Last year we bought our first home and wow, what an journey it was. It can be daunting and quite overwhelming when you are new to the process. I feel like we learned a lot from our experience of buying a house and so I thought I would share some tips I wish I had known before we started the process…
1. Get your finances in order
First things first, make sure you can actually afford to purchase a house. You should start by checking your credit score and ensuring you have at least a 10% deposit. Next, I would suggest working with a mortgage broker to find the best possible deal available to you. They will then be able to get you a mortgage in principle, which will make you more attractive to sellers.
2. Know what you want
Do you know what you really want and need in a home? Narrow down the area, but try not to be too restrictive as you will need to be flexible in today’s rapidly moving market. You should write down a list of non negotiables, these are things that the house you buy has to have, for example a garden and three bedrooms. You could then write a list of things you would like the house to have but are willing to overlook for the right house, for example a downstairs toilet or en suite bathroom.
3. Purchase insurance
When you’ve started viewing houses and are thinking about making offers, now is the time to consider buying house insurance. This will cover you in case of your house purchase falling through and will mean that you aren’t out of pocket for conveyancing fees, mortgage lender fees and survey costs.
4. Get a survey
When you’ve had an offer accepted on a house you will need to have a survey done to ensure the house you are buying is in good condition and isn’t hiding any expensive structural issues. There are different survey options available depending on the detail you want but the most common survey is a basic home buyers survey which will set you back around £400.
5. Find a solicitor
Time to find yourself a conveyancing solicitor! Please do not fall into the trap of thinking that all solicitors are the same and therefore go for the cheapest. We have purchased two houses and sold one and let me tell you, some conveyancing solicitors are terrible and will make an already stressful experience even worse. Do your research and trust reviews you read online, they are there for a reason. I would always recommend going with a local conveyancing solicitor so you have the option to meet with them in person and you can also take documents into their office to save time.
6. Have patience
Easier said than done, I know. But I think you just have to accept that this process is going to take longer than you expect it to. Estate agents will tell you you’ll be in your new home in three to four months and while it is technically possible, it’s highly unlikely. With our first purchase we we renting so there was no chain beneath us and the house seller was moving to an empty house so again no onward chain and yet the process still took almost eight months to complete. Second time around we sold to first time buyers and were buying an empty probate house, and it took six months. Chase your solicitors and estate agents regularly but try not to let it take over your life like I did.
I hope that this article has been helpful. If you have anything to add or would like to ask any questions, please leave a comment.
Thank you for reading.
