Properties for sale in and around Chester
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HMO expertise
If you are a buyer looking to invest in property, HMOs (houses in multiple occupation) and professional lettings may be worth considering. These types of properties can offer higher rental yields and more stable tenancies compared to traditional buy-to-let properties.
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HMO properties are properties that are rented out to three or more people from different households who share common facilities like a kitchen or bathroom. While there are strict regulations to comply with, including fire safety and room sizes, the potential rental yields can be significant. HMOs are particularly popular with students and young professionals, and as such, they can offer a reliable source of rental income over the long term.
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Professional lettings are another option that can offer stable tenancies, as they are typically rented out to working professionals on a single tenancy agreement. These properties are often in high demand in city centres or areas close to major employment hubs, and as such, can offer reliable rental yields.
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The process
Step 1
Research and set a budget
Conduct thorough research on properties in your desired area to determine a realistic budget for your new home purchase. Consider factors such as location, size, amenities, and market conditions.
Step 2
Get mortgage pre-approval
Consult with a mortgage advisor or lender to obtain pre-approval for a mortgage loan. This will give you a clear understanding of your budget and facilitate the buying process. I would also seek advice for all the costs involved with moving so you have a clear understanding when purchasing a property.
Step 3
Start your property search
Begin actively searching for properties that meet your requirements and budget. Register with us, Rightmove & Zoopla, this will keep you up to date of any properties that come to the market.
Step 4
Property viewings
Arrange viewings for the shortlisted properties. Visit them in person to assess their condition, suitability, and determine if they meet your expectations.
Step 5
Make an offer
Once you’ve found your ideal property, submit an offer the relevant agent. Negotiate terms, such as price and completion date, if necessary.
Step 6
Offer acceptance and instruct solicitor
If your offer is accepted, engage the services of a solicitor or conveyancer to handle the legal aspects of the purchase. Provide them with all relevant details and necessary documents.
Step 7
Mortgage application and survey
Submit a formal mortgage application to your chosen lender. They will conduct a property survey to assess its condition and value as collateral for the loan.
Step 8
Legal due diligence
Your solicitor will perform legal due diligence, including searches and inquiries, to ensure there are no issues or restrictions affecting the property.
Step 9
Exchange of contracts
Once all legal and financial aspects are satisfactory, you and the seller will sign the contract and exchange it. At this stage, you typically pay a deposit, which is usually 10% of the property’s purchase price.
Step 10
Completion and finalisation
On the agreed completion date, the balance of the purchase price is transferred to the seller’s solicitor. The property officially becomes yours, and you can collect the keys and move in.
Step 11
Post-completion tasks
After completion, your solicitor will handle tasks like registering the property in your name, paying stamp duty (if applicable), and finalising all necessary paperwork.
Step 12
Collect your keys to your new home!
Congratulations!