Ask the Experts | Our Top 10 Tips for Buying a New Home
Top 10 Tips for Buying a New Home
For many the prospect of buying a new home can be an exciting experience. For those taking the first steps on the property ladder and making the transition from being a tenant to a property owner, the process might be a little daunting. Our expert Sales Negotiator in our London sales team Terry Lane, has prepared a list of 10 top tips for those considering buying a new home.
- Check against other, similar properties in the local area to help determine whether you’re getting value for money. Check for service charges and understand exactly what is included in those so there are no surprises.
- View as many properties as you can, particularly at the start of your search, even if they don’t meet 100% of your search criteria. This will help get a good feel for what’s available on the market within your budget, or indeed over that budget. Managing expectations can be tough.
- Set a search criteria taking into account the size and location of the property you would like, and be prepared to build in compromises to find exactly what you want. Sticking to that criteria will help keep the search focused and ensue you won’t miss out on opportunities.
- Mortgages are generally cheaper than renting with interest rates averaging 1-3%. Use a mortgage calculator to determine a rough estimate on how much you can borrow and monthly repayment estimates. Compare these against your current rents, and bear in mind rents will increase.
- It’s a good time to buy. The pound is low and so there are opportunities to get more for your money. House price forecasts show steady growth for the foreseeable as demand outstrips supply and so real estate remains an excellent investment.
- Deposits aren’t easy to save for, but there are Government schemes that can help, and there are several help-to-buy schemes meaning only need a 5% deposit if you are purchasing your first home.
- Set a focused budget. How much can you borrow from a lender? How much can you afford in repayments? Remember to factor in service charges where they apply and insurance in those monthly costs. It might even be worth having something of a contingency if your dream home is there for just a little more.
- Don’t be afraid to ask the agent questions. There is no such thing as a silly question and the more you know, the better equipped you are to make a decision on whether or not to proceed with your purchase.
- If you can, be armed with a mortgage offer when making on offer on your new home. This will make the process a little easier, and faster, and could appeal to sellers when considering offers received.
- Research. Get the right advice. Plan ahead for the search and for potential moves. Research the areas and properties within your search criteria. Always seek advice from an independent financial advisor for the best possible mortgage options; read up on the conveyancing process and obtain quotes for these from solicitors. Your estate agent is also on hand to help.
Ready to start your search? Take a look at our properties for sale now or contact Terry on 0203 551 9900 to have a chat about your search requirements and what Complete can do to help.