While buying a new home is an exciting time, it can sometimes be a stressful experience. At times it can feel like there’s a lot working against you, and you still might end up losing out on a property you really loved.
Fortunately, you may have more power as a buyer than you think. In fact, there are plenty of quick and easy things you can do to move into pole position and make yourself a more attractive buyer.
This has never been more important, with the Telegraph reporting that, in March, a quarter of homes put on the market sold in under a week. In addition, nine new applicants are registering for every property for sale in the UK.
Here are five proven ways to make yourself a more attractive buyer and improve your chances of getting your dream home.
1. Be as close to a cash buyer as you can
When it comes to home buying, cash is king. This is because cash buyers present the safest option for a seller, knowing that there’s no chain or dependent sale that could blow things off track.
Even if you’re not actually buying with cash, there are ways you can make yourself as close to being a cash buyer as possible.
The best way for you to do this is to have exchanged contracts on the sale of your property. Essentially, this puts you in the same position as someone who has cash in the bank, as it is a guarantee that you’ve sold your home and are ready to move.
Having a sale agreed in principle is a good compromise if you haven’t yet exchanged on your current home. It can give a seller confidence that you’re in a position to proceed.
2. Prepare early
Making sure you have everything prepared early is another easy way to make yourself a more attractive prospect. Sellers appreciate a buyer who is ready, prepared and can provide everything necessary at the first time of asking.
There are a few different ways you can make sure you’re prepared.
Sort out any admin or paperwork in advance
Make sure you have any necessary paperwork in order. Have your bank statements, accounts, and other important documents ready to provide to anyone who asks for them. This can save time and demonstrate that you’re a serious buyer.
Get a mortgage agreed in principle with your mortgage broker
If you’re buying with a mortgage, you’ll be more attractive to a seller if you have the loan agreed in advance. It demonstrates that you’re in a position to proceed.
This can also help reduce delays with processing your mortgage, enabling you to move quickly if you need to secure the property you want.
Speak to a solicitor
Get a solicitor lined up and ready to carry out their various functions. A solicitor will have a big hand in your purchase, handling contracts and dealing with the Land Registry.
Finding a solicitor who you trust, and starting the process so you can move quickly, puts you in an excellent position and shows the seller you mean business.
3. Befriend local estate agents and stay in contact
Get to know your local estate agents and build a relationship with them. Call in regularly to show them that you’re a serious, proactive buyer, and let them know you’re ready to proceed whenever possible.
Not only will this give you a good reputation with the estate agents themselves, but they might also recommend you to the sellers as a reliable and communicative buyer.
4. Meet the seller’s requests as far as possible
Do your best to limit contingencies in your offer and concessions you want a seller to make. There’s no harm in trying to get the best price possible on a property, but make your offers realistic and appropriate in line with what the seller has asked for.
Equally, make sure you can afford the property you’re considering. If you’re buying with a mortgage but your loan doesn’t meet the baseline asking price, it may be better to look at other options.
Making a seller a complicated offer may make them consider you as more trouble than your offer is worth.
5. Work with a mortgage broker
The advice of a mortgage broker is invaluable when you’re buying a home.
At Altura, we can guide you through the process of getting your mortgage, finding the right deal that’s suitable for you and your personal circumstances.
We can help you navigate the complexities of making your purchase and recommend ways for you to make yourself as attractive a buyer as possible.
Get in touch
For more information, email [email protected] or call us on +44 (0) 20 3786 7270 to speak to one of our expert advisers.
Please note:
Your home may be repossessed if you do not keep up repayments on a mortgage or other loans secured on it.
