Property buying basics – part 3
The overall process
Offer and acceptance
This stage sounds simple enough but actually things can still go wrong. As a buyer, your first challenge is to find a property that you want to buy and then make an offer on it. This offer may be;
- At the asking price (the price the seller wants)
- Below the asking price (typically in a quiet market)
- Above the asking price (in a very busy market)
There is no right answer as to what price you offer as a buyer – it requires a bit of judgement. The key thing is not to get carried away and overbid. At the same time, trying to get too much of a discount on the price of a property that you really want may not work out either. The estate agent you are buying through should be able to offer you some guidance here.
Searches and surveys
Exchange and completion
Costs – a summary
Final hints and tips
If you would like to discuss any of the points raise here, please contact an Investment Manager or Wealth Planner.