The home of your dreams has been discovered and your offer to buy property in Stockport has been accepted. Congratulations! You are finally on the final stretch to owning your new home and enjoying your piece of property moving forward. Once receiving an offer acceptance, you may suddenly find yourself asking the question “Well… what happens now?” well fear not, here are some immediate things you need to do when submitting and following your offer being accepted.

Confirmation

Once the offer has been accepted, you will receive a congratulatory call that confirms your offer amount and terms are fully agreed upon. Before agents submit your offer, there are some items needed to qualify it.

To support your offer, you need to provide your proof of deposit, your mortgage in principle or proof of sale, proof of identification and that you have a solicitor.

Solicitor Instruction

There is no better time to get things moving than after your offer has been accepted. For quicker sales, you will want to instruct your solicitor as soon as you can. If you do not have a solicitor for this, you can ask estate agents Stockport to recommend a solid and reliable one.s

The solicitor will begin completing all checks and searches on the property. Depending on the solicitor, they may ask for payment up-front for some of their services, so it is best to find out about these charges before employing one for this task and be sure that you are happy with the rates they charge.

Mortgage Application

Since a mortgage in principle is indeed a principle agreement, you will need to complete a full application for the money now that the offer has been accepted.

You will need to apply for the exact amount that you require to borrow for the property in question. If you have a mortgage adviser, they will guide you through the process and let you know exactly what information you need to supply.

Arrange a Survey

If you are getting a mortgage, the lender will require a valuation and possibly a survey. Whilst surveys are not compulsory when you buy a new home, they are still a good thing to have done.  When conducting a survey, a professional surveyor will fully inspect the property and provide an overview of the property.

Surveys help you to understand any current or future issues that you may have with the property, and can be arranged through your estate agent Stockport to book a time suitable for the sellers.

Contact the team at Joules estate agents for buying property advice and advice on how to sell a house today.

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Mortgage costs rising and households with the increasing cost of living pressure – the question facing whether to buy property in Stockport or rent is becoming one of the most relevant topics for the average prospective homebuyer. So lets talk renting vs buying….

Ponder the Outcomes

Property prices have seen a surge in the 2020s that resulted in average house prices now being 25% higher than five years prior. However, the shortfall in the rental properties and high tenant demand has been even higher, with the rental price increase of 30% in the same period.

Although mortgage interest rates have risen over the past 6 months, there are still lots of mortgage deals if you have a minimum 5% deposit. With house price inflation forecast to stabilise, is now the best time to rent or buy?

Should I Buy or Should I Rent?

If you look at the upfront costs, it is undoubtedly cheaper to seek advice on renting a house. Deposits have been capped at 5 weeks’ rent since June 2019 and you only need to pay the equivalent of 1 week’s rent to reserve a property.

Buyers have much higher costs which, in addition to finding the 5% deposit which is in the average region of £7,500, you will also have survey and solicitor costs that add up to over £1k. Stamp duty may also factor into the equation. First-time buyers are exempt from this provided they are not purchasing a home over £425,000.

The longer-term benefit of buying property in Stockport is that your mortgage payments gradually build up equity. Those who would have bought their home 5-10 years ago would substantially be better off than if they had gone for renting a property.

Pros and Cons

The pros in renting can be summed up in that the tenants can move within relatively short notice, have lower upfront costs and can rent a home in an area where it otherwise would be out of the question to buy in the price range. The landlords are also responsible for repairs and maintenance, building insurance and any service repair charges.

The cons are that you will not build any equity as you are effectively paying your landlord’s mortgage and not your own, and there is less security as your landlord can raise your rent or request that you leave the property when your lease is up.

The pro in buying property is that you can build equity as you pay your mortgage and there is an opportunity to benefit from rising house prices over time. You also have a lot more freedom in improving your property and altering your living space as you wish.

A con in buying is that there is the risk of negative equity if house prices fall, you have higher upfront costs and less flexibility to move if your circumstances change. You are also responsible for any maintenance required.

For 2023, your decision to either buy or rent comes down to your circumstances, lifestyle and long-term plans. For help finding a solution, call the team at Joules estate agents Stockport for help in finding a property.

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If you have ever purchased a property in the past, you know that it is a mixture of both excitement and overwhelming. You will remember the costs involved with buying a new home, but every home purchase comes with its unique challenges.

To better understand those looking to buy property in Stockport, the process can help alleviate some of the stress and better prepare yourself for those unforeseen hurdles to jump over. Here are some tips for homebuyers that are seeking buying property advice, especially if you are a first-time buyer.

Understand the Cost

Many people may not fully understand that buying a house requires a lot more than simply paying a deposit. There are plenty of costs that are easy to initially overlook such as stamp duty, mortgage broker fees, mortgage surveys, conveyancing solicitor fees and moving costs.

When you are a first-time buyer, you will probably need to keep a large amount of money to be able to furnish your first home and fully decorate it to your liking. This adds a lot to your costs around buying a home and is something you need to plan for.

Set Your Budget

You will no doubt search for homes you desire over ones you can afford, which will add a lot of stress to your house search and can lead to over-stretching your budget.

There are online calculators available where you can figure out how much you can realistically afford and what your monthly mortgage payments will be. When searching online for new houses, focus searches on houses that stick within your budget parameters so that you avoid disappointments as you go down the line.

Agreement in Principle (AIP)

Once all of the costs have been calculated and the amount you can afford has been figured out, you could look into applying for an Agreement in Principle, also known as a decision or mortgage in principle.

An AIP is a written estimate from a mortgage lender indicating exactly how much you can borrow. This is an attractive measure for lenders and estate agents as it gives a clear indication that you are in the market to buy, giving you a step in preference towards them for available properties.

Sell Before You Buy

You may require the proceeds from the sale of your current home to help fund your next purchase, and if you are looking at how to sell a house and for everything to go smoothly, you will need to engage with your local estate agents Stockport. The selling process can sometimes be a lengthy affair and chains can get complicated, so it pays to have someone dedicated to helping to sell as effectively and smoothly as possible.

Tips for homebuyers – Contact the team at Joules estate agents today to help you make an informed choice in your next move.

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If you are looking to buy property in Stockport or in the process of exploring how to sell a house, you need to consider exactly what type of agent you want to work with.

A national chain may seem like a safe bet, but the reality is that these chains care about the bottom line more than anything. Many people are not happy with just being a number on a national chain’s whiteboard, opting to have their best interests in hand with an independent estate agent that goes above and beyond for their clients.

Let us explore why working with an independent estate agency is more beneficial.

Passion

Independent estate agencies are born out of a passion for the sector, not filling a seat with someone just as a job. This is why local estate agencies have lasting local relationships and in-depth knowledge of schools and transport links throughout the area.

Independent estate agents have chosen their profession because it is much more than a job, it is something they have an active interest in. This also provides an opportunity for the work to be more cost effective for you as they don’t need as much staff or offices as a national chain, keeping their overheads low and not requiring as much pressure to hit monthly sales targets.

Their passion will be reflected in the trust, reputation and relationships they have forged with existing businesses and locals in the area, including a pool of trusted sellers and buyers for the area that you can get the early bird notification about.

Service

One of the best advantages you get from an independent is that they are not as pressured or hectic as a national chain is when it comes to you wanting to make enquiries, meaning you are not left waiting to get a response.

You stand to get a better, more personal relationship with an independent agent as they have fewer people to deal with and you can talk directly with the person you are dealing with, not a part of some national call centre where you have to rely on different staff members updating all records and correspondence.

These are just a few of the reasons why you should be talking with an independent estate agent. Contact the team at Joules estate agents Stockport, your dedicated and personalised agent for buying property advice.

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When polling house hunters for what they want from their next home purchase, their wish list showcases many smaller considerations than at any point previously, and they are certain to add brownie points to those looking at how to sell a house if they check off the right appealing aspects.

Those looking to buy property in Stockport want a good, reliable broadband signal over higher-rated schools, and prefer off-road parking over a home garage. Instead of period features, today’s house hunters want a living room big enough for their flat-screen TV.

Eco-Friendly

Warmth and energy efficiency are some of today’s key priorities in looking for a new property, thanks in part to the British climate and rising energy prices. Central heating and double glazing top the list of what is considered a must-have, with a good energy efficiency rating and cavity wall insulation also occupying the highest-rated features.

As mentioned earlier, homebuyers rank a good, reliable broadband coverage and mobile phone signal much higher than the need for a close high-ranking school facility or period features, which have both dropped considerably over the years as an essential towards a purchase.

Appealing Features

The following features are the ones that rank high with today’s homebuying crowd. The space race opened up more people wanting a garden space, whilst working from home has pushed for people wanting secure doors and windows and solid signals for phone and internet coverage.

Friendly neighbours, local shops and amenities are consistently a high selling point, as well as a bathtub, at least two bathrooms (or en-suite bathroom) and a dining room area (although a kitchen/living room combination is also gaining a lot of attention from homebuyers.

Fixtures such as cavity wall insulation, luxury vinyl flooring and home solar panel systems also rank highly among providing a long-term home provision, with homes already having an eco-conscious design – such as smart meters and smart kitchens – being among the hottest attractions to the market for sales.

Room for Future

Of course, the big appeal for homebuyers is the feeling that their families will grow shortly, whether for a first child or grandchildren to come and visit.

This has resulted in homebuyers actively searching for homes with everything they could require in space and requirements. In the case of Stockport, the perfect mixture of both city and rural life means that it is a prime area for house hunters from across the UK.

For more information on buying property advice in the Stockport area, contact the team at Joules estate agents Stockport today.

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Happy New Year to our clients and readers, but unfortunately we need to start the year with something that is currently at an all-time high in the area for homeowners. The end of 2022 and the beginning of 2023 has seen a bombardment of scammers targeting homeowners in the Northwest with fraudulent offers on green energy solutions or insulation, claiming that they will boost property value for those looking at how to sell a house in the new year and cashing in on the cost-of-living crisis.

Targeted

The number of scams has reached epidemic proportions and it will increase even more throughout 2023 as fraudsters become even more sophisticated when targeting victims.

Homeowners are experiencing more cons linked to offers of green energy solutions and insulation using creative marketing that implies it is with government backing – including scrappage schemes for boilers and grants available. Most of these take the form of discounts on already inflated prices.

Treat with Suspicion

Homeowners are also seeing an increase in unsolicited texts and emails that need to be treated with suspicion, as scammers try to rope in those looking to save money in spiralling energy costs. Trading standards have passed warning that households being offered fake green home improvements have doubled during the Winter, with fraudsters targeting homeowners looking to make their home’s property value increase by becoming green.

Homeowners have also been targeted with scam offers of bogus grants for solar panels, loft insulation, spray foam, double and triple glazing and new boilers. Homeowners have been feeling the pressure to incorporate green improvements to get higher interest and above asking price from those wanting to buy property in Stockport.

With the government’s drive to phase out gas boilers and install 600,000 heat pumps by 2028, the shortage of accredited engineers to install them has opened up a large opportunity for fraudsters to capitalise on the demand from homeowners during a cost-of-living crisis.

As it stands, a third of homeowners in the UK have been targeted so far by home improvement criminals. This makes it very important that you consult with your estate agent Stockport on any ‘special offers’ or grants that you are being offered to be sure of validity and to protect your home.

Outlook for the Future

Whilst it has been a rough year for the housing market and a lot of people want to secure a house before the new year, the property market is always cyclical, able to dip and rise in succession. The first rule of real estate has always been that houses always go up in value and opportunity will always come around.

The team at Joules estate agents ask our clients and readers to be aware of any offer coming through phone calls and email and to contact us should they have any concerns about them.

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