The decision to buy a home is one of the most important that you can make, and many factors will have an impact on your decision: for example, the area you wish to live in and your budget will greatly influence the type of home you can realistically afford. Our buyers’ guide will give you some important hints and tips to consider.
Perhaps the most important consideration as your budget will inform many of your decisions. The first step in this should be to talk to a mortgage advisor and gain an understanding of how much you can borrow and how much of a deposit you will need, as this will give you a better understanding of what you can realistically afford.
It should go without saying, but doing research on the area within which you wish to purchase a property is a must. Whether you have lived within that area your whole life or are moving hundreds of miles away for work, consider what it is that you find essential. Do you need good transport links towards other towns or cities? Do you need good schools for your children, or easy access to sports or social clubs? It can be a good idea to compile a list of things that are essential to you, and things that can be compromised on. This will enable you to “weed out” properties that don’t meet the criteria on your essential list.
Would you prefer to purchase a new-build home from a developer? Or are you looking for a period property with character? Perhaps you are in the market for a “fixer-upper” that needs a little bit of work that you can stamp with your own personality. All of these options come with their own benefits and risks and it is important to consider these questions while looking for a home.
Purchasing a home is not a spontaneous decision and the timescales involved reflect this. There are no absolute rules but we endeavour to make it as time limited and stress-free as possible.
One of the main considerations for those already on the property ladder is whether to begin looking for a new home before their previous home has sold. It can be a balancing act to ensure you have the equity from your old property ready to go when you find a property you wish to buy. There are a few options to consider: you can begin looking and hope that the property you wish to purchase is still available when you are in a position to buy, or you could sell your own property and begin renting another until you find a property you like. There is no right or wrong way to go about it, but we can advise you on the best steps to take based on your individual circumstances. It is worth also noting that most mortgage offers have a six month expiry date and it is worth checking with your lender what the process is if this time elapses before you are in a position to put in an offer. Additionally, those buyers who are out with a chain can at times be more appealing to the seller if they to move quickly.
Get in touch with local estate agents and let them know what you’re looking for: as already discussed, delve in to your “must have” list. If you choose to go with us, we will take your contact details and requirements then run them through our search engine: any matching properties will automatically show and we can start planning viewings there and then. If we don’t have anything on our books currently that suits your requirements, we can keep your details and revisit periodically.
In the current market, desirable properties are purchased relatively quickly. To be in the best position to purchase it is advisable to make time in your diary to make viewings on relatively short notice once matching properties become available.
Help your agent refine their search based on your feedback of the properties you view with them. At The Grange, we take notes that are saved in your profile and added to our database, which helps us to review key features that are important to you and features to avoid. Again, your list of “must haves” and “willing to compromise” is invaluable information to help us to help you to find your dream home.
If you have a mortgage in principle, you can inform your mortgage lender that you are ready to put in an offer on a property. Once the price has been agreed with the sellers’ representatives, you are ready to move on to the next step.
They will handle the legalities, paperwork, write up the contract, transfer any monies from yourself and the lender to the sellers’ conveyancing team.
Inform your agent of the offer and proceed forwards with any negotiations. If your offer is accepted you will want to get your conveyancing solicitor to make up the paper work as soon as possible to avoid any delays.
Upon exchanging the contracts, you have legally agreed to buy and the seller has legally agreed to sell.
Moving home is a big undertaking and you may find it beneficial to arrange time off from employment on your moving date.
For a fee, the Royal Mail will redirect mail from your old property to your new for a set period of time allowing important documentation to reach you while your change of address goes through different companies.
https://www.royalmail.com/personal/receiving-mail/redirection