_Top 10 mistakes buyers often make when looking for a property

1. Don’t just rely on the internet to find your property

We all know how many properties do not live up to the photographs that you see on the website or in brochures. That being said, in my experience there are also some properties which inexplicably just look so much better in the flesh than they do when photographed.

Ceilings can come across as being low and the decoration can seem too strong or garish so that when viewed just online it would be easy to dismiss and move on to the next property.

This is the general tendency of most people who search online. Those who take the time to speak to an agent and listen to their description may well find themselves falling in love with a property that they might otherwise have overlooked. 

2. Don’t just register online

Registering online is the first point of contact with an agent for most buyers. However, registering online and then sitting back thinking that your ideal property will be presented to you will often result in you missing out.

Anyone looking seriously to find a property should take the trouble to go in and meet a selection of agents active in their area. By speaking to them, you enable them to put a face to the details that you have registered.

Having met them, choose an agent you got on with, who you felt stood out from the crowd. Then respond to requests to view properties so that you are soon seen as one of their ‘active buyers’, otherwise you will just remain as one of three or four hundred on their active database. 

Anyone looking seriously to find a property should take the trouble to go in and meet a selection of agents active in their area

3. View properties even though they may not seem 100% right

If you are serious about buying a property then getting out and doing the legwork is crucial. Go out and view properties even though they may not seem to be 100% perfect, as you never know until you have viewed them

Some buyers are fearful of wasting an agent’s time, but that is their job and the more you see, the better your understanding of the local market will become.

You won’t know what good value looks like until you have seen the bad. This will also establish you as a serious buyer and you will get the call for the properties that are just coming on to the market before they go online as agents get a better feel for your requirements.

4. Don’t rely too heavily on rates per square foot

Those of us who have been in the business for some time know that the rate per square foot is no more than a guide. It can help to make properties with shortcomings such as a poor location on a busy road, poor outlook or no lift more appealing because you get more space for your money.

However, high rates per sq. ft. can also be justified for a really good property such as one with a large garden, the right aspect, higher ceilings or off street parking. 

5. Don’t choose a solicitor just because they are the cheapest

I often hear stories where sales just run out of steam; this can invariably be because a solicitor on one side just does not have the time or the inclination to sort out the complex problems.

There are a number of solicitors who don’t charge very much and as a result only dedicate a small amount of time per transaction.

Calls aren’t answered and there is no urgency to sort out the multitude of potential problems. Spending a bit more money on a proactive solicitor with a good track record, whose specialism is residential conveyancing, gives you a much greater chance of securing your property without being gazumped. 

6. Don’t get alarmed by every paragraph in your survey

It is surprising the number of buyers who think every paragraph in their survey is written specifically about their property. In fact, these are often generic paragraphs covering a range of scenarios that may or may not happen to a property.

The main point of the survey should be to identify any serious issues such as structural movement, dry rot, breaches in planning or listed building consent.

Try not to worry too much about the small shortcomings of a property that can be fixed with relative ease. Unless you are buying a new build where the developer should be delivering it in perfect condition, in a ‘lived-in’ home you should be prepared to accept that minor things will need to be done.

That is all part of you putting your own stamp on the property. My advice is always to call your surveyor to talk through the survey and really establish if there are any ‘deal breakers’. 

7. Don’t be afraid of ‘mid-term’ leases

It wasn’t that long ago the a sixty five year lease was considered a long lease and that was before leasehold reform legislation came in to give leaseholders the right to extend or buy their freeholds.

At the end of the day, it is a numbers game. If you get the right advice from someone who knows the legislation and valuation principals, they can guide you through the process to protect you from overpaying for a mid-term lease or even identifying a short lease as a rather good opportunity. There are property professionals who make a very good living buying short to mid-term leases. 

8. Don’t forget to specify what you expect to be included in the sale

This is a mistake often made by purchasers. It is all too easy to assume curtains, laundry equipment, light fittings, etc. will be included and it’s only when the fixtures and fittings form comes through that they find they are not and have to start re-negotiating again.

Every agent will know of sales that have fallen through or got close to falling through because a buyer and seller fell out over a washing machine or an upholstered bedhead.

If there is something in the house that you feel should be included or is important to you then make sure it’s specified at the time you make your offer. 

9. Be open and honest on when you are realistically able to complete the purchase and expect to move in

This would seem obvious but it is surprising how many times a buyer will ask to move the goalposts in terms of completion dates because they are going to be away on holiday or there is some important school event.

Completion dates are a highly emotive subject and expecting to move them halfway through the process or just before exchange would put the purchase at risk or could collapse a chain of sales. 

10. Don’t leave speaking to a mortgage advisor until it’s too late

As with completion dates, having your funding in place early on is vital. There is a lot of choice out there so speaking to an adviser to understand what rates are available, what loan to value you can expect given your financial circumstances and at what rate should be done well in advance.

You also need to understand the sort of timing the banks work to when booking in their valuer/surveyor and the turnaround time so that you don’t over-commit as to how quickly you are going to be able to move. 

If you are currently searching for property to buy and would like to speak to a friendly property expert, contact one of our offices local to you. We're here to help.