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offer, letting your heart rule your actions, although this is never a wise idea. Here, by employing a surveyor to carry out a full structural report on the home that you wish to purchase, you give yourself breathing space, let the seller know you are serious, and are presented with all the possible structural repair details that tell you how much you can afford to spend on the home. Here, the report will include major works that you may not have noticed need doing, and the report covers your investment before the commitment is made.

What that does is give you a chance to estimate what repairs would need to be made and get a rough estimate of what they will cost. This allows you to evaluate what you can afford to offer, bearing in mind not only the price, legal fees etc., but also those repairs essential to making the home a solid investment.

CHECKING FINANCE FROM DIFFERENT SOURCES

With the market for mortgages being vast, checking all your options with several lenders will give you a better overall idea of what you can afford, what type of mortgage and also the repayment terms and period involved. By being armed with this information, you are able to act quicker when you find that bargain home, having already sorted the financial aspect out in advance.

EVALUATING WHAT CAN BE AFFORDED.

Here, take the cost of repairs and the cost of the home into account and do not leave yourself open to surprises. By doing this, you will know that you have covered the amount needed to make the home safe and in a good state of repair in advance, using a surveyor's report together with estimates from local tradesmen. This puts you in a much safer situation than those purchasers that buy blinded to the defects that would be found in a home. By adding up estimates and being realistic, you can see quite clearly whether the home is affordable or not.

BARTERING

With all the above information to hand, you are in a very strong position to barter the price. Here, talking to the owner will often tell you how long the property has been for sale, and the urgency of the sale.

Often those home owners that have been trying to sell a house for a long period of time will reduce the price considerably, and often people will want to move on, and may be in debt because of commitments to their new home. Be sensible with bartering and do not insult the seller, though with all of the above factors taken into account and being able to produce evidence of what costs you will have to bear when buying, you can argue the price of the home, and compare it with other local homes in an effort to get a reduction.

Being wise with the purchase of a home protects your investment and can make the world of difference between a real investment and a money pit that won't hold it's value. Always be ready to grab that bargain, but do so with knowledge at hand, as this will help your investment to be the best you can make of it, instead of a hasty mistaken purchase.

Learn more about this author, Rachelle de Bretagne.
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