Research You Should Conduct Before Buying a Property
20 September 2021
Graeme Mackay, Marketing Director gives his insights into all the research you should do before purchasing a property.
For many of us, buying a property is one of the biggest expenses we will ever have, therefore it’s important to undergo proper research before you get started.
How Much Money Do You Need To Buy a Property?
The price of your property will depend on elements such as location, property type and the condition of the market. It’s always important to research the market in the area you are planning to live in, this will help you understand how competitive the market will be.
If you require a mortgage, you will need to find out how much you can borrow before you get your hopes up for a property you can’t afford. You can make use of online mortgage calculators to get an indication based on affordability, as well as the latest interest rates, or you can contact an independent mortgage adviser.
Research other costs that will arise such as LBTT, legal fees, insurance and removals to finalise your total budget.
Deciding Where You Want to Buy a Property
The decision of where you want to live is usually based on several factors, including budget.
List the factors that are important to you and score them in order of significance, some factors may have to be compromised and sacrificed. Consider schools, transport links, green space, amenities and lifestyle, and research these for every area you’re thinking about.
Choosing The Kind of Property You Want
What type of property do you want to purchase? Flat or house? Period property or new-build?
Consider how many rooms you will need, and how close to amenities it needs to be. Do you require a garden or a parking space? If the area is near water, consider researching for recent flooding, also how much is the council tax?