Buying+a+house---+apartment

Buying a house/apartment

Do Your Own Research

One top reason many parents choose to move home is due to the fact they have a child about to start school, and unsurprisingly, properties in excellent state school catchment areas tend to have a hefty premium slapped on. The trouble is, catchment areas usually vary from year to year, the way they are worked out can be mind boggling (involving the school, the local County Council or both) and very few estate agents take the trouble to check.

So if you're looking to buy in a school catchments area, don't simply trust the seller's/estate agent's word that the property is within it. Call the school yourself and ask. Most should also be able to supply you with a copy of the latest catchment area map. Schools are typically very friendly and more than willing to help.

And remember you can find out all about applying for schools at the DirectGov website, and read the latest school reports at the Ofsted site. Follow the Foolish motto of Do Your Own Research (DYOR) and you could avoid making a costly mistake.

2. What did next-door go for?

When you find something you'd like to make an offer on, check out websites such as NetHousePrices or Mouseprice. These brilliant sites can tell you how much similar properties on the road (or within the postcode) actually sold for and when, and all for free. Use this information when deciding upon your offer, and make sure you mention your reasoning to the estate agent when putting forward the deal.

3. Don't be afraid to make a low offer

Just because the guide price on a property is set high, it doesn't mean that's what it will sell for. Remember, most estate agents try to drive prices up when valuing properties, regardless of the current market.

And the thing is, August is traditionally a pretty slow month for house buying anyway, exacerbated by the fact we've seen five interest rates rises in the past year (and the Bank of England's hint of yet another rise this autumn). While this spells doom and gloom for many, if you are in a good position to buy you could find vendors happy to accept surprisingly low offers and grab yourself a bargain. Some experts reckon you should routinely ask for 10% off the asking price, or even more.

4. Extras, extras..

If you can't do anything to drive down the price, do what my friend and colleague David Kuo suggests and see what you can get thrown in. Dishwashers, washing machines and fridge freezers can save you a few hundred pounds - and good quality curtains and blinds, especially for large or awkward windows can cost a small fortune.

5. Snag it..

Don't forget to draw up a "snag list" on your second viewing. Check around the house and note down everything that needs to be looked at, fixed or negotiated on, before making your offer.

6. Be a snake..

I know for a fact that a large number of properties in my area have had their prices reduced after having been on the market for a month or so (a true sign of estate agent overpricing if ever I saw one). If you've only just started looking in a particular area and would like to know if any of the properties you're interested in have been reduced, check out PropertySnake -- this great site will let you search by postcode or area and find out who's had to drop their price!

7. It's not over till the fat lady sings...

..or at least until the magical exchange date comes around (and sometimes not even then). One in three property chains break down - so just because your dream home is under offer does not mean it's lost forever.

Keep in touch with the estate agent to check on the progress of the sale and ask them to call you should anything happen. If its chain should collapse its owner may need to find a new buyer in double quick time - if you're in a good financial position you could take advantage, and if you're lucky you could even find a cheeky offer is gratefully snapped up!

8. Break your chain

And on that note, don't rule out breaking up your own chain to make the process easier. If you've got a good offer on your property but have failed to find something yourself, or if part of your chain has collapsed, don't forget to consider the idea of moving in with family, friends or even rented accommodation for a short period in order to keep your sale. Although this will put you out you could find you'll save a fortune in extra surveys and fees, and if you haven't found anywhere, your new status as an effective cash buyer could put you in a strong position over others when you find that dream home.

9. Don't get flooded..

Remember you can check for free with the Environment Agency whether or not that shiny new property has been built on or near a flood plain before making an offer.

10. Do a drop

It may take you a couple of hours at the weekend, but if you're looking to buy in a popular area the benefits of "doing a drop" can be fantastic. Simply drop a short note through the letterboxes of properties in the area you are interested in explaining who you are, the sort of property you're looking for and give your phone number - and ask anyone interested in selling to give you a ring.

Alternatively, you could put up a card in the local paper shop. You never know, you could get your dream house (and your vendor could save himself a few thousand pounds on estate agent fees by selling privately).

Hopefully these tips will help in your search for your ideal home -- and don't forget to check out The Motley Fool Mortgage Service for some great deals for that home loan.

Good luck with the house-hunting!