Buying a home is one of the most significant financial decisions you will ever make. Whether you're a first-time buyer or moving up the property ladder, the process can be daunting. To help you navigate the process, Lisa Jacobs, Director of Winkworth Salisbury gives us her best tips for buying a home.
Finalise your budget before you start looking
“For first-time buyers, it is essential you have your budgets in order," Lisa explains. "Don’t forget to factor in mortgage valuation and solicitor fees, survey costs, stamp duty, and removal costs. These additional expenses can add up quickly and significantly impact your overall budget. Work well within your budget so you aren’t left short if interest rates change, as unexpected fluctuations can affect your monthly repayments.”
It’s also a good idea to arrange your solicitor in good time too. Lisa adds, “Get a solicitor lined up and fees agreed before putting offers in; this way, you will be able to budget more accurately and avoid any surprises down the line. Additionally, have your mortgage arranged in principle before making any offers – this shows sellers that you are a serious buyer with the financial backing to proceed, which can give you an edge in competitive markets."
Research
Thanks to the internet, house hunting is easier than ever and much of the information we need is readily available. To find your ideal home, Lisa tells us, “Buyers now have access to a huge amount of information online and can see sold prices so researching the kinds of property you’re looking for and areas which will give you best value for money is much easier. Research your area, and what you should expect to pay and go and visit the agents in that area. Register your details and have a chat with them – agents will often be able to give you the ‘heads up’ on something and are more likely to do so if they’ve met you and you are registered with them.”
Use the portals
Likewise, portals are an excellent tool which has quickly become one of the most popular home search methods as news of new homes will come straight to your inbox. Lisa advises, “Save a search with good filters on each of the main portals so you are notified quickly of anything that may work for you,” Lisa advises.
Ask questions during your viewing
Viewing agents are there to facilitate your search and make finding a home a lot easier. Lisa tells us that property viewings are the perfect time to ask any questions you haven’t found the answers to already. “Draw up a list of questions and get as much information as you can about a property you are interested in. The viewing agent should be able to give you most of the answers, and if they can’t, they can find out for you. Always consider resale value when viewing properties too – if you are struggling to make it work this may affect your ability to sell on too. Research things you are less likely to find online, such as planning for the area, flooding risks and council tax charges.”
Don’t make an offer until you are really sure
Putting in an offer is one of the most crucial stages of the home-buying process, so it’s important to be well-informed before making your offer. "If you need more time, put in a note of interest with the agent," Lisa advises, emphasising the importance of taking a measured approach.
"Decide what you are prepared to pay for the property and be prepared to produce proof of funds, source of funds, IDs, etc. You will be asked to carry out checks for anti-money laundering, so make sure you are prepared for this. Having all your documents in order ahead of time will save you from last-minute stress and potential delays. It's better to be over-prepared than caught off guard in such an important transaction."
Get a good solicitor to support you through the conveyancing process
Conveyancing is an essential part of the process, so finding a skilled and supportive solicitor to facilitate this is key. When working with one, Lisa advises, “If fixtures and fittings are part of the negotiated deal, ensure you get this in writing. When selecting a solicitor, it’s tempting to choose the cheapest option to save costs, but this can backfire down the line. You usually get what you pay for, and you need a proactive conveyancer who keeps you informed. Check reviews before making your decision. Don’t hesitate to chase your solicitor throughout the conveyancing process – while your agent will request updates, you are the client and paying their bill, so your push carries more weight and helps keep things moving forward.”
Final thoughts
Buying a home can be a complex process, but with careful planning and research, you can make informed decisions that will benefit you in the long term. Take your time, seek professional advice, and don’t be rushed into making a decision. By following these tips, you can navigate the home-buying process with more confidence and find a property that meets your needs and budget. If you need more advice, Winkworth estate agents are available to offer advice.
