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Getting on the property ladder is a big achievement, and for many, buying a seafront property in the Bournemouth is the ultimate dream. The stunning views and access to the beach make seafront properties highly desirable, but they come at a premium price.
If you’re lucky enough to be in a position to buy a seafront property, there are a few things you need to take into account to ensure the process goes smoothly. Here are the steps you need to follow to buy a seafront property in Bournemouth.
1. Location Is Key
When it comes to buying a seafront property, location is everything. You’ll want to find a property that’s close to the beach and has stunning views. It’s also important to consider the surrounding area. You’ll want to make sure there are plenty of amenities nearby, such as shops and restaurants. Take your time to research different areas before you make a decision. Consider areas, such as, Boscombe, Alum Chine and Durley Chine as they all offer great seafront locations.
2. Get Your Finances in Order
Seafront properties come at a high price, so it’s important to make sure you have your finances in order before you start the buying process. You’ll need to get a mortgage agreement in principle from a lender. This will give you an idea of how much you can borrow and what your monthly repayments will be. It’s also a good idea to save up a deposit of at least 10%. This will make it easier to get a mortgage and could help you get a better interest rate. During the mortgage application process, your lender will carry out a financial assessment to make sure you can afford the repayments.
3. Choose the Right Property
Once you’ve found a location you like and sorted out your finances, it’s time to start looking for properties. Seafront properties are in high demand, so it’s important to act fast when you find one you like. Work with a reputable estate agent who specializes in seafront properties. They’ll be able to help you find the right property and guide you through the buying process. If you’re not sure what type of property you want, consider a holiday home or an investment property. Holiday homes are a great option if you’re looking for a second home by the sea. And, if you choose an investment property, you could generate rental income to help with the mortgage repayments.
4. Make an Offer
In a competitive market, it’s important to make your offer as soon as possible. Once you’ve found a property you like, put in an offer as soon as you can. If your offer is accepted, the next step is to instruct a solicitor and arrange a survey. Some of the benefits of working with a solicitor include:
They have a lot of experience and will guide you through the process
They can help to negotiate on your behalf
They’ll handle all the legal paperwork
They can carry out a legal search to make sure there are no problems with the property
When you instruct a solicitor, they’ll also arrange for a survey to be carried out. This is important to make sure there are no structural problems with the property. If the survey reveals any problems, you may be able to negotiate a lower price for the property.
5. Exchange Contracts and Complete
Once you’re happy with the survey results, you can exchange contracts with the seller. This is a legally binding agreement, so make sure you’re happy with everything before you sign. Once the contracts have been
exchanged, you’ll need to pay a deposit (usually 10% of the property price). The completion date will also be agreed at this stage. On the completion date, the remaining balance of the purchase price will be paid and you’ll get the keys to your new property. Congratulations, you’re now a seafront property owner!
It is better to take the help of reputed property conveyancers in Bournemouth like AVRillo to get the best property deal. AVRillo conveyancers are the leaders in conveyancing services in all of the UK.
Conclusion
Buying a seafront property is a big decision. There are a lot of things to consider, such as location, price and type of property. It’s important to do your research and take your time to make the right decision. Consider the surrounding area to make sure there are plenty of amenities nearby. With planning and the right professionals on your side, you can make your seafront property dream a reality.
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