New Home buyers guide
Buying a home is one of the biggest moves you will ever make. But it doesn’t have to be as stressful as some will have you believe. By understanding the process and planning properly you can ensure YOU are in control every step of the way.
To successfully get from when you decide to buy a home to collecting the keys to your new home takes planning and the careful management of a step-by-step process that involves a number of different parties.
The following is a guide to the major steps that you will need to take if you are to realise your ambition of owning your own home.
Step 1: How much can I afford?
Before looking for a home, you need to work out how much you can afford to spend.
Step 2: Choosing your new home
There are many ways to search for your dream home. First you need to decide roughly where you want to live and then see what is available in your price range. You can search on the internet, in the local newspaper, through local estate agents – or just by walking or driving around the area where you want to live.
Step 3: Sort out a solicitor
Once you have found the home you want to buy you will need legal support. A solicitor or conveyancer will handle the legal side of buying your home.
Step 4: Arrange a mortgage
You’ve already worked out your budget . Now it is time to secure the best deal (every little percentage point counts!)
Step 5: Exchange contracts
Sign on the dotted line, and everyone is committed. From this point on you are legally bound to the purchase of your new home, and should be able to confirm a fixed completion date.
Step 6: Legal completion and handover
This is it! The day the monies transfer, and you get your keys
Step 7: Move in
At last – the moment you’ve been waiting for and the house becomes your home.
Choosing your new home
Buying a new home is usually the biggest investment a person will make in their life. It is therefore extremely important to make the right decisions. Most are common sense but it’s an extra bonus to have a check list of the right moves to make. So here are some points to carefully consider.
Let your computer do the walking! Assuming that you have decided on your preferred location, use the Internet to find out which house builders have developments in that particular area. Some have excellent websites and by going online you will be able to establish dwelling sizes, prices and availability, from the comfort of your own armchair – 24/7.
When you approach your chosen development(s) make sure the general environment is roughly what you expected and has easy access to all the important things in your life.
Don’t rush things. Take your time with the sales team. A sales team is one of the major benefits of buying a new build home. They are qualified professionals who will help you along every step of the home buying process and will want to make sure they are giving you their very best attention. It is very important to ask the sales team about all the home’s main features and room sizes. Make sure you know all about its energy efficiency characteristics, how much you can expect to spend on utility bills and if it has any special water conservation measures.
And remember, just because it is a new home does not mean that you cannot make the house builder an offer. Obviously you will be in a much better position if you can move quickly, are a cash buyer or have signed, or are about to sign, the contract on your existing home sale – but anyone can make an offer. They can only say ‘no’!
Finally, go back to the development as many times as is necessary to make sure that you are totally confident with your ultimate decision. At least three times is best.