Homesmatch is changing the house rules for property buyers and sellers. We have provided a number of frequently asked questions and answers to help you. If you have any more questions, please contact us.
Where do I find a property that I can have renovated to suit my needs, before I buy? i
Homesmatch will have properties ‘Available for matching’ from time to time on our website, many of these will be suitable for renovating, however, we are not an Estate agent, but we do work closely with them.
If you find a property you like, which needs renovating before you buy, just contact us. We will contact the seller or their agent and ask if they will agree to a Homesmatch Pre Purchase Renovation (if they aren’t already on our list). We will then work with you and the sellers, to agree the works to be completed, and the final sales price.
Alternatively, we can offer a searching service*, where we look for properties that may be suitable for you. We just need to know the area you want, your budget, type of property and any other details that we may need.
*This option may incur a finders fee.
How much will it cost to get a Homematch Pre Purchase Renovation property? i
Once you have found a property for sale, which you would like renovating before you buy, we will work out what the final value of the property will be, including all renovation costs. This would then be the amount you pay. (There will be the normal solicitors fees mortgage advisors fees and disbursements to pay as there would be when purchasing any property).
In some cases the purchase price may still be lower than the actual value of the property depending on any discounts or deposit schemes available on the property.
Do I need to find a solicitor? i
We can provide you with a solicitor, as your sales agreement will be with the seller, not Homesmatch, or you can use your own.
Is there a maximum/limit to the amount that Homesmatch will spend on renovating a property? i
This will depend on the amount the property is currently available for without renovations, and the ceiling price of similar updated properties in the area.
The value after renovations is crucial, as Mortgage lenders will only lend up to the value they think the property is worth when all work is completed.
An assessment will be made prior to any work undertaken with regards to the perceived end value of the property and your final purchase price. Should the value of work you wish to be undertaken, exceed the perceived end value of the property, we will still be able to make additional renovations that may have to be funded for separately.
Is there a minimum amount that can be used for renovations, as some properties may only need cosmetic alterations or decorating? i
There is no minimum spend requirement for a Homesmatch ‘Pre Purchase Renovation’ property. Buyers can request as much or as little work as they want, in order to then agree to a purchase. We will arrange this with the seller, and include any costs in the new purchase price, so you don’t have to find the cash after completing the purchase. It will be ready to move straight into.
Can any property I see, be renovated under the Homesmatch Scheme, even if it is not advertised as ‘Available for Matching’ or as a Homesmatch ‘Pre Purchase Renovation’ property? i
Yes! We advise buyers to change the way they search for properties to buy. Start looking at properties in a lower price bracket, as well as those in your current budget range. That way you will find properties that are cheaper, because they need renovating/extending/updating. These properties will, once renovated, fit within your budget range, depending on the works required.
We will contact any sellers or their agent, if you have found a property you think could be renovated and remains within your budget. We are pretty sure all agents and sellers will soon catch on and start asking us if they can be advertised as ‘Available for Matching’ as a ‘Pre Purchase Renovation’ by Homesmatch, but until then, we will contact them if a buyer contacts us about a property they would buy if renovated/updated with our help!
Do I need a mortgage before i find a property? i
if you need a mortgage to purchase your new home, then it is preferable if you have a mortgage offer, or a firm idea of the amount of mortgage you will be offered. If you haven’t got one, we can signpost you to a relevant provider/broker, as we will need confirmation that you can access enough funds to purchase the property before we start renovations, or before we complete the property if it’s a new build.
How much deposit do I need? i
This will depend on the amount the mortgage provider requires. If you are struggling to obtain a deposit we may be able to help so give us a call or fill in the form or email us on firstname.lastname@example.org We may also be able to help if you are buying a new build through us as well. For the Match2Buy pre purchased Renovation property purchase, we will require a small reservation fee before we start the works.
How does the Homesmatch Custom New Build work? i
If you want a new build property but can’t find any in your area, in your price range or of the right size, get in touch and tell us what you want. We will then do our best to find a landowner and/or developer who can build properties relevant to our buyers requirements.
We will also then work with the developers to match the properties to your needs, and where possible help with all the other support buyers need, from accessing a mortgage to arranging your utilities.
This is particularly helpful for those planning to purchase a property in the future, as the planning permission and building time will restrict those wanting to purchase immediately unless properties are currently being built.
So if you are planning to buy in the next year or so, whether it’s an older property or a new one you want, don’t wait till you are ready to buy, start Planning now with the HomesMatch Future Buyers Scheme. (see First2Match or match2Buy on our website for more details)