BEFORE BUYING A HOME

Before You Buy Or Sell Your Home

1. Before you buy your home.

Many buyers don’t know or understand the terms for every stage of buying a property. Familiarizing yourself with the various key terms will prepare you for the many stages between – preparing your finances to ‘closing’ the deal on a property. Learning more about each stage before you make an offer you can ensure the transaction runs smoothly and quickly.

2. Calculating the cost of buying a house

Your costs, when buying a house are not limited to the down payment; from insurance to inspections and beyond, get to know all the fees and expenses associated with buying a new home. While a home’s purchase price may be adjusted to help with maintenance – like a new roof or the preservation of an existing roof, it is important to take into consideration the other costs involved with purchasing a property when deciding your budget.

3. Sell before you buy

Searching for a new home will always be exciting, and with the multitude of online property sites – it can be tempting to purchase your dream home when your current property is not yet on the market. Avoid the difficulty of maintaining two homes whilst you await the sale of your existing property. It will almost always be more lucrative to sell your home before you buy another. It is much easier for a first-time buyer to navigate the real estate market as they’re only dealing with one transaction.

4. Obtain a ‘pre-approved’ mortgage

Before buying a home, obtain a pre-approved mortgage. This is a confirmation of how much your lender is prepared to lend you to buy a property. Pre-approving may give you an advantage over other potential buyers – as sellers will know you are a serious buyer and have the necessary financing – giving you the best chance of securing the home. Also, getting an idea of how much a mortgage lender is prepared to let you borrow will give you an indication of the maximum budget you should have for your home search.

5. Check out the neighborhood at differing hours of the day

At the end of a long day, the last thing you want when you settle down for the evening is the sound of blaring music or raucous neighbors next door. A perfect home at 10am may not seem as perfect during the evening hours, so it is advised to view your potential property on more than one occasion and at different times of the day.

6. Take photos of potential properties

You should also take photos of the properties you may potentially buy; after your first and last house viewing – each home will probably start to merge into one. Take many photos of the homes for which you have an interest – and try to capture important features. While you may be tempted to photograph its selling points – also, note the aspects of the home that may need restoration. That way, when you are going back over your viewings later, they will be clear in your mind and easier to compare. And an added advantage is you may be able to use the photos to get rough estimates from potential contractors

7. Tour your local neighborhood

Have a look around the neighborhood and talk to the residents. Check out local parks, shops, and cafes. Make sure you feel safe in your new home/area. Depending on how long you are planning to stay in your new home – it might also be worth investigating the local school options. In addition to this, by checking the Government’s Planning Portal you can find out whether any large-scale building projects are planned to take place – which may reduce your enjoyment of the area and/or the price of your investment should you decide to sell.

8. Research how much to offer

As well as being a great way to search for potential houses, online property searches can show you how many properties in the local area are for sale and their selling price. This will give you an indication of a reasonable offer for the house you have your eye on and the ceiling price for the area in which it is located. The findings outlined in the report from the house survey may provide an opportunity to negotiate the purchase price, as it will indicate any structural problems and how much it will cost to repair. Additionally, a valuation can be included in the survey to ensure you are not offering more than the market value of the property.

9. Communicate

It is best not to go on holiday when in the process of buying or selling a home. Be around to be kept up to date on the progress of the purchase/sale. Ask questions on anything you are not sure of or confused about; it is important you don’t ignore something you don’t understand. The timeline for buying a house can be varied. Factors like; lease/rental agreements and limited budgets can affect how long it takes to move. Be patient, especially when you get nearer to the end of the process, take comfort in the fact that you will almost be done with all the paperwork!

10. Book your movers

Make sure to book a date to move in advance and find a team who can accommodate all your items. Bear in mind any furniture that needs to be disassembled and reassembled – pack breakables with care. Be sure to allow access for your movers and warn them if you’re on a higher floor (especially if there is no elevator). There’s no reason buying a house has to be stressful, by booking in advance, you can make sure you move is stress-free too.

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