How to buy a house
If you’re currently renting but you want to get your foot firmly onto the property ladder, it’s time you thought about buying your very first home. This month Rylands Removals are here to go through the journey of buying a house, to help you understand the process, so that every step you make is another effortless one in the right direction.
1. Understand what you can afford
If you’re a cash buyer, you’ll know immediately know how much you can afford on your future home, however if you’re looking to figure out how much you can borrow, you’ll need to have a meeting with a mortgage advisor.
When you meet your advisor, you will need:
- Identification – passport or driving licence
- Proof of your current address – a council tax bill or utility bill will do
- Last three months’ payslips
- Your recent P60
- A copy of your credit commitments – student loans, credit card statements
From here, your mortgage advisor will be able to make necessary calculations. They will make a breakdown of costs and decide on how much you will have to pay back per month. The breakdown will include: initial deposit – which is between 5% and 10% of the home’s value. Mortgage length – this generally lasts for 25 years but there are longer terms that are obtainable but usually this incurs interest. Interest rate – depending on how good your credit rating is, will depend on whether or not your interest rate is high or low.
2. Find the right home, in the right area
The main thing we all look for is a home that has the right amount of rooms you need and a location that’s situated near to places you need to go. Some may like the countryside and other may prefer the town – it just depends on your situation. If you have children that need to go to school, you will need to consider the catchment area but if you’re just looking for yourself, a home close enough to your work will be ideal. Once you’ve narrowed down the basics you’ll need to look in finer detail such as:
- Floorplans – when searching for homes online, check the floorplans and compare the sizes of each room – this will give you a good indication of what to expect should you decide to organise a viewing.
- Age of house – older homes will require more upkeep and maintenance, whilst new properties will need much less. It might also be the case that you’re looking for a place with some character, which is usually found in older properties.
- Storage space – only you will know how much storage space you’ll need, so it’s important to take note of properties with large attics, garages, sheds and cupboards.
- Energy efficiency rating – properties that are not energy efficient are not only bad for the planet but it also means you will be paying more to heat your home.
- Double glazing – buy a home that has double glazing because installing this costs thousands. Double glazing will help to make your home more energy efficient.
- Council tax – check your tax band! Get a rough idea of how much you will be paying, Band A is the least expensive but the bands can go up rapidly depending on the area you’re looking at.
3. Surveys and conveyancing
Once you have sent off a mortgage application, you can expect homebuyer reports, building surveys and a thorough check over everything before the property becomes yours.
Homebuyer reports are surveys that examine the walls and floors for subsidence or damp. If these problems are found, you can use this to renegotiate the price and get money off the price.
Building surveys are usually performed on older homes, this entails looking under floorboards, behind walls, inside attics and cellars, so you know everything about the home you’re purchasing.
You will hear the word ‘conveyancing’ being thrown around when you’re about to buy a house and this just means that the property is going to be legally yours. At the time of conveyancing you can expect to go through stamp duty, dealing with Land Registry, structural building check, checking over contracts and the transferral of money.
4. Exchanging contracts
It’s time to swap contracts and sign to say you’re the legal owner of the property. The seller will sign a copy and both solicitors will swap for you and the seller to sign again, so there are two copies. After this, the house is yours and it’s time to move in!
5. Moving into your first home
After what feels like a long time going back and forth, experiencing checks, surveys and conveyancing, it’s time to make the last hurdle effortless with the help of a professional removal company. If you want, you can have experts wrap, pack and transport your possessions straight to your new property.
For more information and to book a first-rate domestic removals service, contact Rylands Removals. We have a great wealth of experience and a long history of happy customers. Call us today for your free quotation or click here for your quick quote.