How to become a stand-out home buyer
Get ready to take your house-hunting game to the next level with our expert tips and tricks. We've got you covered on your journey to finding the perfect home. Let's get started!
1. Know your budget before you view
Viewing properties for sale before you have spoken to your bank or lender will lead to heartache. Knowing your finance limits will give you the reassurance that you’re viewing suitable properties and having any borrowing in place in principal gives you (and the home sellers considering your offers) peace of mind that you’re ready to go full steam ahead with a purchase.
A quick note on mortgages: In the current market, getting the best mortgage product has never been more important, so rather than muddle through the long list of options alone, speak to an independent broker. They’ll ensure you have access to every product on the market and will talk you through which one is the best fit for your personal circumstances.
2. Your local agent is your new best friend
When we started out (many moons ago!) the Cardiff property market was so much quieter that when we listed a home for sale, we’d know exactly which buyer was a match and would be straight on the phone to the person we had in mind. Nowadays, things are far more competitive and each home we list receives a high volume of viewing requests and offers. The proactive, serious home-buyers that are frequently in communication with us are at the ones that pop our minds when a new property comes to market.
So rather than relying on RightMove sending you new properties, be savvy. My team and I love to spend time getting to know our prospective buyers and their budgets so we can help match them to the right homes. Build up a mutually beneficial relationship where your local agent trusts you’re a genuine buyer, has got to know your wants and needs and will keep you in the loop of the best new homes, sometimes before they’ve even been listed online.
3. The buyers sellers love…
Sellers will be looking for the cream of the crop when it comes offers from prospective buyers. These positions are the most desirable, in no particular order:
- A buyer who’s property is sold or SSTC and in a complete chain. Whilst having an offer on your property may seem daunting, your buyer will know that you aren’t moving until you’ve found somewhere to buy – end of!
- Cash buyers with available funds
- First-time buyers with a mortgage agreement in principle
4. …and the buyers bringing up the rear
Your position ultimately determines the seller’s position, especially when they are looking to buy on. So, the following buyer positions are deemed to be less desirable to sellers:
- A buyer who needs to sell a property that’s not on the market yet or not SSTC
- A cash buyer who’s funds aren’t immediately available
- A buyer that hasn’t yet sought mortgage advice and an agreement in principle
5. Take advice from your agent
Whilst as agents we have to be fair and impartial to all buyers, we can offer guidance on the owners’ pricing expectations. We always stress to sellers that the highest offer isn’t always the best offer, it’s about the balance of the amount versus the position and make-up of the offer. Once all offers are in, we discuss their individual merits with the owner to establish the best buyer to suit their circumstances and allow them to come to an informed decision. A cash or no-chain offer may be more appealing to some owners and meet their circumstances better, but with other owners it is just about the cold hard cash!
6. Be prepared to move quickly
In a competitive market, homes can and will be snapped up quickly. If you’re offered the opportunity to see a property before it goes to market, take it. The agent obviously sees you as a good fit, not just for your circumstances but also the owner’s, which can put you in an exceptionally strong position. This shows the agent has listened to your needs as opposed to just electronically matching you to a property.
7. Be respectful with your offer
When you find a home you're interested in, make a strong offer that is competitive but still within your budget. Remember that you're not just buying a house, you're entering into a transaction with another person or family who has cherished memories of living here. It’s a place that means a great deal to them as well as, for many, being their biggest investment. So take care to respectful to the sellers and their property and avoid making lowball offers or demanding unreasonable concessions, as these can be interpreted negatively, even if it was not intentional.
8. Keeping communication lines open
Once you’ve made an offer on a property, make sure you keep the lines of communication open, especially if there’s multiple offers on the same property. You don’t want to miss the opportunity to increase that offer and secure your dream home. Having gone through the home buying process myself whilst juggling work, life and everything else, I know just how difficult, time-consuming and stressful this can be. But making the effort to clear your work schedule and be as flexible as possible to prioritise negotiations will be to your benefit in the long run. It will all be worth it in the end!
9. Appoint a good solicitor
Ask for recommendations from your agent because they’ll have well-established local relationships with reputable firms that get the job done efficiently and quickly. Friends and family may make recommendations, but how often do they purchase properties to get a true feel for how they compare to others? This isn’t to say you shouldn’t go with their suggestions, but be smart and research into any recommendations before you go ahead and appoint somebody, as it’s a big decision. The effectiveness and determination of your chosen solicitor will determine the ease and length of the process to you getting those highly prized keys to your new home.
10. Your agent’s job isn’t over yet…
When you’re looking at homes, take a look at the estate agent’s website and the type of support they’ll be offering you as a buyer. A good agent will have a dedicated Sales Progressor, and they really are your new best friend. I’ve lost count of the cards, chocolates and flowers we’ve had dropped off for Chelsea, who takes our buyers and sellers on the journey from offer acceptance to getting the keys, prompting all parties to play their part efficiently and swiftly. All of this chasing is worth its weight in gold, because without this person taking responsibility to drive forward the transaction, you’re almost guaranteed to experience unexplainable and unnecessary delays.
If you’d like to talk any further about any of these points, the team and I are here to help! Drop an email to sales@cpshomes.co.uk or call 02920 454555 to speak with a member of our friendly team.
The information contained within this article was correct at the date of publishing and is not guaranteed to remain correct in the present day.
