Buying a home
Although buying a home can seem complicated, especially if you are a first time buyer, it's useful to think of the process in four main stages:
- Approach a mortgage broker or lender who will tell you how much you can borrow based on your income. With today's competitive market, it can really pay to shop around.
- Once you know how much you can borrow, decide what kind of mortgage and repayment method suits you best. Seek advice from an independent broker, such as Mortgage Beaters, as they will be able to guide you through the thousands of products on offer, as well as the best repayment mechanism. Lenders can also help but they will only offer their own products.
- Once you know the costs of your mortgage and associated costs, i.e. the valuation, survey, solicitor fees and stamp duty etc., start looking for your property. You can do this online, as well as via the more traditional methods of estate agents and local press.
- Make a formal offer on your chosen property, always subject to contract and a satisfactory survey.
Mortgage Beaters' handy checklists
To make the process of buying your property as easy as possible, you might
want to use our handy checklists:
Looking for your new or first home
- Before you even look at any properties, think about your needs and requirements - both now and in the years to come.
- Make a checklist for each room you need - the kitchen, sitting room, bathroom etc. - so when you're viewing a property you can see at a glance if it meets your requirements. This can be particularly useful if you end up viewing a large number of properties, as it can be difficult to remember details afterwards.
- Don't get carried away. Work out your budget beforehand and stick to what you can reasonably afford.
- Decide whether you're prepared to do a lot of work on a property or if you'd just like to be able to move straight in without doing anything. If you are prepared to carry out major renovations, find out how much they will cost first.
- Get to know the areas you're looking in. Walk around at different times of day, both midweek and weekends.
When you've found your property
- Measure every room so you'll know beforehand your furniture and appliances will fit where you want them to go. This will also help you work out a budget for decorating and building materials if required.
- Look at your current furniture and possessions. If you need to get rid of things, do it before you move.
- Make sure you know what 's included in the sale and what's not, e.g. carpets, curtains, appliances. If they're not included and you're interested in buying them, it may be worth making an offer.
- Check your insurance policies to ensure your contents will be covered at your new house.
When you're about to move:
- Choose a date convenient to everyone involved in your move -vendor, removal firm, solicitor etc. You may need to be flexible.
- If you haven't got much to move, you may want to do it yourself, but remember you may need help to lift heavy items of furniture. If you hire a van, make sure it's big enough for all your possessions.
- If you decide to use a removal firm, get three quotations and check each is a member of the British Association of Removers. Unless they have been personally recommended, ask for references.
- Packing up may take longer than you think and you'll need to ensure you have adequate packing materials for all your possessions. Many removal firms offer a packing service for an extra charge.
- Make a comprehensive list of everyone who needs to know your new address, including banks, credit cards, doctor, dentist, utilities, TV licence, employer, etc.
Moving day
- Keep a kettle and mugs, tool kit and moving paperwork to hand
- Make sure you have some cash on the day - you may need to buy sandwiches, tea bags, or even a takeaway!
- Remember to change the locks as soon as you can. You don't know who has keys to your new property.