So you've found the apartment of your dreams but have hit a brick wall when it comes to understanding how to make the right offer on it. So as a buyer, how do you go about getting the right deal for you and your family?
With confidence in the property market steadily growing following the positive outcome of this year’s General Election, at The Apartment Company we think this is a great time to be purchasing an apartment; whether you’re a first-time buyer or an experienced homeowner climbing the property ladder.
Purchasing a home in Bristol or Bath is going to be one of the most significant transactions you'll ever make, so you need to be sure that you're getting the best price possible and have the peace of mind that you fully understand everything involved throughout the buying process.
The price needs to be realistic and can be affected by a wide range of elements, the straightforward ones being:
Are there any hidden elements that need to be addressed? E.g.;
- The age and condition of the electrical wiring,
- The state of the boiler,
- Fungal decay (dry rot/wet rot),
- Structural timber issues,
- Broken roof tiles,
- Plumbing troubles,
- Age/condition of flooring, double glazing, etc.
- Current market conditions.
Enquiring about these will avoid serious and potentially costly problems for you as a buyer further down the line, so it's important to take a step back and weigh up the following points before making any sort of offer. This is because at the Apartment Company we want you to find the best value for money possible in your next home, so please take the following into consideration:
At the Apartment Company when we appraise a home, we start with research to ensure we have all the information we need to present you with the most reasonable asking price that is realistic to current market conditions. So as a buyer you need to carry out your own research about the property before you can make an informed initial offer.
- Firstly you’ll want to find out what similar sized apartments have recently sold for in the area and whether their sale prices reflect the properties asking price.
- Secondly, be aware that differences may affect the apartment’s price too. For example, one may have a double parking space and the other may not provide parking at all.
- Thirdly, make sure you use all of the information available to your advantage. There is tons of information readily at your disposal as a buyer, via mainstream property portals such as Rightmove and Zoopla.
As a specialist estate agency ourselves, we have a great selection of apartments to suit all budgets and not all of them are online or in the papers either.
Be the first to hear about new apartments coming onto the market by signing up to as many pro-active and specialist agents’ email lists as possible.
Before launching a property online or in the papers at the Apartment Company we email and text out alerts to our registered buyers before anyone else. Our buyers find this a wonderful touch to get their foot firmly in the door, especially ahead of the competition.
In Bristol and Bath, it’s a competitive market, so it’s important to make yourself appealing to the seller and stand out from the other buyers. You can do this by:
- Having no chain – e.g. you’re a first-time buyer.
- Having your mortgage agreed in principal
- Be honest, upfront and enthusiastic.
Think objectively and take the time to get an independent and professional survey done by a qualified surveyor, to examine and identify any faults that you may not have spotted. The money spent on this will protect you from making an ill-informed decision, forking out thousands of pounds in the future for repair works and can also be used as an extra bargaining tool against the asking price.
Different homes require different type of survey:
- A Condition Report
Aimed at conventional properties and newer homes, this type of report will show the properties condition, highlight any urgent defects and offer guidance to legal advisors.
- A Home Buyer Report
This will include everything contained in the condition report, plus a market valuation and insurance costs. It should also include advice on any defects that may affect the properties value alongside repairs and ongoing maintenance advice.
- A Building Survey
Aimed at larger or older properties, this is the most comprehensive survey available, as it will give you an in-depth analysis of the property’s condition and will include advice on defects, repairs, and your maintenance options.
Think about the future
Don’t just think about what the location is like presently but what it will be like in the future too. How do the local schools perform? Are there planned developments in the pipeline, which could change the tone and the character of the area? Depending on the issue it could end up decreasing the property’s value in the future, so it’s wise to take such examples into consideration before purchasing your next home.
If you’re looking to buy an apartment in Bath or Bristol come at chat to the specialists, once we’ve established your criteria we will arrange a number of viewings on apartments that suit your needs. Whether buying or letting, we’re here to help you find the right apartment, so please don’t hesitate to get in touch with one of our friendly team today.