Home Buying Tips

image

Nelsons home buying tips:
The average apartment in Central Shoreditch now costs £820,450 whilst in Clapham prices are as much as £750,000. As experts within our areas we are predicting prices will increase quickly. The need to be prepared when buying/looking to buy is extremely important.

Arranging finance
Ensure you are in a position to obtain a mortgage and have a full deposit before you commence your search.  As estate agents in Shoreditch, it is our job to ensure prospective buyers are in a strong enough position to place an offer.  With demand continuing to rise, and many properties selling at asking price within a matter of days, proof of finance is often requested to ensure prospective buyers are in a position to make an offer. Proof could be provided in the form of a solicitors/lenders letting or a bank statement.

Pictures do not always paints a thousand words
It is always advised that the more properties you visit the better. Ensure you are prepared, visit as many properties as you can within your chosen area promptly. Do not dismiss an apartment based on pictures, Pictures do not always paint a thousand word.The way the market is moving, it is quite likely by the time you visit your tenth property and realise the first one was ideal; it could be too late.

Get a survey
If you are looking for a property which may need work, it is advised to pay extra for a survey or homebuyers report.
The valuation your mortgage lender's under take is basic and not a full structural survey. It may advise/recommend action against damages or issues which need addressing. Your solicitor should be in a position to make recommendations of suitable surveys.

Additional costs
Solicitors fees vary and so do arrangement fees, shop around and obtain prices before instructing. If you need advise or recommendations, feel free to ask Nelsons estate agents Shoreditch

Freehold or leasehold
Your chosen apartment can be offered either Leasehold or Freehold. Freehold will mean you own the land and everything above, leasehold will mean you own that particular plot for a number of years (often 125 years).

Trust Nelsons Estate Agents property portal
It is advised you register your details with Nelsons Estate Agents to enable you to be informed sooner of available properties. It can sometimes take 24-28 hours for an apartment to be uploaded on Zoopla or Rightmove. Over the last 6 months, 22% of apartments have gone under offer before officially being advertised.

Realistic expectations
Finding the ideal apartment is not easy, be realistic in your search. Nelsons Properties Valuations are advised through comparable sales in the area, taking into account the size, condition and location of the property and market trends. Finding a spacious apartment at a cheap price is rear, you will need to take into considerations the level of work possibly required.

Happy hunting.