Buying a property this summer? Streamline your journey to purchasing success with our simple property buying checklist!
Before you start to search for your next home or investment opportunity, it is vital that you understand your financial position. This will not only give you a better understanding of what you can afford, but can streamline the process of obtaining a mortgage and making an offer.
If you have to sell your existing property in order to buy a new one, a sensible first step would be to obtain a valuation of your property. This will provide you with a strong indication as to what your current property could fetch on the market, providing you with a more accurate budget for your onward purchase. Additionally, a valuation can give you suggestions as to how you could increase the value of your property prior to listing. For a reliable local property valuation, contact our team here.
It is also important to find a trustworthy mortgage broker or provider to help guide you through the process. Whether you are a first-time buyer or a seasoned investor, having a trusted professional on call can help you expedite the purchasing process is a must! They can also keep you in the loop about new mortgage deals that could suit you, and how to increase your chances of obtaining favourable rates.
Speaking of mortgages, it is imperative that you get an Agreement In Principle from a reliable lender. This will ensure that once you are in a position to place an offer on your chosen property, your offer is taken seriously. Your lenders will need a clear understanding of your financial situation, and will require details about your income, credit and address information. Once you come to secure your actual mortgage, you will need the following additional things…
This will help your lender to conjure up a justified figure as to the amount of money they are willing to provide you with for your property purchase.
Now you have your finances in order, you will understand what your budget limitations are, which can help guide your search. However, it is important to research whether you are entitled to help via any government schemes, especially if you are a first-time buyer. Schemes such as shared ownership and the first homes scheme could increase your affordability for certain eligible homes.
It is also worth creating a list of non-negotiable features to look for in your new home. Do you need a minimum number of bedrooms? Is a garden a necessity? How many parking spaces do you need? The same goes for necessities in your local area. Do you need to be close to your workplace? Are you in a school catchment area? How nearby are friends and family?
Once you understand what your budget is, and what your property priorities are, you’re ready to get searching! Although portals such as Rightmove, Zoopla and OnTheMarket are fantastic places to start, it is worth building a rapport with local agents to beat the portals. Your local selling agent will have an indication of what properties are due to come on the market, and could even allow you to schedule viewings before listings go live online. For an even greater chance of beating the portals, be sure to follow your agent on their social channels and subscribe to their email newsletters should they have one.
Found the perfect property? If you’re certain you’ve found the one, and you’ve attended multiple viewings to make sure, it’s time to make that offer!
Don’t be afraid to work with your agent to help you negotiate the right price. They will have an understanding of what the vendor will accept, and will be able to help you find an offer value that suits both you and the seller.
Once you have agreed on a price and secured your new home, it is time to start sorting your paperwork. To ensure that you do this properly, choose a conveyancing team to help you stay on top of these processes. At Centrick, we recommend the team at Aconveyancing. However, your estate agent may also have their own recommended conveyancers that they deal with regularly. Whichever conveyancing team you choose, ensure that they are experienced and easy to contact.
When it comes to paperwork and other legal requirements, here are the things you should focus on:
Your conveyancer will be on hand at each stage when buying a property to guide you through the process until it is finally time to complete your purchase. This will occur with the transferring of funds, signing of completion forms and exchange of contracts.
Now it’s time for the fun bit – getting the keys to your new home! Arrange collection of your keys via your estate agent and enjoy your time in your new home!
Ready to get moving? Don’t forget a thing with our downloadable property checklist! Fill out the form below to access your download full of tips for buying a property this summer…
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