We are delighted that you are interested in buying your new home through us, Fortess Homes.
If this is your first time buying or you haven’t moved in a long time, here is our handy buying guide to make sure you find the property that suits you.
First things first, you need to know how much you can afford and that is where a mortgage advisor comes into the picture. They will add up your incomes and deduct your outgoings to give you an approximate amount that you would borrow. The general rule is that you can borrow about four times as much as your income. So now that you have your rough figure, you can then work out how much of a deposit you’ll need, the minimum amount is 5% of the property value. There are a few options out there, like the Help-To-Buy scheme if you are having trouble saving for a deposit.
Next is the fun part, you get to look for your dream home! Have a look at our properties for sale. So, you’ve found the one you want, in the location you want, at the price you want, Fantastic! Before you go to view the property in person, you will need to get a mortgage in principle. Most first-time buyers make the misstate of getting their hearts set on a house before they’ve applied for a mortgage. Having an agreement in principle, this will make you more attractive to sellers than someone who doesn’t have one. You’ve seen the home and you love it just as much as you did when you saw it on your computer screen. Now you need to make an offer that the seller just can’t refuse, don’t be afraid to go in with a lower offer as haggling is part of the fun. Remember how much your mortgage lender has agreed to lend you so you don’t overspend.
Your offer has been accepted, good job! This is where the complicated process begins. There is a process called ‘conveyancing’ which means in simpler terms, a legal transfer of a property from one person to another. Unless you’re a solicitor yourself, it’s best to leave it to the professionals because to get it wrong, would delay things considerably. Prices for solicitors vary so make sure you compare a few quotes before you choose one. They will deal with all the paperwork and money including stamp duty, Land Registry and transferring money during a sale are the typical things they will handle. If you wanted a more in-depth survey than just the valuation, you’ll need to use an independent company. There are two different types of surveys available. Either a Building survey (generally used for older houses) or a Homebuyer report, if either of these surveys flag up anything wrong with the property, you may be able to negotiate a lower price of the property.
Last couple of things you need to do now, is to exchange contracts and make sure you have insurance on your new home! Once you’ve done that, you’ll be able to move in!