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Buying a property: 8 months vs 5 minutes

Buying a property: 8 months vs 5 minutes
By Proptee • Issue #5 • View online
Did you know, the time it takes to buy a property can take anywhere from 6 weeks to 8 months. And that’s only after you’ve found the property that you want. Finding a suitable property in itself can take a long time.
So why does it take so long to purchase and own a collection of bricks? Some of you have already experienced this, so feel free to skip to the end where I talk about how Proptee will change things.
We want to hear about your worst or funniest stories in your property searches. Message us on twitter @PropteeApp to be featured in the next article.

1. Finding the right property: 1 to 6 months
First things first you need to find what’s the right investment for you. Commercial or Residential? Are you looking for HMO or private? Do you take a bet on an upcoming location with good transport links or just stay in a big city? There are many boxes you need to tick. After all, property investing is a long-term game.
You’ll spend some time browsing properties online and booking visits to ones that catch your eye. Some of them will be good but not good enough. And some will be a complete waste of time, “excuse me sir why’s that ceiling leaking?”.
Of course, you want to act quickly, but property is not like the stock market.
2. Making an offer: Up to 48hrs
Okay, so you’ve found the perfect home, with a great location and stable returns. Next, you need to make an offer, and it better be a good one.
The real estate market is hot! Most likely there are multiple people viewing this property. You now have to blindly make an offer to beat theirs, so how much should you offer?
Most people are just going to take the estate agent’s advice (who btw works for the seller) and potentially overpay.
It can take up to two days for your offer to be accepted. In some cases, you can even get outbid by another buyer after this - called GAZUMPING.
3. Getting a mortgage: 2 to 4 weeks
You need to spend some time comparing mortgage rates finding a good deal from a reputable lender.
Typically sellers expect you to have a mortgage agreement in principle before making an offer on the property. This can be acquired within 24 hours. However, you better find a house quickly as they’re usually only valid for 90 days.
Barty Millis - Successful Influencer
Currently pay £1300 p/m in rent, mortgage advisor thinks I can't afford to pay more than £678 p/m on a mortgage and won't lend me more than £161k🙃
After getting your offer accepted you will need to get your mortgage approved by the lender. They will need to double-check the property and make sure that it’s a security that’s worth risking a loan for. They will also need proof from you that you can afford to pay the loan back, i.e payslips.
Next comes:
  1. Surveying the property: 1 to 2 weeks
  2. Conveyancer: 6 weeks to 3 months
  3. Completing the purchase: 2 weeks
Check out our entire property buying checklist here.
You’re a property owner. You can sit on the sofa with a well-deserved cold beer and make passive income. You better make sure you have insurance, that boiler is not going to last forever.
In total you spent:
  • 10% of the real estate value on fees
  • More than 6 months just buying it.
  • Lost 5 years of your life expectancy due to stress. (can be more)
Proptee's buying process:
The traditional way of buying property is too long and expensive, we need change. We want to make real estate investing cheap, effortless and accessible for everyone.
Download the app: 30 seconds
Go on the app store and hit download.
p.s It may take a bit longer if you’re on Virgin wi-fi. 😑
Open an account: 3 minutes
After the app is downloaded you’ll need to create an account. We’ll send you a magic link, so you don’t even need a password. Once you pass our KYC checks you’re ready to invest!
Deposit money: 2 minutes
You need to add a payment method first. Initially, the primary currency of Proptee will be EUR, but you will be able to send us other types of Fiat and Cryptocurrencies in the future.
Invest, sit back and relax: ∞ minutes
That’s it! You can now browse the property market and invest in properties that catch your eye.
Congratulations! You became a real estate investor without leaving your bathtub.
You, after using Proptee.
You, after using Proptee.
See you next week!
Peace! 👋
-Saad (on behalf of Proptee)
Ps. Any new property or fintech projects you’re excited about? Love to check them out. Hit reply.
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