Buying a property is a big step and a long term commitment. There are many great properties out there but making sure that they stand true to their word is a big thing. There are many things that need to be remembered while buying a property. Here are some of the things that buyers need to do before making a decision.
- The first step is to set a budget and, if a mortgage is needed, make the necessary arrangements.
- Buyers will need to secure the services of a conveyance solicitor.
- Once a buyer has decided on a property and made a verbal offer to the vendor’s agent that has been accepted, the agent will submit the offer to both solicitors via the Memorandum of Sale (a buyer could do this themselves if the seller allows it. However, mortgage providers may require both parties to be professionally represented).
- The seller’s solicitor will contact the buyer’s solicitor and provide them with a copy of the seller’s title. The buyer’s solicitor will then raise inquiries on the title and all other matters that he or she considers relevant. The solicitor will also request a list of fixtures and fittings so that the buyer can be told what is to be included in the sale. The solicitor will also put in hand all the usual local searches.
- Mortgage offers tend to be slower (most mortgages come through within about five weeks of an application being submitted).
- The above work is part of the pre-exchange of contracts, that is, neither the seller nor the buyer is committed in any way and either party can still withdraw from the transaction.
One of the best ways to benefit from renting out a property is to choose an area such as the Outer Banks. By purchasing a property in the outer banks, for example, you’re almost guaranteed to see a positive return on your investment. Outer bank properties are currently being rented for 5-figures/mo – and are growing in value.