The next two upcoming weeks (13-26 February) mark First Time Buyers fortnight and with this in mind, the RICS (Royal Institution of Chartered Surveyors) is urging first time buyers in the North East to become more familiar with the buying process, including the importance of commissioning a Home Buyer Survey before committing to purchasing any property.
First Time Buyers fortnight aims to inspire and empower people to own their first home and to climb the housing ladder. Yet the RICS – a professional body, which sets standards in the land, property and construction sectors – says many first time buyers do not know enough about the core buying matters in the current tough housing market, where competition for homes in popular areas is fierce.
These include how much deposit is needed, the mortgage process – including the strict lending requirements – what financial support is available and where, and why it’s important to commission a Home Buyer Survey before purchasing a property as this can reveal if a home has any faults or urgent defects that may affect its value.
The RICS has developed a ‘Buying A Home’ Guide which offers clear impartial advice and support on all of these issues and more, including what to expect when constructing a conveyancer/solicitor.
Chair of the RICS North East Residential Professional Group, Neil Foster of Foster Maddison estate agents commented: “Buying a home for the first time is exciting, but it can prove stressful and somewhat confusing if you aren’t familiar with each stage and matter of the buying process.”
A recent poll by the RICS revealed that 51% of RICS members (chartered surveyors) surveyed thought that buyers did not know the difference between a mortgage valuation and a Home Buyer Survey – a thorough property report on a home’s condition – with many believing the former is a type of Home Buyer Survey.
Neil commented: “RICS’ ‘Buying A Home Guide’ offers advice on the type of Home Buyer Survey you should instruct, based on the type of property you are purchasing. The survey report will give you a clear understanding of the property’s condition and highlight any defects, such as structural problems and damp and decay which need repairing. If the survey discovers issues such as these, you can make an informed decision on your next steps, which could include negotiating a reduction in the asking price, or even withdrawing your offer if the seller refuses to lower the price or pay for the repairs.”
He concludes: “Buying a house is often the most expensive purchase any of us will ever make. Therefore, do your research, and look around plenty of properties to get a feel for the market and what is going to be a realistic price, should you decide to put an offer in. Saving up as large of a deposit as possible is also worthwhile as this will not only help you secure a purchase, but also the best mortgage deal, with a lower interest rate.”
Download a free copy of RICS’ ‘Buying A Home Guide at www.rics.org/consumerguides