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Conveyancing Process

Finding the ideal property can be a logistical nightmare, but once you have found the right home the next challenge it to work out what you should be paying for a property and therefore what kind of offer you should be making. You be unsure as to whether you have offered too much or too little and be at risk of being gazumped by another buyer. Therefore it is important to do plenty of research beforehand so you pay the right price for your new property.

A little research can help you determine what the current market is life and an approximate price of the property you are currently interested in. You can now check online for prices of similar homes that have sold in the past, which can give you a rough idea. Don’t forget however, that many properties even on the same street can be vastly different, with some properties differing enormously, so you need to try and check prices of properties that are similar if not exactly the same. Properties that are similar but have perhaps recently had an extension completed or other renovations can also help you find out the potential a property has for making a profit in the future.

It is also worth remembering that most sellers price their homes to prepare for negotiation so offering the asking price is likely to be too much straight away. Find out about the history of the property as varying factors such as a sale falling through recently, or the property being on the market for a long time can mean that they would accept a lower offer in order to gain a fast house sale.

You will need to get a survey done on the property, and anything that is highlighted on there, such as structural or roof repairs, damp etc will need to be reflected in the price, so take this into account when working out how much you feel the property is worth. If you feel you are in a strong enough position then it is worth offering a reduced price, but be careful of offering too little and getting gazumped by another prospective buyer.

Speaking to neighbours or even previous owners can help to identify any potential problems which could affect the value of the property. All properties are different however, and in many cases it is only worth what people are prepared to pay for it. Obviously many factors will help to generate a guide price, but condition, the economy, inflation and much more will have an effect on the overall price. There is no precise price for what any property is worth, as they are all so unique but factoring in things such as potential for extending or renovation can help you decide whether or not it is worth paying anywhere close to the asking price as even if house prices fall in the future you could have the potential to add value to your home.

by Cormac Henderson

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