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IS THE PRICE NEGOTIABLE? Is the cost of a first time buyer property negotiable? I am not a natural haggler, and doing so makes me a bit uneasy, so I am not sure if it is a good idea or not? I have seen a home I like but I am not sure whether to proceed. Kitty Brenan
FTB says:Yes, you can negotiate on the price of a property. Remember, as you are a first time buyer, you are chain free and if you have a mortgage agreement in principle in place you are an attractive proposition as a potential buyer. The ability to negotiate a house price is not a skill that comes naturally to everyone. However, even a small percentage drop could make a big difference to your budget. It is best to offer between 5% and 10% lower than the market price, but always go lower than your maximum to allow room for negotiation. Try to research house prices in the area with similar square footage and the number of rooms to make sure you are buying at a fair price.
BUYING OFF-PLAN I have been told that buying off-plan would be a good move for my first property. What does this mean and what are the benefits of
doing this? Joe Timber
FTB says: Buying off-plan means committing to purchase a property before construction is complete. This can feel daunting since you will need to rely on the developer’s floor plans, price lists, and other documents to make your decision. Typically, buying off- plan involves signing a contract and paying a deposit to secure your plot. The deposit amount varies by developer but is often between £500 and £2,000. There are advantages to buying off-plan as often you can choose your fixtures and fittings, and it’s definitely worth asking the developer what incentives it offers for committing early to a property – you might even be able to negotiate a discount.
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CONVEYANCING PROCESS As a first time buyer I am a little confused by some of the procedures. How long will the conveyancing process take when I commit to my first home? Tom Taylor FTB says: For a first time buyer, the conveyancing process typically begins after your offer on a property is accepted and can take around eight to 12 weeks to complete. This process involves a series of important legal steps to transfer ownership from the seller to you. Your solicitor or conveyancer will conduct essential searches, such as checking for any local authority plans or environmental risks
VISIT OUR WEBSITE For everything you need to know about buying for the rst time, go to rsttimebuyermag.com staying in close contact with your solicitor and other parties involved can help ensure a smoother process. address any issues uncovered during surveys or valuations. Communication is key, so that could affect the property. They will also handle the paperwork, ensure there are no legal issues like boundary disputes, and liaise with your mortgage lender. Throughout this time, you will be required to sign contracts, arrange your mortgage, and potentially
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SNAGGING I have heard that new homes can sometimes have issues. What steps would I need to take if my new property had any problems, and would there be any warranties on the building? Katie Cox FTB says: It is true that some new properties can have issues, but fortunately, there are safeguards in place to ensure these problems, known as snags, are addressed promptly. The Consumer Code for Home
Builders regulates the new build home sector, and all builders must follow this code. Every new build home comes with a warranty. Typically, a builder’s warranty covers structural issues for about 10 years. Additionally, there is usually a developer warranty that covers smaller issues with fixtures and fittings for the first two years. It is a good idea to hire a professional snagging company to inspect your new home and provide a list of any issues that need to be resolved.
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