11 Steps for Buying Your New Home
Are you a First Time Buyer? (If yes, Go to Step 2)! If you have a property to sell before you can move into your next home, strongly consider whether your options around putting your home up for sale first, or whether you believe it’s the right decision to wait until you’ve found your next home.
If you would like support in what the correct decision is for you, then we would be happy to go through pro’s and con’s of either way.
Speak to a qualified Financial Advisor to find out how much you can borrow towards a new property. This will help you establish what budget you can begin searching within, and can then provide you with a document called a Mortgage in Principal.
A Financial Planner will also help assist with any potential necessary insurance - if you would like to speak to our trusted partner please CLICK HERE!
- Speak with Local Estate Agents and make sure they know the type of property you are looking for, the area, and your budget. Register your information with RedRoots and be notified of properties which match your criteria 7 days before they hit Rightmove!
A RedRoots TopTip is to establish your non-negotiables. For example, it may have to have a garage or must be within 1 mile of a certain school, etc. Being super clear on these specific non-negotiables will help narrow your search down to suitable properties only. Remember these non-negotiables when it comes to making your offer, if something ticks all the boxes, there’s a good chance it could be the one.
Don’t let FOMO (Fear Of Missing Out) kick in, thinking something better may come up as this delay could mean someone buys the property before you. Being disciplined from the start will definitely help!
You will need a Solicitor to carry out the Conveyancing works when you have found the right property, so it’s worthwhile asking for recommendations of good Solicitors. Receiving a quote from them can help you calculate your purchasing costs also.
To receive a free quote from a local trusted Solicitor CLICK HERE!
Once you know roughly what budget you would be comfortable with, and the type of house/ area, then the next step is to begin viewing properties which tick your boxes!
It’s advisable to consider writing some questions down about the property as there is a good chance you might forget when viewing it. However, do not worry if you have follow up questions after your viewing, as I'm sure your Agent will be able to help.
Consider all costs involved with each individual property including refurbishment costs. Will these costs add to the value of the house when works are complete, or are you paying the maximum ceiling price of the property regardless of works you do? Your Agent will help display comparable evidence to make an educated decision on this.
Making an offer on a property is a very subjective matter, the key is to make sure the offer works for you.
Offering too low may mean you miss out on a home which ticks those boxes around your non-negotiable with a property, however keep in mind your maximum budget per property to avoid over-stretching those finances.
Offer Accepted? Great, congratulations!
Time to instruct your Conveyancing Solicitor and Mortgage Broker with the property address and price. It will feel like there is a lot of paperwork involved, however rest assured a lot of this is to protect you both now when you’re buying and when it comes to selling in the future!
Closer to completion day, begin packing your belongings into organised boxes, think about which things are going in each room and label them up accordingly.
Also, keep an essential box for things like passports, medicines, glasses, etc, and keep that extra close to you when moving!