Interacting with the property market can be a stressful time, regardless of whether you are buying or selling. It doesn’t matter if you are a first-time prospective home-owner or someone looking to expand their property portfolio with new assets; any time big amounts of money change hands, it pays to take your time and follow a plan.
Getting into the property market is a difficult and involved process. It involves a significant financial investment and can take a fair amount of time to finalise. For UK citizens, getting into the domestic or international property market is likely to be the biggest financial move that they make during their lives. As it is such a big investment, it makes sense to treat the process properly and to go into the transaction understanding that there are a number of very important steps that should be taken, regardless of whether you are on the buying or selling end of the transaction.
Apart from the other steps, one of the most crucial things that you can do when you are making any sort of moves in the property market is to make use of expert advice. This means that you contact professionals who specialise in all aspects of the process. If you want to buy an apartment in Berlin, make use of a firm that specialises in property valuation in Berlin to make sure you get a fair deal. If you aren’t sure of the specific legalities surrounding an aspect of a purchase, contact a lawyer who understands all the ins and outs of property law. Let’s take a closer look at the different steps you should take when buying or selling property.
Marshal Your Finances and Take Stock of Your Position
Before you get into the nitty-gritty of buying or selling a property, it’s very important that you get a clear understanding of what exactly your financial situation is.
Prospective property buyers need to know their credit scores and get approval for a mortgage if necessary, as well as figure out the associated costs of property ownership. These costs involve things like stamp duty, survey costs, insurance and legal fees. Stable income and a good debt-to-income ratio are likely to be important for buyers.
For people looking to sell property, understanding the true worth of the property in relation to the current market is key. This is likely to mean that a local estate agent should be contacted and the property should be valued. An overview of the outstanding mortgage balance and any other financials relating to the property should also be factored into the decision.
Do Your Research Into the Market
A proper understanding of the property market will make the purchasing process much easier to understand. That being said, the market can change quickly, and even small distances can dramatically affect prices.
Buyers should pay attention to things like planned infrastructure projects, school catchment areas and data from recent sales. Sellers have an easier time and should pay close attention to similar property listings in the area.
Both sellers and buyers should contact local real estate agencies to help them with the purchase. Making use of their expertise can help expedite the process.
Do Your Own Valuation
By this, we mean hire your own expert property evaluation team. You should under no circumstances trust another party’s valuation of a property. Getting in touch with a local property evaluation agency will give you a much clearer picture of the actual value of the property.
This step is even more important when you are planning to buy property in another country. The property market difference between countries can be wildly dissimilar. Local property evaluators will also be happy to clue you in to any other legal obligations or expectations that you might be under. The last thing you need when completing an expensive property transaction is some sort of nasty legal surprise.
Get the Property Properly Inspected
Another key step is to make sure the property has been inspected and surveyed properly. While we aren’t trying to advocate for paranoia, you should make sure that the inspections and surveying are done by independent contractors who will give you a truthful and accurate report.
In many cases, there will be nothing to worry about, but issues with wiring, water damage or any other sorts of problems are much better to be dealt with before sale. The earlier any problems are identified, the longer the owner has to repair them or to re-negotiate based on their existence.
This is another step that is particularly crucial when buying property overseas. Not only should potential damage be checked for, but the building and facilities should be checked for any other necessary compliance prior to purchase.
Get A Specialist Lawyer
While it might seem dramatic, even the smallest property transactions overflow with red tape. Getting a specialist lawyer, a conveyancing solicitor in the UK, to handle the process will leave everyone with peace of mind that it has been done correctly.
When it comes to purchasing overseas property, getting in touch with a lawyer who specialises in international property law, and maybe one that speaks both languages, could be key.
Make Sure to Cross Your t’s and Dot Your i’s
The very last step is the signing of contracts, the changing of ownership and the sending of money. Once complete, there are a few post-sale details that should be completed. Things like contacting the land registry, filling out tax compliance paperwork and any other details of this kind.
Speaking to the above-mentioned lawyer should keep you on task to ensure all of these details are completed correctly and no issues arise.
Final Thoughts
Regardless of whether you are buying or selling property, it’s a huge financial decision, and not one to be undertaken lightly. To do so correctly means to approach it, willing to take your time and do it right, making use of experts whenever you can.
