No one knows exactly what to expect when they are buying a house. It takes time, thinking and some looking around to find the perfect property. Don’t just dive straight in and buy the first property you view, you may be disappointed in the long run. When viewing a property, make sure you take your time, take everything in and look for signs of what may need fixed or changed in the house.
The article below gives a good idea of what to look for when viewing a house that you are interested in buying, you can read the full article here: http://www.nidirect.gov.uk/index/information-and-services/property-and-housing/buying-selling-and-renting-a-home/buying-your-home/viewing-a-property-you-are-thinking-of-buying.htm
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Viewing a property you are thinking of buying
One of the key stages of buying a house is the viewing. However, it is not always easy to know what to look for, what questions to ask and how to make sure you have the full picture.
Viewing a house – be prepared
Before you go to look at a house, try to do as much background research as you can on the property and the area so that you do not waste time seeing something that does not meet your needs:
if possible, take someone else with you – preferably someone with different tastes – who may spot things that you miss
view the property in daylight when it will be easier to spot problems
if you really like a property, try to arrange to view it again at a different time of the day to give you a another perspective
it’s your money you’re spending – so don’t be afraid to ask direct and blunt questions about the property
take your time, be nosey and don’t be pressurised by the estate agent or vendor into making an offer
try not to view too many properties in one day
Things to look for inside the house and questions to ask:
does the property need updating – if so how much will this cost
is the property in a conservation area or a listed building and could this restrict any future alterations
are the rooms big enough for your needs
what is included in the sale – for example land, garage, furniture, fittings
are the views good enough
what is the cost of rates and the average costs of utility bills such as electricity or gas
why are the sellers moving
does the house have full central heating and if so how old is it
how is the water heated……..
Property prices seem to rise and fall at the drop of a hat, so before deciding to buy or sell your property, its probably in your best interests to make sure it’s the right time for you. If not you could take a loss on your house, be unable to sell it or if buying you may find it hard to find the property you are looking for at a price you can afford.
Here is an article explaining a bit about a recent drop in sales, to read the full article click the link below: http://www.theguardian.com/business/2014/aug/14/housing-market-london-cooling-sales-stumble
Housing boom shows signs of cooling as sales stumble
The London housing market stumbled in July as sales dropped and inquiries fell at their fastest rate since the onset of the credit crisis, in a further sign that the UK property market is cooling.
The Royal Institution of Chartered Surveyors (Rics) said “London indicators are going into reverse” as it reported the most rapid decline in inquiries from buyers in the capital since April 2008, while the number of agreed sales fell to 16 per surveyor from 19 in June.
Across the UK, a fall in the number of would-be homebuyers is set to lead to a reduction in house price growth over the coming months, the professional body for surveyors and estate agents said, as supply begins to outweigh demand.
Simon Rubinsohn, chief economist at Rics, said: “A range of policy initiatives adopted by the Bank of England in recent months – alongside heightened expectations surrounding a turn in the interest rate cycle – has clearly had an impact on sentiment in the market.
“The shift in the mood music among potential buyers in the London market has been particularly pronounced but that is in a sense consistent with the move to a more sustainable market in the capital.”
Separate figures from chartered surveying group e.surv, which undertakes valuations for more than 20 mortgage lenders, also showed a fall in buyer activity during the month.
The cooling demand will be welcomed by policymakers, who have tried to take the heat out of the market with proposals for curbs on mortgage lending, set to come into force in October.
Rics said its members now expected property values to increase at a faster rate outside London over the next year than within the capital.
House prices had been powering ahead in London, with some areas recording increases of more than 20% over the past year as buyers chased the small number of homes on the market, but in recent weeks there have been signs of a shift. On Tuesday, estate agent Haart said the supply of properties in London had risen by 32.3% over the year but demand from buyers fell by 15.7%.
Generally, Rics said there was evidence that surveyors were “paring back their longer term bullishness”. Across the UK as a whole, they predicted 4.7% growth in house prices in the next year, down from 5.9% in March, while in London the forecast has dropped from 9.3% to 4.6%.
The fall in buyer inquiries across the UK takes the level back down to that last seen in January 2013, before the government launched its Help to Buy scheme for homeowners with small deposits, and before better mortgage availability and improved confidence in the economy started to fuel the market.
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