Stress-free Guide To Buying A House
In this guide we’re running through the step-by-step process for buying a house in the hope that this will bring clarity to your purchase. It’s one of the biggest financial decisions of your life after all.
Instead of stressing over how to get from A to B, simply follow these steps and you’ll be well on your way to owning your dream home.
Get your finances in order
If you’re not a cash buyer, you’ll want to make sure you’ve saved enough for that all important mortgage deposit. Other considerations include checking if your credit score is in good health. If it’s not, you should speak to a specialist mortgage advisor to get your financial health back on track.
Research how much you can borrow
Before you even start sizing up your dream home, you’ll want to make sure you know how much you can borrow. In other words you’ll want to consult a mortgage advisor.
Your mortgage broker should be able to calculate how much you would reasonably expect to afford on a property and run through the most suitable mortgage options with you.
Once you know how much you can afford, that’s when you can start searching the market – an exciting part of the process.
You can also get a mortgage agreement in principle (AIP) which can help speed up the process of securing a mortgage once you actually come to apply.
Search the market
When it comes to choosing the house you want, there are plenty of considerations.
Whether you’re moving for work, to be closer to loved ones or just fancy a change, it can be helpful to list the must-haves of your new home.
Do you need a drive that can fit two cars, how many bedrooms do you need, do you want a garden, do you need to live close to public transport links, are you looking for a fixer-upper or a newer property that doesn’t need any improvements? The list of considerations is endless but there are usually a number of factors that are essential and where you wouldn’t be willing to compromise.
Obviously you need to be realistic about what you can get for your budget, but having a clear list of what you need from your new home can help streamline your searches and make it easier to discount properties that aren’t suitable.
You may also get a better idea of what you want (and don’t) from attending a few viewings.
Whilst some home-seekers will follow their heart or gut instinct on whether somewhere feels like home, some will follow a more logical process when it comes to choosing their property.
When it comes to finding the perfect location here are a number of key considerations:
- Crime rate
- Transport links
- Rural vs urban spaces
Put in an offer
If you’ve had a viewing and you feel you’ve found the one, it’s time to make a move and put in an offer with the estate agent. It can help to emphasise points that make you a more favourable buyer, such as if you have no chain, if you’re a cash buyer, or if you already have a mortgage agreed in principle.
You can also ask the sellers to take the house off the market to prevent higher bidders sneakily stealing your offer.
Apply for a mortgage
Now that you’ve found a property you want to buy, the next step is to apply for a mortgage. Your mortgage broker should be able to help you with this.
Instruct your property Lawyer
As soon as your offer has been accepted and you know you are likely to secure a mortgage, you should instruct your property lawyer. who can get the ball rolling with the legal process of buying a property.
From performing essential property searches to arranging your move-in day and exchange of contracts, conveyancers are there to ensure your legal rights are protected and that the property you’re buying is worth the value you’re paying for it.
The exchange of contracts and keys is the final stage of the conveyancing process. Once this happens your purchase is legally binding and able to move into your new home.
Time to get packing!
Once you know that the move is going ahead, you can start to pack up all your belongings. Whether you want to do the packing yourself or pay a removal company to take care of it is entirely up to you.
You will also want to search for a reputable removal company who can move your items to your new property.
We hope this stress-free guide to buying a house will bring a little more clarity to the process. Sometimes moving house can take longer than you’d like, but with perseverance and patience you should be able to make it happen.