Top Tips for Buyers

Buying a property is likely to be the most expensive item you will purchase during your life coupled with being a very stressful process. In order to ensure that you find the right property at the right price for you, it is worth considering the following points:

1. How much can I borrow?

Before you start looking at property websites and arranging viewings, find out how much you can borrow. Banks and mortgage brokers can give you an “in principle” estimate of your borrowing and once you have this information you can start to look at properties within your price range.

2. Prepare yourself

Ensure that you have the relevant documentation in place for the property you intend to buy. Under the Control of Housing and Work (Jersey) Law 2012, there are four categories of residential status:

Entitled
Licensed
Entitled for Work
Registered

It is essential that you obtain a registration card prior to buying or leasing a property in Jersey. Registration cards are available from Social Security and show the residential status of the individual looking to purchase a property and should meet the status requirements of the property.

3. Do I have a property to sell?

If you have a property to sell it is advisable to have the property on the market before you start looking to buy your next property. If you find a property that you want to buy and your property is not on the market, you are not in a position to put forward an offer. Indeed, you may be disappointed if you can’t find a buyer and you lose the property because the vendors will not wait until you have found a buyer. Once your property is on the market, your estate agent will negotiate and tie in the purchase and the sale.

4. Where do I want to live?

It is always good to have an idea in your mind as to where you want your property to be, although it is often the case that you think you want one area and discount all others, and find that you eventually buy a property in an area that you had not initially considered. Alternatively keep an open mind and look at all the properties within your price range and then make a decision. It is also a good idea to research the area at different times of the day.

5. What is on my “Wish List”

Make a “wish list” such as how many bedrooms you are looking for, whether you need an office space so that you can work from home, whether you would like an outside space and whether you need parking, to name a few. With this information in mind, your estate agent can advise you on the properties available within those parameters. It is a good practice to let the agent have feedback after each viewing in order for them to refine their search accordingly.

6. Time is of the essence!

Once you have found a property that you like and you are ready to put forward an offer, don’t delay as you may lose the property. Ensure that all the necessary paperwork is available and you have found a lawyer.