Buying a home is an important milestone in your life. It may seem like a daunting but exciting prospect. Here are some helpful tips to help you start the process.
Is Now the Time to Buy?
With the current housing market being a bit uncertain and hard to predict, buying a house now can feel like a bit of a risk. In the past few months, the prices of houses have settled slightly lower than expected, so you could get more for your money. However, it is worth considering how much your mortgage repayments may be as inflation has pushed these higher.
Tips for Buying a House
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If you haven’t found your dream house or your finances aren’t in order, it may be worth holding off until either of these align If you do have your heart set on a property though, make that leap!
Work Out the True Cost
Whilst a deposit is a huge part of buying a property, there are extra costs that you will need to factor into your budget.
If you are a first-time buyer then stamp duty will not apply to this transaction, but it will for any other houses you buy that are more than £250,000.
Getting the right team to support you is paramount. Finding a reputable firm of conveyancing solicitors can save you money in the long term as they will be able to spot any issues and guide you through the process. Many will send over a detailed quote so you can budget accordingly. Have a chat with your local estate agents, they do this day in and day out, so if you are unsure of anything, they can advise you on this. You can either ask friends and family about local agents or do a quick search for info on estate agents in your area.
Consider the Typical Timeline
In England and Wales, the timeline for buying a house can be a lengthy process. Initially finding a property you would like to put an offer in for can take a few months. Once you put an offer in you can usually expect some back and forth until the offer is accepted. This bartering can take up to 6 weeks.
Once the offer is accepted your team goes to work, checking any legal issues. They will inform you of the timescales as they work. Once the exchange happens, it can then be up to 4 weeks for your completion date.
Boost your Credit Score
Regularly keeping an eye on your credit score is a habit you should start anyway, but making sure there are no errors on the report is important before you make an application for a mortgage. Mistakes can happen occasionally and this can cause you to be rejected.
Arrange a Mortgage in Principle
A mortgage in principle is an agreement with a lender without having a property in place. This gives you an indication of how much you can borrow as long as you can find a suitable property within a specified time.
Having a mortgage in principle combined with a deposit can give you a big advantage over other buyers when it comes to putting in an offer. You may want to enlist the help of a mortgage broker to help you with this part of the process.
Check Out the Neighbourhood
Exploring your potential new neighbourhood is almost as important as the property itself. It may be worth visiting at different times of the day to really get a feel for it.
Visiting local cafes and shops will give you an insight into the people living nearby too. Utilise police crime-mapping websites too so you can see how many crimes of different natures have been reported nearby.
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