The property market is currently experiencing a major boom. As a result, those looking to buy a house now have to deal with a crowded market, high prices and a smaller pool of available properties.
Plot your path towards financial freedom with our Hero’s Journey tool!
MyWalletHero is here to help you learn about taking control of your money, whether that’s paying off debt, working towards a short-term money goal, or investing for your future.
This tool can help you understand the next steps on your journey – simply choose a goal that best describes your current interests to get started.
To help you still fulfil your dream despite the hurdles, the experts at GoodMove have put together six tips to help you get onto the property ladder. Let’s take a look.
1. Do your research
Before you even start looking for a property, figure out exactly what you want and need. Is there a particular area you want to live in? Take a look online at properties in that area to get an idea of prices and what you can expect in terms of size and style.
To make things easier once you find the right property, have a mortgage-in-principle ready to go so you don’t lose the property to another buyer.
2. Don’t be afraid to ask for help
Use an estate agent if you feel overwhelmed by the options out there. This is a great option if you’re not sure what type of property is right for you.
Agents are also useful if you need help understanding the current mortgage situation and what you can afford. An agent can offer a professionally organised process so you can focus on picking the right house to buy without worrying about the small details.
3. Look for houses under your budget
“At an average of £275,000, house prices are currently at an all-time high,” says Ross Counsell, chartered surveyor and Director of GoodMove. “Because of this, buyers are finding themselves paying way above the asking price for properties”. To protect your finances, Counsell recommends looking for properties under your budget.
4. Be ready to jump in
In a hot market, you won’t have much time to ‘think about it’. If you find a house to buy that you really love, you may need to buy it right away or risk losing it.
You should also consider how soon you want to move out of your current residence and how that will affect your buying decision. Make sure everything’s in order so you can move ahead with your plans.
5. Be flexible
“Being flexible and an easy person to work with is paramount in buying a home in a crowded market,” says Counsell. And flexibility comes in many different shapes and forms when trying to buy a house.
It might be worth creating a list of non-negotiable must-haves and a list of things you can be flexible with. Maybe you cannot afford everything you want in a house, but if a garden and a third bedroom are non-negotiable, maybe you can give up something else to stay within budget.
6. Don’t give up
Trying to buy a house in a seller’s market can be disheartening. To remain positive, it’s important that you’re in tune with the local market, understanding what’s available and what you can really expect.
Above all, relax. Don’t get caught up in the moment. Ignoring property issues or overpaying just because you’re getting desperate will hurt you in the long run.
Some offers on MyWalletHero are from our partners — it’s how we make money and keep this site going. But does that impact our ratings? Nope. Our commitment is to you. If a product isn’t any good, our rating will reflect that, or we won’t list it at all. Also, while we aim to feature the best products available, we do not review every product on the market. Learn more here. The statements above are The Motley Fool’s alone and have not been provided or endorsed by bank advertisers. John Mackey, CEO of Whole Foods Market, an Amazon subsidiary, is a member of The Motley Fool’s board of directors. The Motley Fool UK has recommended Barclays, Hargreaves Lansdown, HSBC Holdings, Lloyds Banking Group, Mastercard, and Tesco.