Key tips you need to know when buying a house.
Buying a house can be a daunting process, whether it’s your first time or your 5th. It can be emotionally draining and very stressful.
So, we have put together some key tips and advice to help you make your home-buying experience smooth and stress-free!
Savings are essential!
Buying a house is expensive, and this is unlikely to change anytime soon as prices are constantly rising.
As of July 2022, the average house price in the UK is £292,118. Property prices have risen by 2.0% compared to the previous month, and risen by 15.5% compared to the previous year. (House Price Index)
However, it’s not just the cost of the house you need to take into consideration, there are many costs that come into the equation when starting your research.
Some of these costs include:
Mortgage adviser Fees
Search provider fees
These are just some of the many costs that you may be faced with during your house-buying process.
We believe a great solution to offset these costs are savings. If you regularly save or put money away in order to tackle these costs, it will make your life a whole lot easier when you start your property search.
A budget will be your best friend
When looking at new houses, there will be a whole range of different properties available, all coming in at different prices. So having an idea of the sort of houses you can afford and what houses to be looking at will start you off at an advantage.
Setting yourself a budget is a fantastic way to do this, and it allows you to manage all expenses going into the new house, whilst effectively keeping your current outgoings under control.
There are some things to consider when setting a budget, especially if you are a first-time buyer. The last thing that you need is disappointment.
So, make sure your budget is realistic and only look for houses that you know you can afford. Factors such as location, current income, current expenses, furniture, and bills are all things that should be accounted for when planning out your budget.
If your budget is correct and achievable, then it will give you a huge headstart when entering the initial stages of the home-buying process.
Getting your priorities right
Buying a house will probably be one of the biggest things ever done in your life, it can be life-changing, so it’s absolutely crucial that you make the right choice. Once completed, it is not so easy to reverse your decision. It’s important that the house you’ve committed to purchasing is right for you.
Location is one of the key factors to take into consideration when looking for a new house. For example, if you are quite a busy individual or family, and that lovely house you’ve set eyes on is out in the countryside, not near a town centre or a train station, then maybe that house isn’t suitable. If the location of the property is going to disrupt your lifestyle, or worklife, maybe that is something to rethink.
Alternatively, if you want a new house to enjoy a nice scenic view and it is sat in the middle of an urban area, changing the location of where you are wanting to move to could be wise. Or, if you have children, it’s important to think about how they can get to school every day.
Size is not everything!
The number of rooms, space, and how much the property costs depends on how many people moving into the new house, how much space you need and whether you can afford it!
You need to make sure the house fits the needs for everybody.
For example, if you are a family of 4, you need to make sure that the house has the right amount of bedrooms, bathrooms and other areas that will suit the way you and your family would like to live.
Of course, it is not always that simple, as usually a property will get more expensive the bigger it is or depending on the location.
To find the best way around this, you can find external resources online giving you tips, or speak to a solicitor.
Here at Symes Bains Broomer, our team of experts give quality advice when it comes to buying a house and stay by your side every step of the way.
The boring work is the most important part (The magic is in the mundane)
Purchasing your first house is by no means simple, nor a quick process. It can take months, or even years, to get all the right deals and payments in place, and paperwork signed. But as daunting as this may be, it is crucial.
Your solicitor will need to investigate the title to the property and raises enquiries of the seller and their solicitor until they are satisfied that there are no issues of concern. Patience is key to ensure that this process is undertaken thoroughly.
It is not just about bricks and mortar and getting the keys to your new home. If the title to a property is incorrect it is important that your solicitor remedies any problems before you proceed with your purchase.
A property search is a key bit of information that your solicitor will deliver to you, outlining any hidden details that you may not have known when viewing or researching the house you want to purchase.
A search will usually consist of a:
An environmental search. This will ensure that there is nothing that could damage the house or the value environmentally or financially, such as land contamination issues.
A water and drainage search. This checks that the drainage and sewage systems surrounding the property are suitable.
A local authority search. This covers planning, public highways, new roads, and rail schemes.
Your solicitor or mortgage lender will usually require these searches to ensure that the house is financially appropriate, will not lose its value over time and is suitable for you to live in.
If you are purchasing with the aid of a mortgage, your lender will undertake a valuation for lending purposes – to make sure the house is worth what you are paying for it and provides suitable security for your mortgage.
It is important that you also instruct your own survey which will be much more thorough and alter you to any problems with the property before you decide to proceed with your purchase. Homebuyers surveys may seem costly but can save you money in the long term.
A Seller is under no obligation to disclose information about a property unless it is asked to do so. Whilst your solicitor will look after the legal stuff, it is important as a buyer that you inspect the property closely. Do all the doors lock and the windows open? Does the central heating work? Are there any dripping taps or signs of leaks? Do the floorboards creak or do the walls look wonky? Are you sure what is included in the sale? Let your solicitor know of any concerns so that these can be raised with the seller before you proceed– after you have bought the house it will be too late!
There are multiple types of insurance that you will need to have when purchasing your new house. It is important that you do your research and get everything completed earlier rather than later to avoid any issues that could potentially arise.
One of the final stages of the (potentially) long-winded process of buying a house, is signing the contract. Once the contract is signed your solicitor can proceed to exchange if contract with the seller’s solicitor and agree on a completion date. Once contracts have been exchanged you are legally bound to proceed with your purchase. On the date of completion, the purchase price is paid to your seller and the house is legally yours.
However, if you were to decide to pull out of your purchase between the exchange of contracts and the date of completion, it can cause serious consequences. As a result of this, make sure that you have gone through the contracts and all paperwork in great detail to ensure that the deal is truly right for you.
How we can help
Here at Symes Bains Broomer, we have an excellent team of experts who have an excellent reputation for being enthusiastic and dedicated to looking after your interests.
If you are a first-time buyer, or anyone looking to buy a house, either get in touch with us today or visit us in our offices in Goole and Scunthorpe.
Jenny Musgrave- Head of Conveyancing