The step-by-step guide to buying a home

Are you ready to put your moving plans into action? Our handy guide will take you through each step of the process, from working out your budget to making an offer, exchanging contracts and moving in. Take the first step towards your next move, today. Here’s how to get started…

Preparing to sell your home

If you’re not a first-time buyer, selling your home before you start searching for your next property will put you in a strong position as a buyer. Give Randalls Residential Estate Agents Basingstoke a call on 01256 345635 or email Ben at ben@randallsresidential.co.uk. Alterntively for a FREE instant online valuation click here; https://webui.good2value.co.uk/valuation/randalls-residential-estate-agents-391

Saving for a deposit

When you’re saving for a deposit, it’s really helpful to plan your monthly spending budget, and aim to save a regular sum each month.

Tax-efficient savings accounts like an Individual Savings Accounts (ISA) or a Lifetime Individual Savings Account (LISA) can maximise your returns – you can get substantial bonuses if you’re a first-time buyer. You must be 18 or over, but under 40 to open a Lifetime ISA.

Getting mortgage ready

You’ll want your credit report to be in the best possible shape before a lender looks at it. Credit reports provide an insight into your payment behaviour – and lenders use them as part of their decision-making process. It’s a good idea to check your credit record, just in case there are any errors which could affect your score. Checking your own rating is viewed as a soft check and won’t impact your score.

You’ll also need to produce paperwork to back up your mortgage application. You’re going to need a passport, at least three months’ worth of bank statements and pay slips (or two years’ worth of audited accounts if you are self-employed). Most lenders also want you to have at least one utility bill in your name at your current address. For further details speak to Randalls Residential Estate Agents Basingstoke on 01256 345635 who have an in-house mortgage advisor who can advise accordingly.

Work out your budget

Buying a property is a big step involving a substantial long-term financial commitment, so really consider what you can afford. You’ll need to take into account the assets you have – like savings – as well as the money that’s coming in and going out.

Find out how much you can borrow with a mortgage

Every lender has different ways of calculating how much they’ll lend to you, or even whether they’ll lend to you at all. Your income, the size of your deposit, your regular expenditure, and your credit rating will be taken into consideration. For further details speak to Randalls Residential Estate Agents Basingstoke on 01256 345635 who's in-house mortgage advisor can offer FREE advice and explore your borrowing options with the various lenders available, often beating the 'High Street' offers.

Start home-hunting

Ensuring you’re the first to find out about new properties, or even price reductions, is essential to landing your dream home. The easiest way to stay on top of what’s coming to market, in the areas you’re most interested in, is to set up property alerts on the major portals including rightmove, Zoopla and OnTheMarket as well as registreing with your local agents. To register with Randalls Residential Estate Agents in Basingstoke please click here: https://www.randallsresidential.co.uk/branches/basingstoke#home

Making an offer

Knowing your budget ceiling is crucial so decide your maximum limit from the start. When you’re ready to make an offer to the estate agent selling the home, it’s a good idea to also tell them a bit about you. For example, if you’re a chain-free first-time buyer with a Mortgage in Principle, make this clear so the owner of the home will know you’re ready to proceed.

Hire a solicitor or conveyancer

Conveyancing is the process undertaken by the buyer’s and seller’s solicitors of transferring the legal ownership of property or land from one person to another. Once you’ve had your offer accepted, inform your solicitor so they can start studying the lease, ordering council searches, and drawing up contracts. Randalls Residential Estate Agents Basingstoke have a long standing relationship with many local solicitors and are happy to advise. For more details please call us on 01256 345635.

Lender’s valuation and surveys

The lender will arrange for a qualified surveyor to inspect the property you’re looking to buy and check its value. As well as make sure that it’s a property they’ll lend against.

Want more peace of mind when it comes to the condition of your property? There are three levels of survey – a basic condition report, a standard homebuyer’s report, the most popular option, or an in-depth building survey which is usually reserved for very run down or very unusual properties. Randalls Residential Estate Agents Basingstoke have a long standing relationship with many local surveyors and are happy to advise. For more details please call us on 01256 345635.

Exchanging contracts

Once the survey and searches have come through and your mortgage is approved you will be ready to exchange contracts and put down a non-refundable deposit. This will all be arranged by your solicitor.

Preparing to move

You’ll need to arrange to redirect your mail to your new home, inform your utility companies that you are leaving your old home, arrange home insurance, and set up your landline and broadband services.

You’ll also need to arrange for a removal company or van hire. A very thorough declutter at this stage will make life easier during and after the move!

Completing the sale

There’s very little you can do on completion day other than drink endless cups of tea and anxiously await the call from your estate agent or solicitor letting you know that the funds have gone through, and you can finally collect the keys to your new home. You’re then ready to move in! 

To help relive some of the stress on moving day Randalls Residential Estate Agents Basingstoke always meet the buyers at the proeprty to hand over the keys after foraml completion has taken place

Moving Day

Pack everything you’ll need for your first night or two, including bedding, and keep these bags apart from the rest of your stuff. That way you won’t have to waste time searching for a toothbrush lost somewhere in a mountain of boxes.

Label your other boxes with which room you want them to go in to try and keep things in some sort of order.

Book a supermarket delivery for the next day – and get unpacking.