Top tips for buyers in a busy property market
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With the summer holidays now over and many of us returning to work (whether it be in the office or at home) there are definite signs the new homes market here in Suffolk is starting to gather pace for the autumn.
The vast majority of our recent enquiries have related to the shared ownership properties we launched last month at Laureate Fields in Felixstowe.
Most of these sales have been to first time buyers, but we have also seen a number of people who are selling shared ownership properties elsewhere and moving to the coast for a change in lifestyle.
The Hopkins & Moore development at Lark Grove in Somersham, near Ipswich, has also been selling well, while we expect strong levels of interest to continue next month when we launch 99 two, three, four and five- bedroom properties in Elmswell near Bury St Edmunds on behalf of Matthew Homes.
With very little completed stock currently available it means more and more buyers are agreeing deals ‘off plan’. This means purchasing a home before it’s been built.
Fortunately CGI images and artist’s impressions have come a long way in recent years. But it can still be hard for buyers – particularly if purchasing for the first time – to envisage exactly how their new home will look.
If you find yourself in this position then it can help to do your research. Take a look at what the developers have built elsewhere and walk around more established schemes to get a sense of how it might feel.
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Check company testimonials and ask if there are any previous buyers who you can talk to about their experience. It can also be helpful to measure out the size of the new rooms against your current property so that you can get a good sense of how they relate to your existing space.
With such fierce competition it’s also more important than ever for buyers to have all their ducks in a row. At the very least, if you have a property to sell it should be on the market. Even better if you can demonstrate plenty of interest and a firm offer.
You also need to know exactly how much you can afford and – if you need to borrow any money – that you have a mortgage agreed in principle.
The importance of instructing an experienced solicitor also cannot be underestimated. There may be cheaper ones out there, but choose one who has a track record of delivering on time and who will meet the completion deadlines set by the developer. Otherwise there’s a danger they might get frustrated and put the property back on the market.
If you’re looking for a new home or would simply like some advice on what to do next, then please do pick up the phone and give us a call.
For more information or advice about the new homes market in Suffolk contact Max Turner at Savills Ipswich on 01473 234826 or MTurner@savills.com