Whether this is to be your first step onto the property ladder, or you’ve moving for the first time from a property that you already own, buying a home is always a far more lengthy and frustrating process than you’ve been led to believe. Over the course of many months, you need everything to fall into place in order to have a chance of seeing your purchase cleared, and solicitors signing on the dotted line to tell you that you own your new home. Here are the simple steps, in a guide, to help you plan your home purchase this year or into 2021.
Find a Home
Before any of the administration begins, you need to find a home that’s to your tastes. This is fairly simple: you’re looking for a place in which you’ll feel comfortable, and which meets with criteria you’ve set for yourself and your family. Once you’ve found the right home for you, it’ll be time to confer with your solicitor and agent about how to best make an offer. It’s wise unless you absolutely want to get your hands on the property right away, to offer below the asking price. There is always some negotiation here that’ll save you cash.
Over the course of the months following your decision to attempt to purchase a home, there are a number of moving parts that need to come together. One, of course, is the sale of your current home – or the termination of your current rental contract. Both of these actions take time. But more often, the snarling point is in having your desired home checked by surveyors, who’ll want to know that your home is well-made and not in need of repair. If it is, expert solicitors in West Midlands will be able to direct you to how to deal with this – most often, with a lower offer.
If the home that you wish to purchase is surveyed and considered to be of a high standard, you can begin the negotiations. Again, this is largely a dialogue between your solicitors and those of the people you’re buying the home for – you’ll largely be left to continue living your life, with the occasional update from your local team. You simply instruct your legal team about the prices you’re willing to rise to, and you’ll hear them come back with the verdict.
A mortgage is a huge part of purchasing a home, and should not be considered superfluous as you enter the final stages of your conversations with your lawyers. This is a time to consider strongly which mortgage provider to go for, and how you’ll translate your income into payments on your new home. The size of your deposit, and the amount of savings you’ve accrued, will have a direct influence on how much you’re able to be granted for your mortgage – so take the time to research this before taking the plunge on a new home.
With all these steps covered, you’ll just need to play the waiting game to see whether you can finally agree on terms for your new property this winter, or into 2021.