Buying Property - Tips & Tactics when Moving Home

Moving home is complex stressful and indeed very costly. 

In this section of the course we're going to consider some financial considerations and I provide you with lots of information, insider tips, tricks and guidance to help you learn more about this aspect of the propety buying process.

As with any property decision perfect planning can prevent poor performance and as such in this section we'll look at how to plan your finances and how to reduce the risk of losing money, in particular by timing your spend to maximise effect whilst minimising the risk of losing money.

Property buying is a process, possibly taking many months to conclude and with lots of moving parts.  This is particularly the case in England and Wales where the buyer has to spend money before they have legally committed to the purchase, as such monies spend are at risk.  Knowing when to spend money, is as important as how much you're going to need to spend.

By way of an example.   If you spend money on a survey of the property you're buying, only to find that your own property survey results in your buyer pulling out, then you could well have wasted the money spent on a survey and as importantly you may have to spend it again once you have a new buyer.  As such knowing when to spend money can be a good way to reduce the risk of loss.  We'll look at this aspect as part of this course and I'll provide you with guidance to, hopefully at least, help you avoid such pitfalls if possible.

As with all lectures in this course, they are presented to you in a video format so you can pause and take notes.  Resources, as deemed appropriate, being included in each section/lecture.  Enjoy.

In this lecture we look at motivations and timing.  Whilst every property purchase is an individual decision, there are usually some common factors to consider so in this section we'll look at these and students are provided with various insider thoughts and information in respect of motivation and timing, including some personal insights from the author based upon their own experiences.

This section is purposefully general in nature due to the pesonal nature of such decisions, however we're confident there's at least a few 'nuggets' of information tht students will find useful and which could save time, money and/or stress.

We've included some further information and a useful 'cost/benefit' analysis sheet in the resources section.

Perfect planning prevents poor performance is the old saying, research is an important part of the property buying process and in this section students will focus in more on specific types of research.

We'll show you where to find, interpret and analyse information to provide you with an advantage in your search and also negotiations with the Vendor.

Possibly one of the most important parts of buying a property is research, perfect planning prevents poor performance so undertaking your research is crucial.

In this part of the course students will gain an inside knowledge of how a surveyor may research a location, crime, property prices, transport, flooding, etc... are all discussed and tips provided.  We look not only at the information gained from your research, but also how to interpret that to use in your decision making and negotiations.

This part of the course can, potentially, save a  property buyer many thousands of pounds if undertaken properly and the information used to advantage in the negotiation of a purchase price.

Knowing the age of a property is often important, it can suggest defects that may be inherent with a particular age, features that can be attractive and/or determine the types of materials used in construction.

In this lecture students are provided with information on the most common property types and ages, helping students understand some common defects in particular property types, as well as what to look for in respect of certain types of property and situations.

We also look at non-traditional construction and students will get an insight into things to consider in respect of such properties.  This section of the course is not intended to provide detailed analysis, that follows later, simply provide students with an insight into various factors that can affect different ages of properties and/or situations.

Knowing the price you're paying for a property is reasonable is a fundamental part of most people's property decision.  So in this section we'll consider price and information about how to obtain data to help you decide.

Students will learn about how to find and analyse online information, which is not always as accurate as people may think it is.  We'll consider factors that can impact price/value and how to compare historic price information (which is available online) with current market trends.

The Author, as a Registered Valuer, is expert in valuation and has experience of undertaking valuations of most property types across the UK.  Students will gain a unique insight into this aspect of the property buying process.

As previously mentioned in this course, research is possibly one of the best ways to save money, reduce risk and/or reduce delays in a sale as by having information in advance a buyer can save time and money on legal & survey fees, etc..

In this lecture we'll look at how a buyer can research the site history, using tools that Chartered Surveyors are using everyday to inform their decisions.

The viewing stage of buying a property is possibly one of the most important stages as it's your chance, as a buyer, to inspect the thing you're buying.  As such knowing what to look for and how to structure your viewings can save you potentially thousands of pounds in wasted fees, along with time and effort.

This can be achieved because on the viewing, if undertaken properly, you can gather information that could prevent you progressing with a property that isn't right for you or indeed find a defect that you can highlight to your surveyor for detailed commentary.

The property viewing isn't only your chance to view the condition of the property, it's also a chance to gather a wealth of information that you can use later in your negotiations.  As such in this part of the course Students will learn about some of the ways to have a more productive property viewing, along with negotiation and tactics that can help a buyer maximise their savings and price paid.

Students can also download a copy of our 'property viewings checklist' from the resources section of this lecture.

In this lecture students will gain a unique insight from a Chartered Surveyor's pespective, of ways to help gain more during the property viewing stage of the property purchase.

We'll provide some questions to ask and things to consider whilst on site, but also look at the process in a more holistic way, considering factors in the local area and the timing of viewings, etc.. to gain maximum benefit.

Lots of people hate to negotiate, however by learning tips and how to effect a positive outcome a property buyer can potentially save many thousands in respect of their purchase price. 

In this section of the course the Author, who has decades of experience involving negotiations including multi-million pound complex negotiations, will provide advice, guidance and tips about how to begin, undertake and conclude negotiations including detailed discussion on the following points:

• Tactics

• Timing

• Information & Evidence gathering

• Post Survey negotiations

• Offers and Counter offers.

Upon completing this lecture students will have a good understanding of what a negotiation looks like and how to get a good outcome.

In this lecture students will learn more about the actual process of buying a property, an important part of the process that is often complex and difficult to deal with and in particular as most people move home every 5 years or more so have forgotten what's involved.

We'll consider the following:

• Mortgages

• Legals or Survey (timing is everything)

• Move Planner (we'll introduce our Move Planner and provide a copy in the resource section)

• Your Situation

As a practising Chartered Surveyor the Author is, at least weekly, asked to explain the different types of survey available and which is appropriate to a particular property type. 

Furthermore, once the survey is completed there's often still confusion as to how the final report should be interpreted and how the Surveyor arrived at the conclusions they did, along with what the condition ratings used mean.

In this, detailed, section of the course we'll consider some different types of report and look into what the Surveyor is explaining when they determine which condition rating to apply to a particular defect.  In addition we'll also consider other aspects of the report and how to interpret those, for instance limitations.

Students, having completed this section of the course, should be able to understand the type of report, when it's appropriate to purchase that type and how to interpret the information provided to them.

The house buying process is complex and choosing the right survey and undertakning that aspect can be a daunting proposition. 

In this section students will learn about the different types of RICS Survey report available and we'll work through the reports to explain how they are structured and what a surveyor could be thinking when they are including information in a particular report type.

At the end of this lecture students should have a better understanding of the options available to them and a good knowledge of how the reports are structured, along with how a surveyor gathers information to make a specific recommendation.

In this lecture we look at defect reporting in more detail, considering in detail the condition ratings a surveyor may choose to apply to a particular defect and examining the thought process of the surveyor when doing so.

We'll also consider limitations and other sections of the survey report in more detail to provide students with a better understanding of the rationale a Surveyor may use when formulating their opinion and reporting to their client.

At the end of this lecture students should have a good understanding of defect reporting and a better appreciation of how a Chartered Surveyor determines which condition rating to apply to a particular situation and also how that can be reported in the context of the particular report being carried out.

A survey report will, most likely, contain some limitations and this is often misinterpreted.  As a practising Chartered Surveyor the Author often hears people describe this section as "Surveyor merely covering themselves", etc....

This should not be the case as Surveyors are duty bound to report what they find to their clients, including limitations.  So understanding why a Surveyor may include limitations is an important part of the process and having an understanding of how to interpret those comments, along with what actions to take as a result, can potentially save a property buyer thousands of pounds and hours of wasted time & effort.

In this section we look at the limitations section of a survey report and consider why a Surveyor may include such matters, along with consider what actions a property buyer/seller can take once these have been identified.

At the end of this lecture students will have a better understanding of why limitations are included in survey reports and what to do following these having been highlighted to them.

Understanding the rationale behind how a Surveyor determines what they should/could report and how they do so is an important part of the process, it's vital that a property buyer understands the report they are paying for and how a Surveyor may choose to report defects to them.

In this section students will learn more about this aspect of the survey reports and will gain an understanding of the condition ratings and how they may be applied to a particular defect.

Understanding the rationale behind how a Surveyor determines what they should/could report and how they do so is an important part of the process, it's vital that a property buyer understands the report they are paying for and how a Surveyor may choose to report defects to them.

In this section students will learn more about this aspect of the survey reports and will gain an understanding of the condition ratings and how they may be applied to a particular defect.

Understanding the rationale behind how a Surveyor determines what they should/could report and how they do so is an important part of the process, it's vital that a property buyer understands the report they are paying for and how a Surveyor may choose to report defects to them.

In this section students will learn more about this aspect of the survey reports and will gain an understanding of the condition ratings and how they may be applied to a particular defect.

Understanding the rationale behind how a Surveyor determines what they should/could report and how they do so is an important part of the process, it's vital that a property buyer understands the report they are paying for and how a Surveyor may choose to report defects to them.

In this section students will learn more about this aspect of the survey reports and will gain an understanding of the condition ratings and how they may be applied to a particular defect.

The inspection of utilities and services is dependent upon the type of inspection carried out, i.e. no testing for RICS Level 2 Homebuyer Reports, with some limited testing/checking for an RICS Level 3 Building Survey report.

Understanding what is undertaken for a particular report can help save property buyers time and money.

In this section students will learn about how a surveyor inspects and considers the utilities, along with how they report this aspect to their clients.

The Surveyor, as part of their inspection, will also consider the grounds and permenant outbuildings as part of their inspection and as such a property buyer understanding this aspect can help ensure that a potentially important part of the process is adequately understood.  This is particularly important if the buyer intends to purchase a property with significant outbuildings, grounds, etc.. such as a property with a swimming pool, stables, etc.... or one which has a large expanse of land.

In this section students will learn about how a surveyor considers this aspect of their report and how they can report defects to their client, along with most likely providing their client with invaluable insight and information about things to consider.

A survey, depending on the type of survey, isn't just a report on the building itself but can also consider the general area and make recommendations and/or provide advice to a property buyer on factors in the local area which the surveyor feels are worthy of note or further consideration.

In this section students will learn about how a surveyor may consider location factors and what they may choose to report in that section of the survey, including insider information as to how a surveyor may choose what to include and not include.

In this section of the course students will learn more about what happens after the property has been inspected by their surveyor, what to do about further reports and how to deal with them, valuation discussions and debates, client concerns and questions, confidentiality are all covered.

At the end of this section students will have a better understanding of the post survey process and should have invaluable information they can use to help in their negotiations or other dealings.

Sometimes, unfortunately, a Surveyor may find it necessary to recommend further investigations and/or reports, for instance dampness, structural movement, wall ties, drainage, utilities, etc....  This should not simply be a case of the surveyor trying to "cover themselves", but a genuine need to clarify further matters.

This may be due to a property being occupied, items hidden, etc..

In this section students will learn about some different situations where further reports may be required and how they can deal with such requests.

The valuation of property is a specialist area and can be frought with problems, causing stress, delays and potentially additional costs to property buyers.  There's often confusion and challenges to the valuation provided, in particular if the Valuer's opinion is less than the purchase price.

In this section of the course we'll consider valuations, discussing the different types and considering how a Valuer produces their opinion.  The next lecture looks in more detail at challenges and subsequent discussions.

Students, having completed this lecture, should have a better understanding of what's involved in a valuation and knowledge of different types of valuation provided to residential property buyers.

Valuations are possibly the most often challenged part of a property purchase, due in part to the fact that some Estate Agents feel aggrieved that their opinion has been effectively overruled by a third party.  In addition they know that a reduction in the valuation, i.e. it being lower than the sale price, can impact their commission, risk the sale falling through and cause delays.

In this lecture students will gain some invaluable insights into the valuation process and how a valuer may choose to deal with challenges to their opinion.

Check out the comparables analysis matrix available for download in resources section

As a Surveyor the interaction with their client is possibly one of the most important parts of the process, it's at the start of the process and where the client is made aware of what is to be undertaken on their behalf.  As such it's vital that this is clearly explained and terms agreed so both parties are fully informed.

In this lecture we'll look at client management, including terms and conditions, negotiation post survey, post survey discussions that may arise and further reports & what to do.

After completing this lecture students will have a better understanding of the process and should be conversant with the process.

The process of buying a property doesn't end when the survey is finished, there's a lot more to do and in this lecture we'll consider some things that a property will need to do once they have finalised the sale.

Most people don't move home very often and as such it's easy to forget to do important stuff so we'll look at some things to consider.  I've also put a move planner in the resources section to help you track progress and plan your move.