First Time Buyers Guide To Making An Offer

If you're a first-time buyer and have begun the hunt for your first home, you may think that once you've found the right one you simply offer what they ask for; job done! However, when it comes to making an offer on a home, there's a bit more work that should go into it than simply offering the price advertised.

You need to be confident when making an offer that you're not going to be stung by an inflated asking price or take yourself out of the running by offering too low. To help you prepare, we've put together the following information to help you through this stage of the home buying process.

Get some advice

The first step and arguably most important step you need to take is speaking to an expert. If you're a first-time buyer, then you probably don't have a wealth of knowledge on how the market works and what you can and can't afford. Get in touch with a mortgage advisor, get informed on how it all works and more importantly, find out what your price range is so when you do make a formal offer you can do so with confidence.

Research the local market

Once you know how much you'll be able to spend, it's time to get a better understanding of your local market. The more research the better. Take a look at what's up for sale and find out what your budget will get you in each area.

Build a list of key features that your home will need, such as the number of bedrooms or a driveway. The chances of you moving into your dream property with your first move are somewhat slim; however, it's important that you know what you're looking for and how much it will cost you in each area.

It would be wise at this point to get in touch with a local estate agent. You can do as much research as possible, but a good local agent will always be a benefit as they will know the market like the back of their hand. This means that they can fill you in on what to expect from vendors and hopefully help you avoid any pitfalls.

Get out there and book some viewings

Now that you've done your research on what you want, what you can afford and what the market has to offer, it's time to book some viewings and get out there. Things can move very quickly in the property market, so your previous work and research leading up to this point will come in handy as there'll be no time wasted travelling to unsuitable areas or over-priced properties.

While viewing properties, be sure to check out the building's structure and not just its decor. Check for any damage such as cracks in walls or damp. Make sure you understand exactly what you're getting into and have a good idea of the current state of the home as it can help form your offer.

When you find the right home, be ready to act!

If you've managed to find the right home, then it would be best to act quickly as there's a good chance you're not the only one eyeing up that house. If you're ready to make an offer, consider a few things before doing so. How much do other similar properties go for in the area? Does the property need some repairs? Have house prices dropped slightly since the home was first put on the market? We'd all love to knock a few thousand off the asking price, but the seller isn't going to make such a concession easily, so if your offer is lower than the asking price, you'll need to demonstrate why.

The Final Steps

Now before you finally put your offer on the table, try and organise all the other pieces of the puzzle beforehand so you are ready to go as soon as it's accepted. If you're a first-time buyer then one of your major benefits is that you don't have to organise selling your own home, but if you can organise such things as surveys and solicitors then it'll make the process much smoother.

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What Our Clients Say...

The guys over at PE were excellent throughout the entire cycle from viewings to signing the contract. They did everything and more to ensure my experience was seamless. Would highly recommend Andrew and the rest of the guys over at Portlands.

Rahul Kumar - Tenant

Professional and friendly service. My first experience using an estate agent could not have gone any better. Always available by phone or email no matter how minutia the question or need is. Within 25 hours they (Andrew) had found me a couple who have already moved in! Strongly recommend their services. Thank you so much to the Portland Team.

Liza Silvanian - Landlord

Darren and Andy were excellent at helping us to secure our new home - knowledgeable and sensible, lots of attention to the transaction, and great drive to get us over the line. Thanks both!

David Scott - Buyer

Finally, we sold our flat. It was a roller coaster journey for us-- with the great help of Darren and Andy who were there to guide us along the way (as we are selling our property for the first time) these duos really did a fantastic job of explaining to us and giving us information as we go about with the process. They would call, update us by email, phone and would go extra mile.. I couldnt thank them enough. Thank you Portland Estate Agents. Highly recommended!

Rhodora Requilme - Seller

Very helpful people, I found an amazing house to rent in a short period of time. I have relocated from another country and they helped me a lot.

Anca Novac - Tenant

I would highly recommend Portland Estate Agents. They offered a highly efficient service with clear communication, regular and reliable updates. Offered frank advice in relation to the market which ensured a sale within 5 weeks in this competitive market. The office of Portland estate agents always offered a warm welcome.

Patricia Walsh - Seller

I sold a 3-bedroom house in NW10 area through Portland Estate Agents. I am very satisfied with their service from valuation to sale, and I strongly endorse Portland Estate Agent with high ratings as their service is great and above expected. I would like to thank Darren, for being helpful, always responsive; and highly knowledgeable during the transaction. Thanks team Portland!

Ahmed Al - Seller

A very good company with an exemplary service. Jo Frati, the Property Management looks after me very well and I would recommend them to everybody.

Hisham Alshehatha - Tenant

We rented our flat through Portland and it was a very smooth process. We are 'inexperienced' renters and the whole process was much less stress and time-consuming then expected, Andrew was really helpful, particularly with finding a solution to some reference issues.

Tansy - Tenant

Brilliant service! from start to end, kept giving us updates regarding our purchase. big thanks to Darren for the support throughout the sale! i would highly recommend Portland estate agents!! i will definitely consider using it in the future. Always ready to answer multiple questions and give their expert advice. They have put lots of effort to make it all happen and we finally got there. Thanks for everything! good luck to the Portland team!!!!

Chirague Jamnadas - Buyer

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