Monday, September 7, 2009
Category:
Personal Finance Tips
If you’re in the market to buy a property, there are essentially two avenues open to you: searching the private listings or engaging the services of an estate agent.
There’s no right or wrong way to do it, but there are some key points to remember no-matter which method you employ.
First, using an agent…
It is important to remember that estate agents work for the property owner, not potential buyers. However, agents want to make a deal for their client as quickly as possible and they are governed by the Estate Agent Act of 1979 and the guidelines of organisations like The National Association of Estate Agents. This offers both parties some protection.
- Check the agent’s qualifications and find out if they’re a member of a professional organisation. This will come in handy if you’re unsatisfied with the service as you can contact these organisations and make a complaint.
- Research their reputation in the local area and their check their sales record for the past couple of years. If you are looking over a wide area, engage the services of other agencies to find property further afield.
- Don’t sign anything that ties you to working exclusively with one agent. If you feel that you’re being pressured into that kind of deal, shop around.
- Don’t be afraid to work with a small agency. You might find that you get a better standard of service and you won’t get lost in amongst a pile of other clients.
- Never pay the agent up front. They receive a commission when the sale goes through. If they want cash up front, walk away.
Secondly, private buying…
- Call or email the owner of the property with any questions you might have, before you waste time travelling to and from the viewing. Providing contact details in the sellers’ listings is a sign that the seller is keen to assist potential buyers.
- Go online and search for the listed property. There are a lot of websites that provide pictures or even virtual tours of the property. You can also use the internet to research the local community and find out about the nearby amenities.
- You can’t do it all yourself. You’ll need a solicitor to assist in the property purchase and a surveyor to assess the condition of the property. Never sign anything before you’ve had a professional look over the documents.
- Try to find out why the property owner chose to advertise by private listing. The cost of selling is a lot lower when selling privately but it’s also a lot more work.
- There’s no need to be confrontational but remember that you’re a prospective buyer and the owner is aiming to make the most money possible from the sale. This is a business transaction and although it’s important to have some kind of rapport, keep it professional.
