13 Feb 2021
What to know about your finances before you apply for a mortgage
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Whether you’re preparing to buy a house at auction, negotiating a private offer or wondering if you’re purchasing the right investment property, you can get a free property report from Mortgage House to make an educated, well-informed decision.
It can be easy to take the guide price of a house for the price that it’s worth, but sometimes this isn’t the case. That’s where a property report comes in. This invaluable resource can shed light on a variety of things which can help you determine not only what the property is worth, but what you should offer based on the sale price of similar properties in the same neighbourhood.
Your property report also provides useful information on the location of the property. We’ve made a list of what comprises a property report, highlighting how it can help you make a smarter decision when buying a house.
You will get an idea of how many times the property has sold and at what price. This will give you an idea of how much the value of the property has increased over time and how many times it has had new owners, handy if you’re a property investor looking for capital growth areas.
By seeing data on past sale prices of the property, you can determine whether it’s price is reasonable, taking into account the housing market performance that year, and whether it’s had renovations since. You can also see snapshots of the property interiors with their corresponding property records, showing the past interior and possibly underlying things you hadn’t noticed in your viewing.
Knowing these stats can help you decide on the most appropriate offer to make. For example, if you find out that the property has been on the market several times within a relatively short period – first you need to find out why. If you’re still happy to make them an offer, you may be able to get away with a lower offer – if the sellers are desperate to move, it may well work in your favour.
You will also get an insight into the trend in property sale prices in the area. That way, you can compare what similarly sized dwellings have sold for to ensure that you’re paying a fair amount.
You may know the location you are hoping to move into well, or it might be entirely new. Whether the first or the latter applies to you, there will always be location stats that may help with your decision.
By breaking down the affordable and non-affordable areas for you, then cross-examining these with a variety of different stats, you can make a highly educated choice on whether that area suits you for the long term. The varied elements of a suburb that a property report can provide you are:
Find out how you can get a free property report by getting in touch. We’ll talk through what kind of property you are looking for, and can help determine the best course of action when putting an offer in on a property.
In the meantime, happy house hunting!
At Mortgage House, we’re no strangers to the homeowner’s journey. It’s a long (but rewarding) one.
But don’t worry, we can help with that.
If you’re thinking of selling your home and are ready to make the next move buying or investing, you can contact us for information about the best options for you when it comes to your mortgage.