Simple Top Tips When Looking for Your New Home
Buying a house is one of the most important, significant and exciting things you’ll do in your life. Whether you are a first time buyer or moving home, it can be one of the most stressful things too. House buying is a long, drawn-out process and careful planning can help ensure that your choice of home is the perfect one for you. Our simple tips...
It will probably be the most amount of money that you will ever spend on one transaction so making sure that you get the perfect property for your individual requirements AND ensuring that the process is as stress free as possible are extremely important.
While some things are totally out of your control, there are a number of steps and precautions you can take to ensure your house buying goes smoothly right through to completion. Here are our top tips for buying a house.
Get a Mortgage in Principle
Before you start your house-hunting in earnest, you’ll first want to find a reputable lender and acquire what’s known as a ‘mortgage in principle’ or ‘agreement in principle’.
These are very straightforward and establish, in writing, how much a lender is willing to lend you. Having an agreement in principle is a great way of showing sellers that you are a serious buyer, and in some cases it will be required for you to even get a viewing.
An agreement in principle is not a guarantee of a mortgage approval. Your actual mortgage will be subject to credit checks, proof of earnings and more.
At Amber Homes, our recommended Mortgage Advisers are Peak Money, an awarding winning Derbyshire broker with access to lots of mortgage deals from a selection of top lenders. Speak to Peak today on 01773 826575
Establish Your Budget
You can set realistic expectations right from the start by being clear about your maximum budget. An agreement in principle will help with this. There are a lot of costs that you need to allow for which are often forgotten.
Our detailed blog on 'How Much Does It Cost to Buy and Sell a Home' can be read HERE.
Attending house viewings requires a lot of time and energy. If you spend time going to viewings on properties that exceed your budget, you won’t do yourself any favours!
Sell Before You Buy
If you’re selling a house in order to buy one, it’s highly recommended that you find a buyer for your current property before you put an offer on your next home.
The reason for this is simple: you may lose out on your dream home if you don’t yet have the funds to follow through with an offer. Also, it makes the whole process of selling and buying a house a bit simpler.
Check Neighbourhoods at Different Times
Most viewings tend to occur during working hours, when neighbourhoods are, on the whole, relatively quiet and peaceful. A street that seems perfectly peaceful at 11:00am might tell a different story entirely come nightfall.
You should therefore visit your property of interest on more than one occasion, and at different times of the day. Get a feel for the immediate and surrounding areas by taking a walk or drive. Visit the local parks and amenities. Can you picture yourself living there?
Target Up-and-Coming Areas
Are there any developing areas that you could potentially find your new home? If you do purchase a property in an up-and-coming area, it could be highly beneficial both in the short and long term.
Short term, you’ll be part of an exciting community that’s enjoying a wave of funding and improvements. Long term, the value of your home will likely see a significant increase.
Look for Properties that can be Improved or Extended
Some properties for sale are in need of some TLC. Look for houses with outdated decor, kitchens or bathrooms - if you’re willing to make the necessary improvements, these represent an opportunity for a lucrative long-term investment.
For the best possible long-term gains, one trick is to look for the worst house on the best street!
Set up Property Alerts
In the current property climate, houses go fast - especially houses in popular areas.
To give yourself an edge and avoid missing out on your dream property, you can set up property alerts with local estate agents. This will give you a very useful period of time to check out a house before they go on the national property portals; Rightmove, Zoopla etc..
Research the Local Property Market
Online property searches will allow you to see how much properties in the local area have sold for or are currently on the market for. It’s worth checking these out before making an offer on a house, as it will give you a good idea of what is a reasonable price for a property in that location.
Take it Off the Market
When making an offer on a house, you can stipulate that the seller takes it off the market upon acceptance of the offer. This prevents someone else making a higher offer and gazumping you even after the sale has been agreed.
Choose Reputable Solicitors
When your offer is accepted, that’s only the beginning. Next comes the conveyancing and surveys, which can, unfortunately, be a whole world of stress unless, of course, it’s being handled by professionals who ensure everything runs smoothly.
Take some time to research the best conveyancing solicitors. We would always suggest taking advice from the estate agent selling the property. Remember, the agent also wants to deal with the best solicitors to make their life easier too!
Also be sure to commission an RICS certified surveyor if you feel that it is necessary - perhaps on an older property for example. Their job is basically to protect you from purchasing a problematic property.