How to Buy or Sell a Property

Research shows the average first-time buyer in the UK is 34 years old. With around 65% of the adult population owning their home, and one million house transactions taking place a year, knowing how to buy and sell a property is critical for most of us. 


It certainly isn’t part of the school curriculum, and by the time you are in your 30s, it’s easy to think you should know this stuff. It is a lot of money and a big commitment. Borrowing an average of £190,000 over 25 years, and paying a deposit of an average of £45,000, is daunting. The team are here as your property friend. We provide reliable, trustworthy and friendly advice. We don’t believe any question is too small or too silly. 


To get you started, here are four things to get clued up on to make buying or selling your property as painless as possible:


1) Money 

Selling your property 
It is easy to have an over-inflated idea of how much our homes are worth. At the end of the day, it is worth whatever someone is prepared to pay for it, so it needs to be priced competitively. Look at similar homes in similar areas to see what recent selling prices have been achieved. 


Invite an agent over to give your home a market appraisal. You don’t want them to tell you what you want to hear. You want them to tell you an achievable price, by using the best marketing strategy for the current market conditions, and your unique property. 


Buying your property 
The first action, before anything else, is to speak to a mortgage adviser. Understand how much you can afford to borrow, and whether that remains affordable if the interest rates change. Find out what type of mortgage suits your circumstances and helps you achieve your goal. You don’t need to sign anything or commit at this stage, but you need to know what you can afford. 


The second action is to do the sums. You need to understand the total cost of purchasing a property. Both the upfront, one-off costs and the regular monthly costs. Solicitors’ fees, agent fees, mortgage fees, surveys, and searches to name a few. Maybe you live at home at the moment and benefit from Spotify, Netflix and superfast broadband! Working out average monthly bills, and what needs to be paid for, can help you budget for both the purchase and the ongoing costs.


2) Choosing an agent 
Let’s deal with the elephant in the room first. Yes, using an agent will cost you money, and yes, social media nowadays makes it tempting to advertise your property or find a property, yourself.


A good agent will earn their money! They are there to protect and advise you. Your agent will be the first call to find out what is going on, what the next steps are, what the timescale is, and negotiate on your behalf. Get the right agent, and they will be able to help you get your house sale-ready to get the best possible price, find a tradesperson to help sort out any maintenance issues which could put potential buyers off and hold your hand at each stage. They are your sounding board. Your property best friend. 


You want to get value for money from your agent. When choosing an agent, don’t worry about what boards are up in your area. 


Choose an agent: 

• who you like, trust and get on with 
• who treats you as an individual and gets to know you, and your circumstances 
• who provides a personal, 1-2-1 service. 
• who gets to know your property, and you, so they can showcase it to potential buyers
• who is going to work hard for you 

If you are buying for the first time, speak to a few agents and get them on the case. You don’t want to see your dream home on Rightmove, or another site. You want to take a phone call telling you a property is about to be advertised, and asking if you would like the first look. 


If selling for the first time, you want an agent who will concentrate on your property, do personal viewings, and actively seek out potential buyers. To note, having an offer accepted, or accepting an offer, is just the start. Your agent needs to work hard to progress that transaction and get it to exchange (the point when neither party can pull out or change their mind).


3) Finding a property to buy

•  Register with agents giving them as much detail as possible. If those agents are not proactive with staying in touch with you, make sure you call them regularly to remind them you are still looking. 
• Set up search criteria and especially alerts on sites such as Rightmove, and check daily. 
• Think about doing a leaflet drop in your perfect street or area asking if anyone is about to go to market. 
• Work with an agent who offers a buyer’s representation service (*cough, like us!), and who will actively seek out your ideal property for you. 

4) What to look for in a property 
This is where it gets really tricky as your heart and emotions will take over. Most people will walk into a property and “know” whether it is the one for them. 

• It helps to have a wish list but make it a realistic wish list to match your budget. 
• Prioritise your wish list. What is more important – school catchment or off-road parking? If you’re buying on your own, list four ‘must haves’, and four ‘wants but not necessity’, evaluate each potential home against these and only settle for 3/4 for each category. As a couple, try to keep it to 4/5 ‘must haves’, and four ‘wants but not necessity’. 
• Be prepared to compromise. Very few people can achieve their full wish list, but it may be possible to achieve the majority of features you are after. Or perhaps have the scope to alter and refurb. 
• Make sure you stick to your budget, and don’t get pushed out of your comfort zone. 
• Quirky and unique may be great for you, but that is likely to limit the number of potential buyers when you come to sell. Unless you are planning on living there for your whole life, you do have to consider how easy it will be to sell when you move up the property ladder. 
• Don’t get sucked in by lifestyle! You are not buying the furniture, lifestyle and income. You are buying the bricks and roof (well, and kitchen, bathroom and fitted fixtures!) If you don’t like the orange living room, it doesn’t matter. You can paint it! 

Joe Wood Property Team 
We treat each of our clients as friends. We provide a personal, friendly and professional service to make the process of buying or selling a house as painless as possible. 
We have a strong network of everyone you could need during this process. We can introduce you to a mortgage adviser, solicitor, removal company, decorator, builder, architect, surveyor – whoever you need. 
We will proactively seek out the perfect solution to suit you. If at this stage, you are still a bit confused, and not quite sure what you have to do when, just give us a call. 
We will be happy to meet for a coffee and talk you through the process, and answer any of your questions. No obligation. We are just happy to help. 


You can call or email Joe on 07896 486927 or joe.wood@kwuk.com. Look forward to hearing from you.