Looking for a house in Richmond?
It can be tricky to know where to start when searching for a new property. We’ve worked alongside Richmond estate agents and local experts to give you the proper advice on finding your dream home.
Within this article you’ll discover how to research your perfect area, find the ideal home and handle the conveyancing process from start to finish.
Local Area Research in Richmond
Before selecting a property, it is vital to perform some research on the local area. This is important for finding a range of property prices within your budget. As well as ensuring you are fully aware of the type of area you could potentially be moving to. It is important to know the local amenities and entertainment available, but also certain factors like the crime rate and standard of living. Each prospective buyer has their own set of expectations when moving to a new area, it is important to tick the most important things off your list to avoid disappointment.
Price Research
Buying a home can be one of the largest investments you’ll make in your lifetime. Because of this, you want to ensure that you pay a fair price for a good quality property. For this reason, it’s a good idea to gather prices of similar properties for the type of house you are looking for. This will give you valuable information on the average price for certain features within a home.
Over the last year, the average sale price of a property in Richmond rose by £3,200 – putting the area 28th among London’s 33 local authorities for annual growth.
Resources like Zoopla or Onthemarket can be incredibly useful for this task. You can search for the number of bedrooms you require, certain features within the property such as a garden or garage and refine your search to meet your needs. This will allow you to determine the average price you should pay in a certain area.
HM Land Registry can also offer some useful information if there is a property you have located and want to uncover further information about. You can search with property addresses, towns or street names and types of properties. This will present you with information on publicly available information. Included may be previous sale contracts, expired listings and even homeowner information.
Local Crime
When moving to a new idea, especially by yourself or with a young family, it can be especially important to be aware of any local crime activity. This is so you can make an informed decision regarding yours and your family’s safety, before taking a leap and purchasing a property. Online sites like CrimeRate.co.uk will provide invaluable information during this period of research.
In regards to Richmond, the statistics show that there are 56 crimes per 1000 people. The highest recorded crimes involve anti-social behaviour, whereas the lowest recorded crimes are bicycle theft. If you are concerned about a particular criminal activity, it is vital that you perform some level of research before making up your mind.
Placing an Offer
After researching the local area, you should hopefully be in a position to locate your dream property and put in an offer. Placing the offer should be fairly simple as your prior research, and the listing price will give you a guide as to how much you should present.
After viewing the property, so long as everything looks to be in fair condition and matches the average price of properties in the area, you can provide a price that is similar to, or just under the asking price. 10% below the listed price is a good place to start as this gives you room to haggle with the seller. Immediately offering asking price doesn’t leave you with any chance to save money on the purchase.
If you are concerned with the condition of the property but are willing to take on a project, you may be able to offer less money but give the reasoning for doing so. If the sellers agree to these circumstances, you may be able to save yourself plenty of money by performing certain repairs or renovations yourself.
If you are planning on purchasing a property using a mortgage, it is a good idea to have a mortgage agreed in principle before making an offer on any property. Not only will this provide security in your ability to take out a loan, but it can also be used as a bargaining tool with the seller. If they can witness your seriousness about the purchase, they may be inclined to accept your offer in comparison with another buyers.
Conveyancing
With an offer accepted, you will need to select a conveyancing solicitor to secure your exchange in Richmond. Conveyancing involves the legal process of property transactions between buyers and sellers. It is vital that legal proceedings are performed by a certified professional who can complete the task at a high standard.
Your selected conveyancing solicitor can be sourced through various means. High street solicitors and online conveyancing services will offer the same type of service but with varying prices and efficiency. Online conveyancing is becoming an increasingly popular choice due to its affordability, whilst maintaining a reputable service of high quality. Before selecting any conveyancer to handle your exchange, protect your interests by checking for the correct accreditations and knowing what they’re services and fees cover.
Contract Exchange
Contract exchange can occur as soon as the conveyancing is complete and the buyers and sellers’ parties have each agreed to the terms of the sale. Before this stage occurs, you should work closely with your conveyancing solicitor to ensure your conditions have been met. After the contract is signed, the transference of property becomes a legally binding agreement. It is pertinent that both parties are secure in the transaction before signing the contract.
Completion is agreed upon and occurs shortly after the exchange contracts are signed. Typically, this time period is around 1-2 weeks. This gives you time to arrange for removals services, pack up your belongings and prepare for the move.
You will soon be on your way to your brand-new home in Richmond!
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