Looking to buy in the Next 6 months, Tips and advice needed as I feel Like I haven't

Fox Hound

Hi,
So My partner and I have nearly saved up enough money for our deposit, we are both first time buyers, and we have started looking at houses and gone to some viewings!
I have noticed that when I have gone to view some houses I dont really know what to say to the sales person, so my questions are;
1) Is there vital questions I should be asking when I view a house?
2) what hidden costs are involved that I have surely missed?
3) How long does it take to get the keys of a house once you buy it?
4) and any other tips you guys have that could make this a little easier?

Thanks,

yannakis

1) I'll put the list of questions I have collected after a good few viewings and re-viewings at the bottom of my post. Content of various older boards posts contributed!
2) Management fees - they can range from 200 to 1,500 so make sure to include that in your purchase evaluation.
3) For newbuilds it's generally less than 6 months (to match your mortgage approval window) but it depends at what stage you're taking the step.
4a) All agents I've encountered during viewings, have very little knowledge beyond the very basic and very usual questions. If you need to clarify something, take their email, send it on, and play the wait game.
4b) Your deposit is refundable until you sign the contracts (3-5 weeks), so think about all the details after you put it down.

• Management fees/Breakdown of what it covers ((estate) insurance, landscaping, electricity, water..)
• Will roads/common areas be handed over to the City Council?
• What is included - kitchen, appliances, bathrooms, floors, lawn
• Flexibility for modifications to the above
• Option for gas/electric stove
• Entrance door colour/options
• Internal walls colour/options
• Skirting options/postpone installation until after flooring is installed (to avoid the gap)
• Landscaping/outdoor lights/paving/deck
• Photovoltaics specs/use
• Hot water backup (if main is from PV) - gas/electric?
• Water pump/location in the house (for the noise)
• Ventilation system - DCV/HRV, specs
• Type of build/structure (timberframe/brickbuilt)
• Heated towel rails - electric/radiator
• Broadband providers
• Attic conversion
• Water supply/sewage
• Neighbouring estates/lots - farmland or to be developed
• Electric car charge point provision
• Guest parking in the estate
• Power outlets/switches
• Alarm wiring
• CAT5 wiring
• Outdoor water outlet
• Outdoor power outlet
• Bin shelter

BBMcQ

I was going to start writing but then refreshed and saw the hugely comprehensive list above. Fair play yannakis.

Some people wouldn't call them hidden.. but don't forget Legal fees, stamp duty, LPT, basic furniture if not included, installation charges for phone, TV etc. It would be very wise to have at least 2.5% of the asking price in cash above and beyond the 10% deposit or cover these things. So if looking at a 300k house, you should have minimum 37500 in cash saved.

spaceHopper

If you are buying a second had property,
Why is it for sale?

Owner died, do family have a grant of probate?

Owner moving,
Old and downsizing, or younger and trading up, have they bought or are they waiting till somebody buys theirs before they start looking, if so walk don't even offer.
Bank sale, do they have permission to sell, what if the bank change their half way through because of a court case or market has changed. If so if sale agreed get something firm in writing or walk.

Divorce
Is it a separation, is it amicable or is there a court order. Make sure your solicitor has a long chat with theirs to clarify.

Condition of house, expect to rewire, replumb, insulare basically a mini to full renovation so factor that in any where between 10 to 70K and expect to delay moving in.
You are often better off buying a place in poor condition and doing it up you self, you pay less for house in the first place, for that budget 900 a sqm for renovation + 2000 a sqm for new build + 15 for a kitchen.

If you are young and willing to put up with living in project you can do it for a lot less, bit by bit.

Fox Hound

Thanks everyone,

will defo keep this in mind next time we have a viewing,  
Has anybody ever suffered really bad loss in buying a house, such as over paying or getting shafted by a sales person!!

Ayuntamiento

You will have to refund the owner the property tax and management fees that they will already have paid for this year. They'll take responsibility for the portion of the year during which they owned the property.

Fox Hound

If I buy in an estate do I have to pay management fees for the green area's...what are these fees called?

Ayuntamiento

Fox Hound wrote: »

If I buy in an estate do I have to pay management fees for the green area's...what are these fees called?

It depends on whether the council have taken it over or not. If it's a private estate they're still called management fees.

Fox Hound

Ayuntamiento wrote: »

Fox Hound wrote: »

If I buy in an estate do I have to pay management fees for the green area's...what are these fees called?

It depends on whether the council have taken it over or not. If it's a private estate they're still called management fees.

awesome, thank you

Ursus Horribilis

Take a good close look at the area you're looking to buy in. Talk to the neighbours/locals. See what condition the other houses are in, what the neighbours look like, what sort of cars the have and if the kids are feral brats, If you're serious about a house, call by at different times of the day and night to see what it's like then.

In terms of finances, don't sink every last penny into the house purchase. Even if you don't go mad buying things once you get the keys, you're going to find yourself spending a surprising amount of money.

Ayuntamiento

Ursus Horribilis wrote: »

Take a good close look at the area you're looking to buy in. Talk to the neighbours/locals. See what condition the other houses are in, what the neighbours look like, what sort of cars the have and if the kids are feral brats, If you're serious about a house, call by at different times of the day and night to see what it's like then.

In terms of finances, don't sink every last penny into the house purchase. Even if you don't go mad buying things once you get the keys, you're going to find yourself spending a surprising amount of money.

Try and go out to the area on a sunny day (easier said than done I know). Nothing brings out the feral kids/topless cider swilling types like a bit of sunshine It put me off a few areas that I previously thought were ok.

I personally think it's ok to max out your budget on a property if it's your dream home.
We went to the max we could in order to go sale agreed on our house.
We then had another 3 months to wait before we actually got the keys (which is quite standard with the conveyancing process).

We continued to save away during those 3 months like we did for the deposit and by the time we walked in the front door, we had plenty of money to do a few jobs around the place/furnish it.

I never understand why people get hysterical at the idea of spending a couple of thousand more than they wanted to in order to secure a property when you probably already have a debt of more than a quarter of a million.

We could have walked away from this property because it was such a stretch for us but considering how the market has gone since the beginning of 2017, I think we got a bargain.
I've seen similar properties in the area going for 15k more than we paid and that would have put them out of our reach.

mirrorwall14

Be very careful of properties in need of work. We were prepared to take on a house like that but after a lot of research and property watching we realised that the prices they were going for were not far enough down to take into account the cost required. We ended up buying a 10 year old property in need of no work whatsoever.

We also maxed ourselves out but had two months to save after deposit was paid and were fine moving in. We didn't care that the spare room wasn't furnished etc and the owners were happy to include most white goods and kitchen furniture in the sale which suited us

Samuel T. Cogley

Once you go sale agreed KEEP LOOKING. The single best piece of advice I can think to give. Sales fall through all the time. It can take 6 weeks to 2 years+ to get keys.