Buying Guide

Investment or personal?

The key to your decision lies in the objective. Investment properties and family homes have different criteria, which means you will be looking at two distinct sets of options. Are you seeking a property that generates strong returns, or a home that can potentially provide rental income down the road? Whether you are after a house within a school catchment, a pied-à-terre, accommodation for your children, or a solid investment asset - having a clear goal will steer you in the right direction.

Location, location, location

You can change the layout and overhaul the interior, but the location is set in stone. Take the time to research the area and view the property at least twice. What’s the vibe of the neighbourhood? Do you feel safe walking home in the dark? How are the amenities? Proximity to transport links, good schools, and green spaces are always a win. And don’t forget to check if the area is set for development – not all will add value.

In evaluating the potential of a property, consider how supply and demand play out in both the rental and owner-occupier markets. Think beyond your immediate needs and keep resale value in mind. Consider what future buyers might prioritize. If you plan to live in the property for a short period, keep in mind that any unique personal preference could affect its appeal to future buyers.

Look for the devil in the details

Most due diligence can be and should be done before conveyancing. Everything is based on a handshake until contract exchange. Either party can call it off one week into conveyancing, or five months in, causing frustration, loss of time and money, and loss of goodwill. As buyer, you would not want the seller to walk away after offer acceptance. By the same token, do not be the buyer that withdraws or reduces an offer because of a noticeable defect or information readily available in the public domain. Most people leave the searches to conveyancing. We prefer a more proactive approach. Some digging can be done beforehand, such as lease details, planning permission and sellers’ position. If you are in two minds or a household member holds a different opinion, slow down and explore compromises.

Don’t just rely on the survey

While a survey is helpful in revealing a leak or structural issues hiding under that fresh coat of paint, it is typically done only during conveyancing. And it is not the most forthcoming when it comes to solutions or how much needs to be spent. Bring in builders to your viewing if you plan to carry out any major work, especially when planning permission will be required or the property is listed or in a conservation area. They can shed a more practical light on budget. Even if you have the will to undertake a project, the numbers may suggest otherwise. Factor the cost in your offer.

Know your budget (and stick to it)

Be realistic about how much you can afford. It is easy to get swept up in the excitement. Remember there is more to the cost than just the asking price: stamp duty, legal fees, survey, borrowing, renovation (perhaps even temporary rental while work gets underway) and maintenance all add up. Don’t forget ongoing costs such as council tax and service charge. Shop around for mortgage rates and have a pre-approval ready: a handy proof that you are an organised buyer.

Take control

Conveyancing in the UK can take months and a year is not unheard of. Solicitors will handle the legal process, including searches, reviewing contracts and ensuring everything is in order before exchange and completion. But you are the one in the driver’s seat. Do not feel shy about asking questions, chasing feedback or pushing for a deadline. If you need to move by a certain date, make it known to all parties at the start. Estate agents are paid by sellers and buyers do not get any automatic representation. Do not assume the selling agent would look after your interests even though once an offer is accepted both sides are in fact working towards the same finishing line.

Be ready to say yes and also no

Buying a home can be competitive in popular areas. Be ready for bidding wars. But do not let the pressure rush you. You are in for a marathon, not a sprint. Your relationship with the property only begins after you sign on the dotted line. Make sure it wins both the heart and mind. Or you are clear about the compromise made.