Buying and selling property: What to consider

People continuously strive to get their foot on the property ladder.

Whether we wish to step on as a first time buyer, trade up on our existing properties, or indeed move up the ladder as an investor we need to think about certain possibilities and consider very carefully the type of investment we are making.

For most of us, purchasing a property mean taking out a sizeable mortgage for which we are responsible and upon which we offer our properties as security. It is not a decision to be entered into lightly by anyone regardless of their financial situation.

The most basic thing to think about when purchasing a property is what you can afford, coupled with what a Lender would be prepared to advance to you in respect of a mortgage. This figure is not simply about mortgage repayments, although they are a large part of the calculations. You must also take into account additional costs that you may incur by owning your own home. Many people find that they need to move further our from the city centres in order to be able to purchase a property within their price range. The up side of this is they can now afford to purchase a property and make that step onto the ladder, but however, they now have higher transport bills as a result of travelling further in and out of the city.

Affordability of course will determine the area in which you can choose to live. Once you have decided on the location for your new home you should carry out some research to ensure that there are no adverse plans underway for the area. You should also take the time out to ensure that it meets with your requirements. Is it easily accessible to work, schools, shops etc. Is it a sought after area with a good record for re-sale of properties. Do the local amenities meet with your requirements? The last thing anyone wants is to be in their dream home, but inaccessible to any services.

Having decided on a property, a budget and an area, it is vital to ensure (with the help of a surveyor and valuer) that your potential investment is structurally sound. This is especially important for second hand properties and although not a requirement for a Lender, it is wise to have your property thoroughly inspected. In addition to this, it would be prudent prior to closing your purchase to measure the property and ensure that the measurements provided match with your own calculations.

If you are unsure of any aspect in relation to the purchase of your property do not wait until after you have committed yourself to its purchase. Iron out any queries at the onset and do not be afraid to ask questions in case you sound "niggly". It is always better to ask first rather than find out something bad afterwards having not asked.

Selling your property can also be a vulnerable time especially if you are also trying to purchase a new home and sell your own at the same time. This is double the work and of course double the stress load. Deciding to sell you home can be emotional at the best of times, leaving behind old memories. Do not rush this decision.

When you are deciding to put your home on the market, it may be a good idea to sit back and take a good look at your situation. You should decide on a time frame within which to work and also it is a good idea to have a guide price in your head prior to instructing an auctioneer to act on your behalf. This figure should then be discussed with your auctioneer.

Find reputable estate agents who are willing to come and value your property with a view to selling it on your behalf. Discuss a strategy with them in relation to the sale and figure out a plan which is to everyone's satisfaction. Be clear in your instruction to them in relation to your asking price and you limitations in relation to what you are prepared to sell for.

Marketing is also an important factor in relation to selling property, but can also be expensive. Budget for this and where possible do not over spend in this area. Ensure that your auctioneer will liaise with you in all aspects of marketing and viewing of the property.

Showing your property is a big part of its eventual sale and there are many ways in which you can enhance your property at this stage. Carry out any cosmetic work, which you feel would improve your property's appearance, and of course don't forget to brew the coffee just before potential purchasers arrive.

Whether buying or selling a home, there are many choices to be made and quite a lot of information to consider and digest. Do not rush any of this. There will always be other properties and there will always be other purchasers. Consider only your needs and your situation.