Buying a property is a significant landmark in any person’s life. So was it in 2017 when we got our not so cheap home…
It is likely to be the biggest purchase you will ever make, and this is never more relevant to understand how to go on about it especially when buying a high-value property.
Many of the considerations when buying a high-value property are similar to that of a median value property – you want the right area, good connections and schools, and the best mortgage deal. Sounds pretty obvious 🙂
Here are a few steps you should take when looking to buy a high-value property.
- Select The Ideal Location
You should always check the location of any prospective home. Check the school rankings and the location of any parks and playgrounds if you have or are considering having children.
Just because you are buying a high-value home doesn’t automatically mean that it will be in a great area. Explore the area in person, if you have time, to get a feel for it and see if it will be the right fit for you.
Always look up the crime rates for any area you are considering, and see if you are comfortable with the rates. You can check out the crime rates via the police service here.
We were lucky as we got frown to a park across the street of our home but it turns out that 2 mins away they are 2 amazing schools and people do really care for their kids to be enrolled here. So if we ever decide to rent out the home or sell the schools should be amazing USP not to mention the huge park and proximity to the local amenities including the train station – 10 min brisk walk 🙂
2. Enlist A Large Mortgage Broker
If you are buying a high-value property, you will likely need a large mortgage. Taking out a large mortgage will be more difficult than obtaining a mortgage for the average property, so having specialist help will be invaluable.
Enness can provide large mortgage advice tailored specifically to you and your circumstances. They are highly experienced at brokering mortgages for high net worth individuals. Their expertise will be essential to ensure you get the very best mortgage deal for your high-value mortgage.
Often mortgage advisors are taking away the stress of dealing with the banks and of course can give you any preferential deals they have access to. They may save you money in the long run actually – so it must not nice to have.
3. Use A Specialist Property Search Site
Finding your dream property will require the use of property search sites that cater to high value properties. Numerous property search sites cater specifically to high value properties. Shop around to see which is the best for you and see if there are any that specialise in your local area.
You can also use conventional estate agents for the area you are looking to move to. Estate agents can be useful as you will be able to provide them with a list of your requirements and allow them to do the work of finding you your perfect property. We were lucky to find our house at the local estate agent but that’s not always the case so you may look online first as that is where we first spotted the ad….
4. Make Sure The House Is Perfect
With any property, it is crucial to have it thoroughly surveyed after your offer has been accepted but before making any payment. It would be best if you used a qualified surveyor to identify any potential issues with the property. I d go further when saying an INDEPENDENT surveyor would be the best as those employed by the estate agent or the ‘seller’ may not pick up all the faults the house may have…I wish we had have an independent surveyor as soon after we moved into the house our boiler broke down and truth to be told I don’t believe the surveyors sent by the estate agent were as diligent with the boiler check given it was about 10 years old…so yeah we had another purchase to plan and not much money left in the bank ….
When choosing a surveyor, it is essential to find a reputable firm or individual with the correct accreditation. There are two main regulating bodies for residential surveying so make sure that your surveyor is accredited with either the Residential Property Surveyors Association or the Royal Institution of Chartered Surveyors to have the peace of mind that the survey is carried out correctly. Ensure
5.Check if the house does not have serious problems
As impossible as it sounds there are houses with subsidence sold as if they weren’t affected by it! High-value properties don’t seem to be affected by this problem as often as lower price houses but still, it always pays off to check everything – just in case you find this or any other serious problems.
Sadly many estate agents aren’t as honest as they should be. That raises the point of employing an independent surveyor as if any other surveyors somehow ‘overlook’ that you will not only have a problem with insuring your property but also with the property and furthermore its value may sharply decrease. So once you get the house with subsidence you may struggle.