Best tips for buying your next property

Uncover the secrets to making your buying journey effective, enjoyable, and well prepared with our latest property blog.
Our first blog of 2022 has been carefully selected to help you in what is now an extremely high in demand property market specifically in the UK and our Cambridge and London areas. We have specifically designed this blog to give you the best tips and expert pieces of advice for all property buyers. Whether you're looking to get onto the property ladder and to find your next home, add to your existing property portfolio or to simply find out what option in buying is best for you, we will cover everything you need to know below.

Has Covid-19 affected the property market?

I'm sure it goes without saying but the world we live in has rapidly changed over the past few years with both highs and lows. The key change is the global Covid-19 pandemic that has undoubtedly affected us all. However, if you're interested in buying your next property, you'll be glad to know there have been some positives as we have seen an immense increase in property demand over the last year or two. No doubt this has come from several factors, for example, the stamp duty holiday that we previously advised on in our other blogs, an increase in demand as many realise that when everything is locked down, they want to be in their forever home or have property investments secured in times that can be difficult for many. With an increase in demand, we strongly advise you to consider all of our tips and then get in contact to discuss your future and property investments. In a thriving market, you could secure your dream home before it's taken or make a worthy investment to ensure you have financial security no matter what the world throws at us all.

What deposit options do I have?

Depending on what your experience is as a property investor or buyer our next bit of advice may be a pro or con to you. With an increase in demand and many changes forced into the market, there is a clear decrease in the supply of low deposit mortgages. If you were hoping to get onto one of the many schemes or offers you may have lowered your chances by waiting. However, if this is not something you would have ever needed or considered then you'll be glad to know the demand in properties will come with many pros and the many standard buying options still being available to you. This being said there are still several possibilities and each property will vary in the deposit or scheme required, we are always happy to support and find the best option for you.

Will buying come with financial uncertainty?

Buying property can be very daunting and many are often steered away from the idea of purchasing their home or making investments due to the uncertainty and financial worries. However, with the right agent on board, you should be fully aware of all your options and can use this blog to ensure you have considered all the factors to assess the effects it will and could have on you both positively and negatively. By getting the right expert advice from a trusted agent like CPI and by doing thorough research and educating yourself on the buyers' market, you will soon realise that buying can help you on your way to financial security and freedom. You can use our free mortgage calculator to help you work out your mortgage payments and then work out what's affordable for you without putting financial strain or uncertainty on your investment. We'd also strongly advise that you take the time to research and consider all the other costs that may not be so apparent. This would include legal fees, bills, furnishing your property and so on.

Preparing for your mortgage application

Buying will be different for every one of us, and this is down to several personal and property market factors. If you are considering buying before you apply for your mortgage and begin submitting for property loans always ensure your accounts and credit score are as great as they can be. We'd hate for you to take all the time to research and plan an exciting property journey all to be halted due to a shaky 6 months of account statements. We recommend researching into this or giving us a call for some further advice as it has been known that the smallest of changes can make a huge difference when it comes to a lender reviewing your mortgage application.

Assess your situation before buying

As touched on above buying is different for us all, some may simply just be buying a property for the first time which means they are not stuck in any buying chains. Whereas others may need to be in a buying chain and dependent on a sale of their current property to invest into the next. Always be aware of your current situation as this will affect you financially and if stuck in a buyer's chain for example incur additional waiting times. This is not an overnight action, so don't rush ahead or expect everything to happen all at once.

How MIP's can be beneficial to you

MIPS's can be great, a Mortgage In Principle not only shows agents that you are serious as you have a confirmed document showing what you can borrow but it also allows you to take time to find properties that you like in your price range, opposed to looking for a property and then submitting for a loan amount that you may not be eligible for.

Where should I buy my next property?

Be diligent and thorough when choosing where you buy, we're grateful to focus on high-end properties in Cambridge and London so we know exactly where is good for you to invest, so it's free and easy to call us and ask for some advice. It doesn't matter whether it's your forever home to live in or a property investment to rent out, regardless there are factors that you should consider for both. This would come down to researching the area, what has the property market and valuations been like previously in this area, what schooling options are available, what work opportunities are there and so on. All these factors will help you in finding the right property for you to live in or for you to secure a more reliable and consistent return on investment as these are all factors those looking to rent will be interested in.

How do I better my chances of securing the property I want?

As we advised it's not a quick process so as we stated do take your time to research and know exactly what it is you want and take the steps to set you up ready for when the right proper arises to buy. Being prepared and ready and already having the answers to many questions other buyers wouldn't have considered will allow you to make an early and educated offer to get you ahead of the queue, because after all it is a very competitive market, so you want to get yourself ahead, so you don't miss out on your perfect property. Bidding early and in an educated manner will greatly improve your chances of landing the property you have your heart set on.

Our final tip!

Our final piece of advice is regarding finding the right property and the right agent. We are a family run business, therefore, giving you the time and attention you need, backed by expert qualifications, a superb legal team, and years of property experience. Make sure you choose the right agent to ensure you get the best advice that will benefit you. Along with this the right agent will help you and nurture your property journey to find the exact house purchase you want while considering the best options for you including financial security.
Feel free to explore all our other FREE expert property blogs to help improve your property knowledge and don't hesitate to get in touch if you need our advice and support!