Buying a new property in Stockport is a great way to jump-start your investment portfolio, especially when you purchase the right property at the right time. It can be tricky, though, as so many factors go into a decision like this.
Consult Stockport conveyancing solicitors like AVRillo before you finalise a property because they will help you get the best deals on your property buying and selling.
There are certain steps that you will have to take, so you need to make sure that you do this correctly.
This guide will help you get into the market and learn what it takes to buy a new property in Stockport as follows:
1. Research the Property
Before looking for properties, make sure you have done some research first. You can do this by visiting the town hall and searching for expired leases or other property sales.
If you are looking to invest in a new building, you must consider all the factors involved in buying a new property. These include:
- Location: Some people prefer to buy newer properties as they are of higher quality, but older properties can often be cheaper than newer ones and offer more value.
- Size: It is important to consider how much space you want in your new home, whether for yourself or your family. The size of the house will depend on how many people are going to be living there.
2. Apply for Mortgage
Once you have researched, it is time to apply for a mortgage. The lender will ask you questions about your income and assets, as well as what your plans are for the property.
Many banks and building societies offer loans for up to 95% of the property value.
Once you have chosen your lender, they will want to see some documents before they can give you the money to buy your new home. These may include:
- A copy of your previous household bills (gas and electricity accounts) or a payslip showing your income over the last 12 months
- A copy of your most recent payslip if you’re self-employed or employed by someone else.
- A copy of your latest bank statements showing no overdue payments on any other loans
- An original copy of the equity release valuation report
3. Get a Valuation
Getting a valuation for your property is a very important step in the home-buying process. It’s critical to get an accurate valuation so you can know what kind of payment you’ll need to make on your mortgage and how much you can borrow.
There are many different ways to get a valuation for your property, including:
- Using an estate agent: Estate agents are professional valuers, and they often offer this service at no cost or a reduced rate if you pay by credit card.
This approach is usually cheaper than a dedicated home valuer because the estate agent or their clients will cover the costs of setting up such an appointment.
- Using online services: Online services offer free valuations. Still, they’re not always reliable or accurate because they don’t have access to all the information required by an independent home valuer.
4. Make an Offer
After checking out the property, you can make an offer. You will need to provide a deposit and a breakdown of how much money you want to spend on each part of the purchase.
The seller may accept this offer, or they may ask for more money for something specific within your budget. If this happens, be prepared to negotiate further offers until you get one acceptable to both parties.
As you can see, there are quite a few steps required to purchase a new property in Stockport, and going any of them wrong could cause a delay in your plans to buy a house.
Before choosing an estate agent or moving forward with the purchase process, it is important to be aware of all these steps.