How to Prepare for your Home Purchase - By: Tim Bishop

So you're thinking about buying a house? Whether it's your first purchase or not, buying a property can be a confusing and stressful time. Here are some tips to help you have a successful experience.

Using Estate Agents

Do not restrict your search to using one or two estate agents. In order to receive the best search results possible, draw up a generic email containing the following information:

- What type of property you are looking for.

- How big it needs to be and with how many bedrooms.

- What location and how many miles surrounding that location you are willing to extend your search to.

- Your realistic lower and upper budget for the purchase.

- Any specific requirements such as a garden, utility room or garage.

- Include your contact details - both an email address and mobile phone number are useful - and specify your preference.

Send the email to as many locally-based estate agencies as possible so you have a greater chance of finding the right property for you. Follow up your email with regular telephone conversations to ensure that the estate agent has you at the forefront of his mind when new properties enter the market.

It is also a good idea to point out areas to the estate agent in which you are willing to be flexible, for example having a garage may be an added benefit but not really essential. If you provide this flexibility it is likely that you will get a wider range of properties put forward to you.

It is always good to try and stay open minded when you are looking at the estate agent's property particulars. If there are certain point within the description that discourage you, they may transpire to be minor when you view the property.

Budgeting

As tempting as it may be to put an offer on a property just out of your financial range, it is a dangerous move to make. It could either result in you having to pull out of the transaction at a later date or even if you can secure the mortgage you will not be able to afford the repayments in the future.

The key to budgeting effectively is to produce a financial statement, which will examine your income and outgoings. This statement allows you to calculate exactly what deposit money you can afford to put forward and what monthly repayments you can make. Remember to build in extra into your budget to allow for the costs of moving home, as well as any renovations you might have to make. It is always better to have some money left in the pot than to be left short.

Once you have created your financial statement, shop around for mortgages before you start looking for a property. Seek the assistance of an independent mortgage advisor. An independent advisor will either work for a financial services company or will often work alone. They operate on a mixture of commission and fixed fee basis. If they find you the best mortgage deal then you will have to pay a fixed fee prior to taking out the mortgage and they will also claim commission monies from the mortgage company. Going to an independent adviser rather than straight to your bank is more likely to get you the right deal for your individual situation.

Finally, when coming to select conveyancing solicitors to help with your house purchase, make sure that you pick specialised conveyancing solicitors. It's also worth considering appointing local solicitors rather than relying on one of the conveyancing factories scattered throughout the country.

About the Author

Tim Bishop is senior partner at Bonallack & Bishop, an Andover law firm with a team of experienced conveyancing solicitors. He has grown the firm by 1000% in 13 years and sees himself as a businessman who owns a law firm. Tim is responsible for all major strategic decisions and intends to expand the firm further.

Article Directory Source: http://www.articlerich.com/profile/Tim-Bishop/62652

Additional Articles From - Home | Reference & education | Legal