If you’re in need of a new home, then you might be tempted to simply start searching for one. But not so fast – a little extra preparation will help you to more easily narrow your options, and determine whether any given home really is a good match for your needs.
But what does that preparation really look like? Let’s take a look.
Establishing your budget and finance fundamentals
Step one should be to work out how much you have to spend. This is often not quite as simple as it sounds. You’ll need to look at your maximum deposit, and how much you’ll be able to repay every month. This might mean checking your credit score, and dealing with any inaccuracies that might have been used to generate it.
Once you understand your budget, you’ll be able to bid with confidence, and avoid straying beyond your means.
Defining your “must-haves” and understanding market context
There are some features of a would-be new home that you might consider ‘must-haves’. If you’re raising a family, for example, the availability of good local schools might be essential. On the other hand, there might be features that are merely ‘nice to have’, which can be dispensed with if push comes to shove.
It’s vital that you’re able to distinguish between these two things. Think first about the fundamental qualities of your home, and the facilities it provides. Do you want a flat or a house? Is it going to be ready to go, or will it be a fixer-upper? Are you looking at new-build homes , or would you prefer something with a little bit of lived-in character.
Researching legal/structural considerations and hidden costs
The legal process of buying a home is fraught with complexity and hidden costs. It’s a good idea to make yourself aware of these costs before you start the process. You might be blindsided by conveyancing fees, survey costs, building insurance, or the cost of removals. There’s also stamp duty to consider .
You might also be aware of the difference between leasehold and freehold properties. In the former case, you won’t own the land the property is on; in the latter case, you will.
Planning your search strategy and preparing to act
How soon do you want to be able to move in? It’s important that you’re realistic about your time frame, and that you’re fairly organised when it comes to the various stages of the move. Get your solicitor lined up, and make sure that you have all of the essential documents to hand. Make sure that you turn up to every viewing with a good idea of what you’re looking for.
Above all, make sure that you understand that you don’t have complete control of the process. There might be delays and sticking points that are beyond your influence – learning to accept this is essential if you want to avoid moving stress.
