Back to News Home insurance is another home cost which should be considered

If you are thinking of buying or renting a property in the near future, there will be many things you need to consider.

How many bedrooms, the location, crime rates, schools and local transport links will all be on your mind when looking for a new home or renting. However, you may also wish to consider carefully which estate agent you use.
 
Here are the top five things everyone should know about estate agents.

Estate agent fees

Whilst the majority of the UK population appears to have been priced out of the housing market, many are turning to renting for longer periods of time. One thing to watch out for is the estate agent fees. It’s important to be aware that they will charge you for holding a property off the market whilst you pay the deposit and several additional administration fees.

Official status

It’s important to note that all estate agents must belong to the Property Ombudsman Scheme or the Office of Fair Trading Approved estate agent redress scheme.

Stamp duty

Don’t forget that you will be required to pay Stamp Duty on your new property. As the UK is currently experiencing a housing crisis, the government has waivered the stamp duty for first time buyers on properties up to the value of £250,000 until the end of March 2012.

Inspection

Ensure that your estate agent or landlord arranges a professional home inspection when buying or renting a property. If the inspector finds a problem with the property you could try an arrange the owner to fix it or negotiate a modification to the asking price or alternately take note of the damage to ensure there are no deductions from your deposit in the future.

Shop around for a good estate agent

They are not all the same and they all take different amounts of commission and offer different levels of support. It could be advisable to look around before settling on one estate agent.

When buying a home you may incur many additional extra costs such as moving fees, home insurance and storage charges. It is important to be aware of all these when planning for your new home.

  • Previous Let there be light; tips to brighten up your home this winter
  • Next Winter safety for pets: a brief guide
Back to top