Buying a new house is exciting…until it becomes daunting. With so many things to consider and so many pieces that need to slot into place, we’re here to help.
If you’re ready to buy a new (Postland) house but aren’t sure where to start, here’s a go-to checklist to keep you on track:
- Decide if you should sell first
If you’re already a homeowner, decide whether you want to sell your home before you buy. Whilst there are advantages to this (being able to move quickly on a house purchase), there are also some disadvantages (the pressure from your buyers to move out, even if you haven’t found the right next home).
If you need help choosing the right home for you, email us to find out more about our beautiful, quality houses.
- Figure out your budget
How much do you want to spend on your new home? Whilst this may be dependent on how much of a deposit you can put together, don’t forget the extra costs (that can add an extra 15% to the total spend) that come with buying a home.
Think about:
-Your current and potential future income
-Moving costs
-Monthly living costs
-How much debt you’re willing to take on
-Cost of living trends (are interest rates rising?)
- Get your finances in place
Now is the time to work out how much deposit you can get together for a mortgage. Think about your options: savings, inheritances, borrowing from family.
A mortgage broker will be able to advise you on your options based on your current financial situation.
- Decide where you want to live
Whilst exciting, make sure you’re considering all of the options. Do you want to live closer to friends/family? How long will it take you to get to work? What are the local amenities like? How safe is the area? What are the local schools like?
Think carefully about where you want to put down roots. Check out our current developments for beautiful homes in lovely locations.
- Find the right property
Found the right area? Now it’s time to choose the right property.
Get to know the local market well by researching properties for sale and by speaking to the local estate agents.
Have a clear idea of what you’re looking for – how many bedrooms do you need? Is it a long-term property? Do you want to have to do renovation or do you want a new build?
When you’ve narrowed down your list, check it out! Make sure that there are no hidden surprises and understand whether the property is freehold or leasehold.
Our team at Postland are always happy to answer any questions you may have regarding our beautiful portfolio of new-build, quality housing.
- Make an offer (and get it accepted)
Once you’ve found a house you love, make sure that you’re in the strongest position as a buyer. Decide how much you want to pay and make an offer to the estate agent to seal the deal.
Be prepared to pay a small holding deposit to show that you’re serious – and hope for the best!
- Arrange a mortgage
Ideally, your finances should be in a good place before making an offer, in which case you will need to get your lender to make you a formal mortgage offer before exchanging contracts.
Mortgage brokers can help to find you the best deal and usually charge a one-off fee as well as receiving commission from the mortgage deal.
- Appoint a solicitor
Once you’ve agreed an offer, you will need a conveyancer or solicitor to oversee the legal aspect of transferring ownership of the property.
They will undertake local searches to ensure there are no major defects with the property or conditions relating to the location.
- Decide if you want a survey
Whilst your mortgage lender will require a surveyor to value the property (ensuring it’s good enough to lend against), it’s not a detailed survey, leaving it up to you to commission your own survey to evaluate the condition of the property.
Our Postland homes are new-builds, crafted with quality in mind – ideal for peace of mind and a seamless move-in experience.
- Arrange the deposit
Before the exchange of contracts, you’ll need to arrange a deposit of 10% of the sale price and give it to your solicitor or conveyancer (unless you’re a cash buyer).
- Exchange contracts
The exchange of contracts is a legally binding commitment to buy the property (and a legally binding commitment to sell the property to you). Pulling out of the deal after this point could mean your deposit is forfeited.
Exchanging contracts will only happen if a formal mortgage offer has been received, arrangements have been made for the deposit and the solicitor or conveyancer are satisfied with the search results.
Before your exchange of contracts, a competition date will need to be agreed with the seller – usually 2-4 weeks after exchange. As soon as the exchange has taken place, you will need to take out building’s insurance (a condition of your mortgage).
- Complete the sale
During the window of time after exchange and before competition, it’s time to get prepared to move.
Consider a removals company, make arrangements for gas, electricity and water and ensure everything is in place for a smooth completion.
The solicitor responsible for your purchase will liaise with the mortgage lender to ensure funds are ready in time for completion.
On the day of competition, the money and deeds are transferred between each side. Once it’s complete, you have ownership of the property and are free to move in.
- Move in
It’s D Day! Time to move in and begin an exciting new chapter.
The seller (if you’re not buying a new build) has to leave the property by the time of completion, and you should then be able to collect the keys, normally from the estate agent
- Pay stamp duty and settle up fees
Before or after completion, your solicitor or conveyancer will send you their costs to settle. They will pay any stamp duty due on your behalf and will ensure that the change of ownership is registered with the land registry.
