Buying tips

According to Norwich Union, almost half of home buyers find getting on the property ladder a 'bewildering and confusing' experience. Our ten-step guide to buying your home will ease you through the process.

1. Location, location, location

Doing some background research on a place will help build a picture of what it's like to live there. Get an idea of how safe the area is by researching local crime rates, neighbourhood profile, schools, transport and future redevelopment.

Read our guide to choosing a local area for more advice.

2. Property wishlist

You're unlikely to find a property that meets all your requirements. List what's most important to you in a property, and what you could compromise on if you had to. This will help focus your search - 73% of UpMyStreet users would choose a garden rather than an extra bedroom, for example.

3. Your finances

Before you start looking at properties, calculate how much you can realistically afford. The biggest outgoing will be your mortgage. Compare lenders and deals, and have a mortgage-in-principle in place before you start your search. Also consider other expenses involved when buying a property, including stamp duty, surveying, conveyancing and local authority searches.

4. Research the local property market

Think local when it comes to property prices - trends can fluctuate even at street level. You can view recent property sales in a particular street to see much a property actually sold for, not just what it was on the market for. Examining local property trends will give you an idea of how much property prices have grown.

Spread your search to neighbouring areas and compare prices to see if you can get more for your money elsewhere.

5. Searching for a property

There are several ways to search for a property. Sign up with local estate agents to be the first to know when new properties come on the market. You can search for property online - listings usually include images and a detailed description. Also keep an eye on local newspaper classifieds.

6. Viewing a property

According to Abbey, the average buyer spends just 96 minutes viewing properties before putting in an offer, less than they spend choosing a holiday. Get as much as you can out of each viewing. Take your time, ask the agent about the property's condition and sale history and avoid too many viewings in one day.

If you're thinking of putting an offer in, arrange a second viewing at a different time of the day so you can get a feel of the surrounding area day and evening.

7. Getting the right price

Don't be afraid to put in an offer lower than the asking price, particularly if the property has been on the market for a while. You can gauge how fair an asking price is by comparing with recent sales in the area or purchasing a property valuation report for an instant valuation. Both can be good tools for negotiation. Read our guide to negotiate on the asking price to put in the right offer.

8. The buying process

Once your offer has been accepted, the legal and financial legwork begins. You need to:

• Complete your mortgage application with your lender, who will check your credit and finances before granting approval
• Instruct a solicitor to manage the legal side of buying the property
• Arrange for a survey on the property to check its structure
• Pay for other costs including stamp duty, local authority searches and Land Registry costs
• Sign and exchange contracts

You can pull out of the sale at any time before exchange.

9. Moving

Once contracts have been exchanged, start planning your move - our moving checklist will help you get organised. Find local removal companies and hire vans, and arrange storage if needed.

10. Long-term plan

Once you've moved into your property, work on making your house a home. Take on redecoration and DIY projects, and look at different ways to increase the value of your home.

 

› What do you think? Add a comment

Your name

Your comments

› Posting guidelines

0 characters used, 1500 remaining