here’s how you can ensure you’re ready for the viewing:
Determine how much you can afford to spend on a new home. This involves knowing your budget, credit score and financial limits. Additionally, focus on saving for a deposit and other costs, such as down payments and closing costs, which can vary based on the type of loan. First time buyers should aim to save at least 5% of the house's value for a down payment, this makes you an attractive buyer. Closing costs typically range from 2% to 5% of the loan amount, so it's important to factor these into your budget and your monthly repayments.
Get Your Finances in Order
Before booking any viewings, check your credit report and ensure you’ve got a Mortgage in Principle. This shows the agent you are a serious buyer and can help speed up the process if you find a property you like. A full mortgage application is typically made only after an offer on a property is accepted, involving detailed checks and a waiting period for the lenders approval. A larger deposit can help you secure a lower interest rate from your mortgage company, assuming you have contacted a mortgage lender for financial help. It’s also important to have a budget in mind then you know what you can afford— consider not just the asking price but additional costs like stamp duty, conveyancing fees, and any home improvements.
Before sending your mortgage application to your chosen lender, check your credit report to ensure accuracy and improve your chances of approval whilst discovering your borrowing power. Understanding your financial situation is crucial for determining mortgage options and eligibility, as lenders assess this information to guide you on the maximum amount you can afford when purchasing a property. It's recommended to review your credit history at least six to twelve months before applying for a mortgage to address any potential issues. Most lenders require a minimum credit score between 580 and 620 to qualify for a mortgage. If it isn't that high, there are actions you can do to improve your credit score.
To buy a house, it's important to establish a budget by reviewing previous spending habits and current bills. Your debt-to-income ratio (DTI) should ideally be below 36% to 43% applying for a mortgage as it will ensure you can afford the monthly payments.
You can boost your house deposit savings by saving into a Lifetime ISA, which may increase a healthy savings account by 25%.
Research the Area
It’s not just about finding the right house — it’s the location too. If you're deciding on a home in Preston, some areas offer very different lifestyles. Research the neighbourhood:
- Schools: If you have children (or plan to), proximity to good schools is essential. Popular areas like Penwortham and Fulwood have excellent local schools, making them highly desirable. It's worth checking school performance reports and catchment area details to ensure the best educational opportunities for your family.
- Transport links: Consider your commute and public transport options. Areas near Preston Railway Station or major roads might be more convenient for those who commute to the city or surrounding areas. Evaluate the frequency and reliability of public transport services, as well as potential traffic congestion during peak hours.
- Local amenities: Are there parks, shops, gyms, or other amenities nearby? Make sure the area aligns with your lifestyle. Having access to recreational facilities, healthcare services, and shopping centers can significantly enhance your quality of life. Additionally, consider the community vibe and safety of the neighborhood, as these factors can influence your overall satisfaction with the location.
When researching a neighborhood, it's also beneficial to engage with local agents who have in-depth knowledge of the area's dynamics. They can provide insights into future developments that might affect property values or the living environment. Understanding these aspects will help you make an informed decision about whether a particular location is the right fit for you and your family.
List Your Must-Haves and Nice-to-Haves
Before the viewing, make a list of what you absolutely need in a property and what would be nice to have. This will help you stay focused and prevent you from getting distracted by features that don’t meet your needs. For example, do you need a home office? Are you looking for a garden? Is off-street parking important?
Find the Best Local Estate Agents
Working with agents can be a crucial part of the house buying journey. Estate agents can provide valuable insights and knowledge about the local market, helping you find your dream home. Registering with property portals can also give you insights into market offerings and help you stay updated on new listings.
- Research Estate Agents: Start by researching agents in Preston. Read reviews and ask for recommendations to find the best one for you. A good real estate professional will have a deep understanding of the local market and can offer valuable advice.
- Build a Relationship: Establishing a good relationship with your estate agent is key. Be open and honest about your needs, budget, and preferences. The more they understand your requirements, the better they can assist you in finding the right property.
- Leverage Their Expertise: Don’t hesitate to ask your agent about their experience and knowledge of the local market. They can provide insights into house prices, market trends, and the best areas to consider based on your lifestyle and needs.
- Communicate Your Budget: Make sure your estate agent is aware of your budget and can show you properties that fit within it. This will save time and ensure you’re only viewing homes that you can afford.
- Ask Questions: Don’t be afraid to ask questions or seek advice from your agent. They are there to help you navigate the house buying journey and can provide valuable guidance at every step from the start to exchange contracts.
2. What to Look for During the Viewing
It’s easy to get swept up by the aesthetic appeal of a home. However, you need to remain objective and think practically about whether this property suits your long-term needs. Here's what to keep an eye on:
Structural Condition
One of the most important aspects of any property is its structural integrity. Look for:
- Cracks in the walls or ceilings — These could signal underlying issues, such as subsidence.
- Damp or mould — Especially in older properties, this can be a significant problem.
- Signs of rot — Check timber windows, doors, and wooden beams.
- Water damage — Peeling paint or discoloured patches could point to leaks or poor drainage.
Don’t hesitate to ask the seller or agent for details about any work that has been done to the property, particularly if there’s any major repair or renovation history.
Natural Light and Ventilation
It’s crucial to assess how much natural light enters the property, especially if you're looking at homes with multiple rooms or levels. Visit the property during the day and take note of the light and ventilation in each room.
- Is there enough light in key living areas like the living room or kitchen?
- Are there any dark corners or poorly lit areas?
- Are windows easy to open and close, and do they provide adequate ventilation?
Storage Space
Another key factor is the storage space. Does the property offer enough room for your belongings? Check out wardrobes, cupboards, and loft space for potential. If storage is limited, consider the cost of installing additional storage solutions.
3. What to Ask During the Viewing
Asking the right questions during the viewing is crucial to making an informed decision. Don’t hesitate to raise these queries:
Why is the property being sold?
Understanding why the seller is moving can give you valuable insight into the property’s condition or the area. Is the house being sold due to space constraints? Or is it because the neighbourhood has changed?
How long has the property been on the market?
If a property has been on the market for a while, there may be something wrong with it, or the seller might be open to negotiation. Find out if the price has dropped or if there have been any previous offers. Additionally, understanding the property's market history can offer insights into local market trends and the desirability of the area.
What’s included in the sale?
Always clarify what’s included with the sale before you transfer money. Does the sale include kitchen appliances, light fittings, or other fixtures? The last thing you want is a surprise when you move in. It’s also helpful to know if any warranties or guarantees are transferable to the new owner, as this can save you costs in the long run.
Are there any planned developments nearby?
Inquire about any upcoming developments in the area, such as new roads, shopping centers, or housing projects. These can significantly impact the property value and your living conditions. While some developments might increase the property’s value, others could lead to increased noise or traffic.
What are the neighbours like?
Getting a sense of the neighbourhood community can be important for your decision. Ask about the neighbours and the overall community vibe. This can help you determine if the area is a good fit for your lifestyle and if it meets your expectations for a long-term living environment.
Have there been any recent repairs or renovations?
Understanding the maintenance history of the property can alert you to potential future costs. Ask if there have been any recent repairs or renovations and if there are any outstanding issues that need addressing. This information can also help you gauge the level of care previous owners have taken with the property.
What are the utility costs?
Knowing the average utility costs can help you budget more effectively. Ask for estimates on monthly expenses, including electricity, water, gas, and any homeowner association fees. This will give you a clearer picture of the ongoing costs associated with the property.
Is there a chain involved?
Understanding if there is a property chain can impact your timeline for moving. A lengthy chain can lead to delays, so knowing this upfront can help you manage expectations and plan accordingly. If the seller is in a chain, be sure to understand the implications for your buying process.
By asking these questions, you can gather essential information to make a well-informed decision about whether the property aligns with your needs and expectations.
4. After the Viewing: Next Steps
Once you’ve seen the property, it’s time to reflect and evaluate. Here are your next steps:
Legal and Financial Preparations
Before moving forward, it's crucial to understand the importance of exchange contracts. This stage marks the legal commitment between the buyer and seller, detailing responsibilities, potential deposits, and the necessity of legal advice. Failing to adhere to the contract can have significant implications. It's also essential to ensure that you're satisfied with the searches and surveys conducted on the property before proceeding to this stage.
Finalizing the Purchase
After all checks and payments are made, the property is considered completed, and you can collect the keys and potentially begin renovations. Additionally, reviewing various mortgage options with mortgage lenders or mortgage brokers is essential to identify the best fit for your financial situation and housing goals before finalizing the purchase.
Arrange a Second Viewing
If you’re still interested in the property, arrange a second viewing. This gives you more time to take in the details, and you can bring a second person for a fresh perspective. It also allows you to revisit any concerns you had during the first viewing. Never place an offer after only viewing a property once; a second visit can help you notice things you might have missed previously.
Get a Survey Done
Although not mandatory, getting a survey is highly advisable. A HomeBuyer’s Survey or Building Survey can reveal hidden issues not visible during the viewing, helping you make an informed decision before buying.
Surveys offer a detailed evaluation of the property's condition, identifying potential problems that might affect its value or your purchase decision. They can uncover structural issues, dampness, or defects that may require costly repairs.
Choose the survey type based on your needs: a HomeBuyer’s Report is suitable for typical properties in good condition, while a Building Survey is more thorough, ideal for older or unique properties.
Investing in a survey can save money by identifying problems early, allowing negotiation on the purchase price or requesting repairs before finalizing the deal. It also provides peace of mind, ensuring your new home is a sound investment.
5. Making an Offer
Making an offer on a property can be a nerve-wracking experience, but it’s a crucial step in the house buying journey. Here are some tips for making an offer:
- Research Market Value: Before making an offer, research the market value of the property. Look at similar properties in the area to determine a fair offer. Your agent can also provide insights into recent sales and current market conditions.
- Consider Key Factors: Take into account the condition of the property, its location, and nearby amenities. These factors can affect the property’s value and your offer.
- Make a Competitive Offer: While it’s important to make a competitive offer, ensure it’s also reasonable. An offer that’s too low might be rejected outright, while an overly high offer could strain your budget.
- Be Prepared to Negotiate: Negotiation is often part of the process. Be prepared to make multiple offers and negotiate with the seller. Your agent can assist in this process, helping you to reach a mutually agreeable price.
- Work with Your Estate Agent: Collaborate with your agent to make an offer and negotiate with the seller. Their expertise can be invaluable in securing the property at a fair price, also for their guidance on the process, as property buyers often face delays due to being part of a selling chain.
At Key & Frame, we understand that buying a home can be overwhelming. That’s why we’re committed to supporting our clients at every stage of the property buying process. We also offer a free service where we help you find homes that aren’t even on the market yet — making sure you choose the right estate agents and get access to the best possible properties in Preston before anyone else.
6. Legal Work and Conveyancing
The legal work and conveyancing process is a critical part of the house buying journey. Here’s what you need to know:
- Role of Solicitors and Conveyancers: A solicitor or licensed conveyancer will carry out the legal work involved in buying a property. They will check the legal title to the property, manage the chain for the exchange of contracts, and handle the completion process.
- Timeline: The conveyancing process can take between 6 to 12 weeks to complete. This timeline can vary depending on the complexity of the transaction and any issues that arise during the process.
- Costs Involved: There will be costs involved, including solicitor fees and Stamp Duty. It’s important to budget for these expenses in addition to the purchase price of the property.
- Legal Checks: Your solicitor or conveyancer will conduct various legal checks to ensure there are no issues with the property. This includes checking for any legal restrictions, planning permissions, and potential disputes.
- Managing the Exchange Contracts: The solicitor or conveyancer will manage the exchange of contracts, making the sale legally binding. They will also collect and transfer money, including Stamp Duty if payable.
7. Completion and Moving In
The final step in the house buying process is completion and moving in. Buying a house usually takes about six months, but here’s what you need to know:
- Exchange Contracts: The exchange of contracts is when solicitors or licensed conveyancers swap signed contracts on behalf of you and the seller. At this point, you’ll be asked to transfer your deposit over to them. Once contracts are exchanged, you’re legally bound to buy the property.
- Buildings Insurance: You’ll need buildings insurance in place at the point of exchange. This ensures that the property is covered in case of any damage between exchange and completion.
- Completion Date: The completion date is usually 2 weeks after the exchange, but it can be as little as 1 day after or even take place on the same day. On the day, the remaining purchase money is transferred, and the seller hands over the keys.
- Moving In: On the completion date, you can move into your new home. It’s a good idea to arrange a removals company in advance to help with the move. Make sure to do a final check of the property to ensure everything is in order before moving in.
By following this step by step guide and working closely with your agent and solicitor, you can navigate the house buying process with confidence and secure your dream home in Preston.
