One of the most important things that an individual or a family will ever decide on is buying a new home. Without a doubt, it is also the biggest financial commitment they’ll ever get into. But doing things properly will make sure that no money goes down the drain and that the processes are completed with the least amount of stress possible.
If this isn’t your first time buying a home, you’re likely to be acquainted with what needs to be done. But it you’re just about to take your first step onto the property ladder, you might want to consider these tips and see to it that moving homes does not frustrate you.
You’re likely to borrow money for this purchase unless you’ve saved hundreds of thousands of pounds for your first property. You might want to talk to a mortgage lender and see what deal they’ve got for you. Once sorted, see to it that you’ve got a firm mortgage offer.
Where To Buy
If you don’t have children, choose an area close to work or your family. If you’re buying a home in anticipation of having children, or you already have them, find somewhere near schools and parks, plus consider how close it is as well to your (and your partner’s) place of work. A good location will be somewhere where shops are also close by, just in case they’re not around the neighbourhood – at least it’s just going to be a short drive.
Sort Your List
Find out what you want and check it against what you need in a home – number of bedrooms and bathrooms, kitchen space, garage, garden, downstairs toilet, a cellar, an attic that you can convert in the future, etc. Consider whether you want to buy a property that you need to renovate first or a ready-for-occupancy home.
At least a day before the viewing, come up with questions you can ask the estate agent/seller about the property. Don’t just fall in love with and make an offer. It’s important to learn everything you could about your potential new home, and list down what you like and dislike about it. That’s going to help you negotiate your offer as you move along.
When In Doubt, Ask
If there’s anything unclear or you’re worried about the property, feel free to politely ask your estate agent/seller. For instance, access to a driveway may be an issue, so make sure everyone sharing it will have enough access. If there’s no garage in the area, ask if it’s easy to park along the streets.
Be Real, Stay Real
Once you found an ideal property, make an offer and be real. Don’t just make an absurdly low offer because you’re on a budget. If you happen to like a house in an in-demand area, you’re likely to have other people making higher offers than yours.
As soon as an offer to purchase/sell is agreed, you’re going to need a diligent solicitor to help with conveyancing. They’ll carry out all the processes needed to make sure that the property is legally registered in your name as the new owner, among others. Get quotes from various conveyancing firms ahead of time so you won’t have to rush instructing one.
If everything is sorted and you encounter no problems with the transaction, you can expect to have everything completed in 6 to 12 weeks. On completion day, your mortgage lender will forward the funds to your conveyancer and they’ll transfer it on to the seller. You’re ready to move as soon as it’s all ironed out.
Should you encounter issues with the transaction, your conveyancing solicitor will do everything in their abilities to have it resolved. Although they could cause delays, you can rest assured that you’ve got an expert doing the work with you, not to mention making you understand things and giving you sound advice as to how things will move forward.
If you happen to be selling your home alongside your purchase, you might want to have a temporary place to stay in and/or store your stuff, especially the big furniture. Weeks or days before the moving date, make sure you’ve made arrangements with a removal company and give them a tentative date so you don’t have to cram.