A Snapshot Guide to Buying a Home | Grace Homes

A Snapshot Guide to Buying a Home

Buying and selling property doesn't have to be a long and complicated process. The following breaks it down into 7 easy steps:

1.     First things first – how much can you borrow?

Before going shopping it is always wise to know what you can afford to buy, and house buying is no different. Unless you are buying outright, get a mortgage broker to work out what you are able to borrow broadly speaking and then work out how much you can afford to put down as a deposit (not forgetting about stamp duty and the other fees you will need to pay for along the way).

2.     Define and find your dream home

Decide what you are looking for in a property and build your wish list. This might include a minimum number of bedrooms, off-road parking, or a home in a particular location. Don’t forget to plan for the future if possible so that you choose a house that can accommodate you and your family as your needs change over time.

3.     Start looking

Have a look online at property websites such as Rightmove, but don’t forget to look at the smaller, independent websites as well. We often have more of our properties for sale on our website than you would find elsewhere, and you will also be able to see where we are planning to build in the future.

4.     Visit properties and show homes

Buying a home is one of the biggest investments you will make, so it pays to take your time. If you are interested in buying a newly built property then visiting a show home will give you a really good feel for the quality standards of the builder. Some developers may even allow you to go on site, so that you can see the actual home you are interested in even though it may not be completely built.

Don’t be shy about asking questions when you are looking around a show home. The sales manager will be more than happy to answer any questions you may have.

5.     Making an offer

Once you have found the ideal property, it’s time to make sure you secure it. You may want to start with a figure that is lower than the asking price and negotiate to find a price that satisfies both parties. However the only way to be certain of securing the property you want is to offer the full asking price. Once you offer has been accepted, you should ask for the property to be taken off the market.

6.     Paperwork

In order to make the buying process as streamlined and efficient as it can be there are several things you must now do: Instruct a solicitor, apply for a mortgage (if applicable) and arrange for a survey (it is recommended that you ask the surveyor for a full structural survey of the building if you are buying a property that is very old, has been extensively renovated or needs work doing to it. The less comprehensive homebuyer’s report should be sufficient in other circumstances, although this is very much a personal decision).

7.     Exchange of contracts & completion

Assuming all is fine with the paperwork and your solicitor or conveyancer has completed all the necessary checks you’ll be asked to sign a contract legally committing you to the purchase. Typically buyers now pay a deposit of 10% and agree when would be convenient to complete the sale. Now it’s time to get packing, book the removal van, and officially start dreaming about life in your new home.

Call for more information 01536 740019

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