Buying a new home in UK
The ever unpredictable position of the property market has never stopped the number of people entering the buying and selling aspect of property market. Buying your own property even if it is for the first or fifth time, can be an overwhelming feeling. The rising house prices seem unstoppable, but some times the market fluctuates due to various reasons.
On the other hand, buying a house for your family or as an investment property can seem like a tiresome activity. Many websites have facilities developed with an online property forum to assist when you are buying a house and need to find information. All areas of property buying and selling are available to help you negotiate your way to a successful sale or purchase.
The Basics of Buying a house
What is your budget for the purchase on your new home? Can you manage a deposit and how much can you raise through a mortgage?
You need to locate a house by going through estate agents or look for a private sale.
Get your doubts clarified about the offer price. Ensure the details are told to you, especially when it comes to fixtures and fittings.
Once your offer is accepted, you will need a solicitor to handle the legal details of buying a house.
It's always better to get a survey done to check the house you want to buy is in good condition. If you're using a mortgage, this may be compulsory.
Once you are done with all the checks and the money is all ready, you will then exchange contracts and finish at a later date.
After all the ground work is done, it's time to move.
Tips for buying a home
Buying a new home is a big financial responsibility and is a big decision to make which can create a lot of tense moments. It's advisable to take some thoughtful moments planning your actions before you start making any major conclusion.
Location
If you are making an investment ensure that you do some research into up-coming locality where your money will generate more value. The decision on deciding on a location will depend upon the place you want to live in. The question that needs to be asked is that "Do you want to re-locate?" Think about the local amenities such as transport links and locate the nearest schools, supermarkets and banks etc. It would also be wise to look into the cost of Council Tax, electricity and water bills on average and other rates you may be liable to pay.
What's your budget?
It's vital to work out how much you have to spend on buying property. Setting a budget is crucial so decide on it sooner. It is also essential that you stick to it. If you have a budget in mind it will let you give a better outlook to properties within your resources. Remember to plan for additional costs such as solicitor's fees, stamp duty, surveyor's fee, land registry fee, removal costs, and the cost of furniture, self storage expenses and maintenance costs.
Selecting a property
Try making a note of things you want in your ideal home and start from there. It's essential to realize that most people fail to find a property that meets all their expectations. Observance of your preferences in mind and viewing as many properties as you can, you stand a better chance of doing so. With so many different styles and features available it can be a difficult job finalizing through all the options and finding a home that meets all your requirements.
Prepare your finances
Without any doubt the most important factor for you to consider is your finances. It's best to sit down and work out how much money you have early on in the house hunting process. You don't want to come unstuck after making an offer on your dream home and then realise you don't have any money available or a mortgage in place. A mortgage advisor can give you financial assistance before you start looking and try to arrange a mortgage in principle - this will help to cut out much of the hassle when it comes to making an offer on a property that you like.
Viewing
It's always a good idea when searching for a new home to view as many properties for sale as possible. This will help to give you a good idea of the type of property you are likely to get for your budget. When viewing a property ask as many questions as you want. If you find a property you like make a note to visit the property a second time. Generally the second visit there may be aspects of the property you didn't notice first time around. Make some notes, marking the plus points and highlighting any concerns, doing this will make it easier to choose between your favoured properties later on. Find out what comes with the property. Will the sale include white goods such as a washing machine and dishwasher and will carpets etc be included. Draw up a list of fixtures and fittings that are included and sign an agreement with the owner. To avoid any further misunderstandings it is better if both the parties are clear about what is included.
Making an offer
When you have finalised and narrowed your search on the house you want then you can think of making an offer. The best way to do this is by post but it can also be done by fax or email. The asking price is not necessarily the offer you have to make. There are a number of factors that will affect the success of your offer, such as the interest in the property, how long the property has been on the market and your current position, whether you are able to complete quickly or if you are part of a chain. If you need to borrow money now is the time to arrange your mortgage. Ideally you will already have a mortgage in principle.
Conveyancing and solicitors
Once a sale is decided, you will need to sign up a company that specialises in Conveyancing. Personal recommendations are usually a good place to start. The Law Society is also a good resource of local specialists in your area. Agree a fixed fee cost for the Conveyancing beforehand. They will need details of the property and the details of vendors chosen solicitors details.
Arranging a survey
As with Solicitors, personal recommendations are the best way to find a good surveyor - ask friends, family and colleagues. Agree a cost with your chosen surveyor before they commence work. The type and cost of a survey will depend on the size, location and age of your property. There are three main types of survey - a valuation report, a homebuyer's report, or a full structural survey.
Exchange Contracts
Read and sign the contract prepared by your solicitor. At this stage you are entering into a legally binding contract and once contracts have been exchanged both parties are committed and neither can back out thereafter. In doing so, the 10% deposit of the purchase price paid on exchange will be forfeit.
Completion
After you purchase the property, inclusive of the sale and complete paper work, you can finalise a date to take occupancy and move in. You reach the finishing point when the balance of the purchase price and all outstanding costs and expenses are paid. You may also be required to pay reimbursements to the vendor of bills they have paid in advance of the sale, such as water rates. Finally, it's time to notify your utility providers, post office, banks and other service providers of your move. "Congratulations you officially own a new home."
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