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Debunking Myths

Posted on Thursday, October 28, 2021


We debunk the top myths about home buying, so you can be fully prepared to buy or sell.*

 

Myth - Estate agents set the price of your property

Truth - Estate agents don't decide what the sale price of your property will be on the market, what we can do however is offer our recommendations based off a thorough property valuation that takes into account the age of the property, the location, size, layout and any unique features it has, and will offer advice on achieving the best possible price. 

 

Myth - The asking price is the price that you have to pay

Truth - In September, four out of ten properties sold for the asking price or above.** This is a high figure compared to normal levels due to strong home buyer demand in the current market, however generally speaking, it is normal to offer below the asking price on a property that you are interested in, and be prepared to up your offer if the seller doesn't accept. 

If you're not sure on what offer to put in for your dream property, get in touch with our local property experts who will be able to advise you on a sensible price to pay. 

 

Myth - Get a personal loan if you can't save up for a deposit

Truth - Even though saving up for a deposit can be difficult and time consuming, turning to a quick fix such as a personal loan can be seen as a risk and could result in your application being turned down, so you should always be prepared to declare and prove where your deposit funds have come from.

 

Myth - All home improvements will add value to your property

Truth - Not all home improvements add value, so if you're wanting to add value to your property or boost the chances of your home selling for or above the asking price, talk to our property experts who will advise you on the best home improvements for your property.

If you want to know the current value of your property and what projects will help add value, contact us to request an in-depth valuation by a member of our team.

 

Myth - Buying a flat or apartment is not a good property investment

Truth - Apartments and flats can be a great investment, particularly in cities or towns where the market moves fast. 

When thinking of purchasing a flat or apartment, make sure to note the duration of the leasehold as this may affect your ability to sell the property or re-mortgage. 

 

Myth - Bills and other outgoings won't affect your application

Truth - All monthly outgoings are considered in your application, this includes all bills, utilities, loans, car repayments and any other regularly occurring outgoings you may have. 

You should also be wary of any outgoings that may be deemed as rash or careless, such as retail spending, betting or entertainment and nights out.

 

If you're looking for further support and guidance on selling or buying your home this Autumn, why not get in touch with your local Barbers branch.

 

 

*Property Reporter

**NAEA Propertymark

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