NH4U Articles

Top Tips when Buying a New Home

Posted in: Latest News

Buying a new home is such an exciting thing to do, but there are many important things to consider, especially if you want to keep the process as stress-free as possible. We here at NewHome4U know that our customers want to keep things as simple as possible and we strive to help them with that. Here are our twelve top tips for buying a property.

Work Out What You Can Afford

Before you even take a look at the market, work out what you can afford. It would be heart-breaking to find the perfect property and then doing the sums to work out that you cannot afford it. Work out what deposit you have and what your borrowing power is – and don’t forget to take advantage of any schemes that are available to help you make the most of your money. For instance, there are now more 5% mortgages available for buyers whereas first-time buyers can get an extra £1,000 if they have managed to save £4,000 into their LISA.

It is also important to consider the fees associated with buying – it isn’t just about the deposit and buying the property. There are a variety of fees you will have to pay to get your dream property including legal fees and stamp duty.

Also, ensure your credit report is in tip-top shape before applying. You don’t want to be applying for mortgages with errors on your report or marks that you don’t know about as this can affect your affordability.

Need specialist mortgage advice? Speak to the friendly and helpful team at Love Mortgages today, or call them on 01244 90 44 10.

Consider The Location

A property may look perfect inside but is the location right for you? Location is just as important as the interior and exterior of a property if you are going to be living in it. Do you have children? Then you will want to consider the nearby schools and green spaces. You will also want to check to see if the area you are looking in is a high crime area – after all, this may be something you want to avoid.

Don’t Forget To Ask Questions

Before putting in an offer, don’t forget to ask questions about the property so that you can gauge the truth about the property. You could ask how many viewings or offers it has had, ask to see electrical and gas installation checks or even ask if there are any issues with neighbours or parking? Whatever you can think of, ask it! The more you know, the better informed you are to make a decision.

Compare Prices

There are certain things that you will definitely need when buying a property such as a conveyancer. There are many licensed conveyancers, specialist property lawyers, and you want one that knows what they are doing. Here at NewHome4U, we've done all the hard work to ensure you're getting the best service, at the best price. It is also important to remember that you don’t have to use a local conveyancer either – they can be from anywhere in the country! Make sure you get a full fee breakdown too, so you know exactly what you are paying. An honest estate agent will always give you the best, clearest and most transparent answers to your questions.

Get quotes for any work that needs doing that may be found when doing the surveys. It is the sellers' responsibility to fix any defects, but you don’t want to be paying out of pocket.

Unsure Of What To Offer?

A property will always have an asking price, but you don’t have to offer that if you don’t want to. You can offer less if you want to and see if they will take it or you could even offer more if you really want the property. It can be tough to know exactly what to offer so definitely consider getting some advice from your estate agent. A trusted estate agent will always do what's best for both buyers and sellers.

Make Sure The Solicitor Is Working At Your Pace

Don’t leave things in the solicitors' hands to work on at their own pace. If you want things to be processed quickly, let them know and make sure they are keeping you updated on their progress. The last thing you want is to lose a potential property because your solicitor is procrastinating. Alternatively, go with a trusted estate agent like NewHome4U, who have already spent years building up professional relationships which put us at the front of the queue for priority service and regular updates.

Get Fixtures And Fittings Written Down

Make sure the seller of the property you are buying lists all the fixtures and fittings included in the purchase. It would be horrible to expect certain things to be there and turn up to get the keys and find out that they have taken it all. This has happened to many people in the past, so it is so important to have a list of what is included in the sale. If there are certain fixtures and fittings you don’t want to be included, you can also ask for these to be removed prior to exchange.

Beware Of Gazumping

At any time before contracts are exchanged, you can pull out as there are no legal ramifications for doing so. However, this does mean that you are also at risk of gazumping – this is where another potential buyer offers the seller more than your offer and the seller then opts to go for their offer instead. This means you lose the sale, and you have no legal rights to recover any costs - as no contracts have been signed. A reputable estate agent would have no part in this, however, it does happen within our industry. The reason we are so open about the risks with these things is to make it clear just how honest and open we are. Engaging in behaviour like this can not only negatively affect an estate agent's reputation but also impact a transaction negatively for both a seller and the buyer.

Make Sure You Get The Right Survey

There are different types of surveys, so it is important to make sure you get the right one. One is a homebuyer’s report and is suitable for properties less than 50 years old. The other is a full structural survey which is super detailed and covers everything and is great for older or more unique properties. By getting these surveys done, you will be made aware of any problems or defects that may affect the property and thus can push for these to be sorted before you complete on the property.

Get Home Insurance Quotes Before Buying

Home insurance is a must when buying a property. Get quotes before exchanging contracts because these might flag up any issues such as flood risks. Get as many quotes as possible so that you can compare and see which one is the best for your situation.

Consider Switching Utilities

Make sure that you get quotes from other utility companies as soon as you move in as you may be able to get a better deal from another energy supplier. You might find that the existing supplier is the most affordable, but you won’t know unless you check.

You Need Mortgage Life Assurance

Something many buyers don’t realise is that they need mortgage life assurance. This is to cover your family should anything happen to you and means that your dependents don’t need to worry about repaying the mortgage. It is important to remember that you don’t have to opt for your lender’s life assurance and can choose another company instead.

A good mortgage broker like Love Mortgages can help with things like this, though.

These are just a few top tips for buying a house. If you’re looking to buy or sell a house in the local area, don’t hesitate to get in contact with us here at NewHome4U. We will be happy to help you with your search for the perfect NewHome4U.