Last updated: May 16, 2023
Buying a property can be as exciting as it is daunting. With the right approach and knowledge, however, it doesn’t have to be as stressful as you think. To help first-time homeowners and those that might have been lying dormant on the same rung of the property ladder for some time, we’ve put together a start-to-finish guide to help take the pressure off a little.
Finances and budget
Before buying a home, you must ensure you’re in a solid financial position. We’d recommend saving for a deposit of up to 20% of the home’s value before taking on a new mortgage, as that way the terms of the mortgage and the overall price will be more favourable. Look at your finances and see what you can afford, how much your previous house is likely to sell for or if you can move the mortgage over. You should also consider the additional costs associated with buying a property, such as stamp duty, legal fees, and survey costs.
While viewing houses online and in person, it is important to consider the local area of the house as well. What is the area like? What are the local schools like? You may want to scope out new homes for sale and new developments, taking time to inspect any potential new homes up close. Remember to only view properties within your budget and look beyond the aesthetics and assess the property’s condition and potential for renovation or improvement. It’s also important to consider proximity to local amenities, and transport links, particularly if you don’t drive.
Putting in an offer
When you’ve found the home of your dreams, work with an estate agent before putting in an offer as they will help you get the best chance of success. Consider how much you think is reasonable for the property and what other people are likely to bid on the home, as well as how much other homes in the area have gone for recently. You should also take into account any work that may need to be done to the property and factor this into your offer. If your offer is accepted, you will need to move quickly to arrange a mortgage and instruct a solicitor or conveyancer.
Arranging the mortgage
Arranging a mortgage that works for you is an important part of the property buying process. Shop around and compare mortgage deals until you find the perfect balance between time and payment. You should also consider the current economy when it comes to going for a fixed rate or flexible mortgage.
Completing the sale and moving in
Sorting out a completion day that works for all parties involved can be tricky and you’ll also have to think about hiring a removal company to help you move all your stuff into the new house. Don’t forget to sort your utilities out too, as these won’t necessarily transfer over automatically.
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