21 tips for buying a property in Britain with the least hassle

Buying a property is always going to be stressful but now the British market is going absolutely bonkers.

Soaring demand and a lack of supply in the housing market is creating a vortex of competition for homes and prices are rising astronomically as a result.

Things are so insane that the price of a property could rise by the thousands from the moment you put the offer up to the time you move in.

Latest data from Britain’s Office for National Statistics shows that the average house price in the UK is at £277,000 ($US425,957). In London it is even more astronomical at £513,000 ($US788,781).

The Royal Institution of Chartered Surveyors (RICS) also added that prices are soaring because the number of new buyers coming to market rose for the fifth month in succession.

So, if you’re thinking of buying a property soon, here are some top tips to not only make your life easier but also help you bag that dream property without any regrets.

Don't get Help to Buy unless you're desperate


When you look to buy a property, always think the long term. It doesn't matter that it's your first home and you're willing to get a pokey small starter flat or a house -- your mortgage can break you.

Help to Buy is a government scheme where a buyer only has to put down a 5% while the government makes up a further 15%. This sounds fantastic right? Well, you first of all have less equity in your home and secondly the mortgage products are more expensive. In other words, you could be paying more per month in interest on your home because of this scheme.

Also, if you're finding it a struggle to raise more than 5% deposit, you've got to ask yourself whether you're financially fluid enough to keep up with payments should interest rates rise.

Narrow down three areas at the most where you want to buy

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It goes without saying that it's usually about location, location, location.

Nailing down three areas where you really want to live will mean you can concentrate all your efforts on finding the perfect place in the perfect location. Now you have a budget and a mortgage, take time to look at what you can get for your money.

For example, you may have your heart set on living in an affluent London area, but do you really want to spend £500,000 on a 1.5 bedroom flat with no garden or for an extra half an hour commute, a five bedroom house and garden?

Have a thorough search and debate and then stick to just 3 areas -- two would be ideal though.

Have a list of absolutes and no compromises

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There will always be an element of compromise when finding a property but have a list of absolute 'must haves.' Whether it is a garden, three bedrooms, or even next to a park -- have a list.

That way you don't waste your time on seeing properties that the estate agent is trying to flog you and you can spend your time just seeing the places that tick the boxes for you.

Sell yourself to the agent or vendor when making an offer


When you make your offer, sell yourself to the agent or vendor. If you can, do it on the day you see the property, and in person.

Give them as many documents as you can -- like the letter from the IFA -- to show them exactly why they should pick you. You're ready to move right now and, if you're renting, have no chains to worry about.

Whether you like it or not, always be available and respond quickly to emails and calls on the house

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If you are controlling the chain, then that's great, but always be available by email at least to respond to questions from the vendors, solicitors, or estate agents.

Estate agents are hungry for their commission and if they feel you're not moving fast enough, they may start talking the vendor round to put the house back on the market to see if there is another buyer.

Have a £1,000 to burn

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Having £1,000 available for extra solicitors costs, repairs, bills, and move out charges is a must. It doesn't matter how hard you budget, other issues will come up.

The moral of the story of buying a property is all in the preparation.

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