Purchasing a property is a significant moment in any person’s life, as it’s likely going to be the biggest purchase you have ever made. Therefore, it’s important to familiarise yourself with the different stages, especially when it comes to buying a high-value property. As a result, even the smallest mistakes can be costly, and depending on the property’s value, the cost may be even higher than expected. Although many of the considerations related to buying a high-value property are similar to that of a median value property, you will still need to spend some time researching and preparing for your home purchase. Within this article, you will find seven key steps that will help you ensure success when looking to buy a high-value property.
Use Specialist Property Search Sites
If you want to find your dream property, it’s best to use specialist property search sites, that cater to high-value properties. Firstly, you may want to shop around to determine which one is best for you and find out if there are any that specialise in your local area. Alternatively, it may be beneficial to enlist the help of conventional estate agents for the area that you want to move to. They can be helpful, especially if you provide them with a list of your requirements and allow them to look for the perfect property.
Speak To A Large Mortgage Broker
Buying a high-value property often means that you will need to apply for a large mortgage. However, this might be more challenging in comparison to obtaining a mortgage for an average property. Therefore, you may want to look at the different large mortgage options from Advias so that you can secure the best possible terms. Advias is a reputable property finance advisor, who offers a personal service, designed to understand your requirements and deliver accurate solutions. Thanks to their in-house analysis tools and extensive database of lender contacts, you will receive expert mortgage advice tailored to your circumstances.
Find A Qualified Surveyor
With any property, it’s essential to have it thoroughly surveyed once your offer has been accepted but prior to making any payment. It’s best to use a qualified surveyor to identify potential problems with the property. Moreover, you may want to hire an independent surveyor for best results, as the ones employed by your estate agent may not pick up on all the faults. When choosing a surveyor, make sure you find a trusted company or an individual with the correct accreditation. This will give you peace of mind that the work is carried out properly.
Choose The Perfect Location
It’s always important to check the location of any home you want to purchase. For example, if you have or are considering having children, you may want to look at the school rankings and consider the location of any parks or playgrounds. Remember that just because you have decided to purchase a high-value property doesn’t automatically mean it will be in the best area. This is why, it might be helpful to explore the area in person and see how it feels to determine if it is the right fit for you. You may also want to look up crime rates to consider the level of safety.
Consider Environmental Factors
Keep in mind that buying a high-value property usually comes with a variety of additional costs, that you will need to think about beforehand. As a result, environmental factors can certainly increase the cost of the insurance you will have to pay to protect your new home. For example, floor risk can have a significant influence on your home insurance. It can also affect the resale value of your property and have a considerable effect on your quality of life. Therefore, if you’re considering a home near water, it’s always best to pay for additional environmental checks.
Arrange Home Insurance
Getting building insurance for your home from the day you exchange contracts is vital. In some cases, some mortgage providers might make this a condition of lending. From the moment you exchange contracts, you will be legally bound to the property. However, if the building were to be burnt down or flooded, you wouldn’t be covered unless you were insured. Depending on the type of policy you select, you may also be covered for structures outside your home, such as driveways, garages, and outside walls. You can also combine this with contents insurance to protect your valuables from loss or damage.
Exchange Contracts
The exchange of contracts occurs when the buyer pays the deposit and the buyer and seller’s legal representatives swap signed contracts. However, prior to the exchange of contracts, you will need to ensure that you have a few things in place, including a written mortgage offer, home insurance, and an agreed completion date. Once contracts have been exchanged, the chances of anything falling through are low. Completion usually takes place around two weeks after that point and you will be able to collect your keys and move into your new home.
