There are estate agents, Manchester-based and further afield, offering specialist support for first-time buyers. Pad Residential are amongst such companies who provide guidance.
Some moments are regarded as landmark occasions during a person’s life. Setting foot on the property ladder and buying a first home is often thought to fall into this category of exciting milestones. Prospective buyers often seek expert support from estate agents, to ensure that they make no mistakes when they complete their maiden purchase.
In recent years, Manchester estate agents have been contacted by many first-time buyers who are ready to purchase their first home, with Manchester a particularly popular location. Such is the demand for property in the city that there has been a 117% in new residents, according to figures released in 2019.
Having carefully deliberated the decision to enter the property market, a buyer must identify a home befitting of their requirements; their future home must fulfil all requirements. For instance, is it big enough to accommodate family living? Is it situated nearby sought-after amenities such as a train station, doctor’s surgery, or local schools?
In many instances, first-time buyers become wrapped up in the excitement of the event and purchase a property that fails to meet their requirements. If a property is bought that isn’t suitable, this can prompt a willingness for a swift sale, yet property isn’t always easy to sell. Therefore, it’s important to get things right at the first time of asking.
To avoid disappointment, estate agents recommended that prospective buyers categorise what they’re looking for when searching for a new home into three distinct classes: essential features, bonus features, as well as features that aren’t needed. This can make a property search easier, as unsuitable options can be immediately dismissed.
A Guide to Securing Your First Home
Conduct Thorough Research
Many first-time buyers regret a purchase because they simply haven’t devoted enough time to research an area; ‘home’ isn’t restricted to the confinements of your property – you must understand the area in which you could potentially be living.
When you’re researching a location where you could potentially buy a property, multiple essential factors need to be taken into consideration. These include local educational facilities, healthcare amenities such as doctors and hospitals, access to supermarkets, as well as accessibility to public transport.
Moreover, it’s also important to conduct further research to establish how susceptible the area is to crime. Information is readily available on the gov.uk website.
Companies such as Manchester estate agents Pad Residential offer first-time buyers the opportunity whereby, they can elect to receive tailored assistance with their search.
In signing up with estate agents, you’ll receive a wide range of expert knowledge and information, as well as exposure to properties that you may have otherwise missed. Informing estate agents of your maximum budget and desired features within the property can help the company to identify properties that they believe could be well-suited to your requirements.
Attend Plenty of Viewings
Once you’ve identified properties that you’re potentially interested in, you’ll be ready to begin the process of booking viewings to see whether or not they meet your expectations.
A property viewing is relatively short, therefore, it’s important to make sure that you’ve prepared beforehand. If you’re unsure about anything after you’ve left the property, don’t worry, nothing is preventing you from viewing the property again. It’s advisable to view a property during the day and later in the evening.
Submitting Your Offer
After you’ve attended viewings and identified the property that you’re interested in, it’s time to contact estate agents to formally submit an offer.
However, before submitting your initial bid, it’s important to take into consideration your overall budget and be tactful throughout the negotiation process. Always prepare yourself for the owner rejecting an initial offer and leave a financial buffer that’ll enable you to increase your offer, if required; a cavalier approach could result in you pricing yourself out of a purchase.
There are times whereby it may well be possible to submit a bit that falls below the asking price. For example, sometimes a property viewing highlights essential works that need to be completed. Consider attending a viewing with an expert, who will be able to advise you accordingly.
An approximation of a property’s value can be made by researching properties that have been recently sold within the local area. These figures can be used as a guideline for your offer.
Remember, once your offer has been accepted, it isn’t necessarily legally binding and the seller is well within their rights to accept a counteroffer from another interested party. Nevertheless, circumstances such as this can be avoided by liaising with the seller and requesting that the property is no longer listed on the market.
To facilitate a smooth, prompt purchase, it’s essential to ensure that the process doesn’t come to a standstill. Make sure that conveyancing or financial processes are completed promptly. The sooner these are completed, the sooner the contracts can be exchanged and completion can take place.
Pad Residential: A Manchester Estate Agents Assisting First-Time Buyers
Here at Pad Residential, we specialise in providing support for clients purchasing properties, many of whom are first time buyers.
Our team of property experts can offer a bespoke service for anyone searching for their initial purchase, in which we identify properties befitting of your budget and expectations.
Are you preparing to purchase your first home? Contact Pad Residential to speak with a member of the team and discover how we can help you begin your property adventure.