Conveyancers are an essential aspect of any property transfer deal. Buyers hire conveyancers to ensure that they get value for their money when purchasing real estate. So, how exactly does the conveyancer achieve this? The extract below details how a property conveyancing service can help you when buying a property. 

Comparative Analysis

Once you inform the conveyancer of the property you intend to purchase, they will analyse similar properties in the area to establish the current market prices. This comparison is critical since it will give insights into why the property could be priced differently. For instance, it could be that the property sits on a larger parcel or has had some improvements done. The conveyancer will use this information as a bargaining chip during negotiations. More often than not, they will pit sellers against each other. 

Analysing Current Market Trends

Market trends play a significant role in determining property prices. For example, buyers could be interested in properties that have a fully equipped guest bedroom or shed. These spaces could be rented out to tourists and earn income for the homeowner. Your conveyancer will assess whether the property contains these features. After this, they will conduct a cost-benefit analysis to establish whether it would be wise to go for another property and renovate it to meet your desired standard. 

Time could also affect property pricing. For instance, properties prices shoot up during the summer when the market is flooded with buyers. In this case, your conveyancer could ask you to consider a little patience and wait for prices to stabilise. 

Conducting Due Diligence

A property could be beautiful to the eye, but it could have underlying issues that make it a risky investment. For example, take a case where the previous owner flouted the planning regulations. In such circumstances, you could be fined even though you are not responsible for the crime. The property could also have easements that could affect how you can use the property. For instance, an underground drainage line could prevent you from building a swimming pool. If these issues exist, the conveyancer will advise you to look for another property or purchase it below its market value. It ensures you have an easy time selling the house in the future. 

Property Inspections

During a property inspection, a building surveyor inspects the property to ensure that it does not have severe structural defects, pest infestations, or low-quality fittings. The property inspections will help you establish whether the property needs renovations before you move in. If it does, your conveyancer could negotiate for a price cut or ask the owner to pay for the repairs before the closing date.