Tips & Information for Buyers
Even if you have previous experience of buying a home, like any other, the property industry is constantly changing and evolving and so it’s worth making sure that you know what’s involved so that the process runs as smoothly and efficiently as possible.
We’ve put together the following handy tips to help guide you into your next perfect home:
Solicitors don’t like surprises!
Keep your solicitor in the loop during every stage of the process, right from the moment that you decide that you want to move – this way, when you’re ready to make an offer, your solicitor will be ready too, cutting out hold ups and frustration at the conveyancy stage.
Current Mortgage:
Make sure you know exactly what’s left on your current mortgage if you have one as this may well determine how much you’re able to borrow for your next move.
Know your finances:
Make sure you know exactly what you can afford before setting out. Failure to calculate your finances correctly can add to time wasting and extra costs if you begin to pursue a property which is realistically out of your price range.
Live in the now:
When it comes to expenses, the future’s not ours to see!
Although you might be certain that a pay rise, bonus or better paying job is just
around the corner, base your borrowing on what you earn now, not what you might earn in the future.
List your expenses:
And be realistic. If you enjoy regular takeaways and nights out then telling yourself that you’ll cut these out entirely is unrealistic. Instead, look at ways you can save small amounts and then draw up an accurate expense
plan. You will need to complete this when you begin your house hunt as a mortgage lender will use this as part of their evaluation.
What is the Seller leaving behind:
Find out what the seller will be leaving behind as this could greatly affect your decision – The vendor’s solicitor will have provided them with a “fixtures and fittings” document which they should complete and send to you. This document sets out to you, the new buyer, what the home comes with and what it doesn’t, for example, if they’re planning on leaving expensive white goods, this my save you the expense of upgrading your current equipment and moving it to your new home.
Ensure the seller provides guarantees:
If you’ve been told that recent improvements such as damp proofing or new windows have been made, you need to make sure that you see proof of this.
Know what it’s going to cost to make your move:
Your new mortgage and home running costs won’t be the only expenses involved in the process. You also need to factor in moving expenses including any estate agency fees, legal and survey fees and removals costs.
Don’t forget Stamp Duty:
Make sure you know the costs and legal implications before proceeding with a purchase
https://www.gov.uk/stamp-duty-land-tax/residential-property-rates
If you’re still unsure then give us a call or pop in and see us and we can help.
Shop around for a mortgage:
We strongly advise you speak to a few different mortgage providers before making a decision. Rates and terms can be different from one lender to another so make sure you have all the facts first.
Looking to buy and sell:
Find the right estate agent for you, there are many to choose from so knowing which one to go with can be baffling. The best way to narrow down the choices is to ask around – chances are that a friend, neighbour or family member has recently moved house so ask who they used and how it went.
