Step by step process of buying a house

Time and money 

• Avoid sleepless nights by reviewing your finances in preparation for the purchase and be realistic about what you can afford.  
• Remember, in addition to the purchase price and monthly mortgage payments, you need to take into account fees and the running costs of your new home. 
• Think about the time frame you will be asked to provide the funds and if you will have saved enough.   
• When you know what fees you will incur, it’s worth factoring in an extra 10% contingency for unforeseen expenses when you purchase a home.  
• Eliminate the chance of cashflow problems during the process by saving as much as you can in advance. 
• Be patient: When you’re buying a home, including second-hand homes, everything seems to take much longer than anticipated, mortgage approvals, local authority searches and conveyancing can be unexpectedly prolonged by weeks. The whole process is complex, with many different parties contributing, with an average duration of six months to completion, so allow yourself plenty of time for every stage.  

Getting a mortgage

• Start by using online mortgage calculators to establish how much you can borrow and what your mortgage repayments will cost.  
• Obtain an agreement in principle, which can tell you if you can borrow the amount you need, without affecting your credit score.  It doesn’t guarantee you can get a mortgage but it helps you to know what you can afford.  
• Check out your credit score too to see if it can be improved before you apply.  Clearing any credit card debt will improve your chances of approval.  
• If you know you want to buy, you can arrange for a pre-approved mortgage, or you can apply once you have found a home. Either way, it can take up to eight weeks to receive an offer. 
• You can use your existing bank or building society, or a mortgage broker, who will be able to help you find loans and interest rates that’s right for you, and the lender most suitable for your circumstances.  Some lenders, for instance, are more sympathetic to the self-employed, with others catering for first time buyers with preferential rates. 
• Your mortgage advisor will advise you about the documents you will need to supply to the mortgage lender. These will include proof of earnings, with pay slips and bank statements and your P60 and proof of address.  
• Your deposit savings or proof of a gifted deposit will also need to be produced.  The lender will also need certified accounts if you are self-employed. 
• Respond quickly when asked to provide the supporting information and confirm they have been received by your mortgage provider. Most can be provided via email for speed and ease.

Selling your home

Before you put your home on the market:

• Start by making it as appealing as possible to potential purchasers. 
• Decluttering your home is a great start.  
• Selling anything unwanted, is a great way of raising funds for the purchase of your new home, and you save money in removal costs by transporting less to your new home. 
• Find buyers on websites like eBay or Facebook Marketplace. Anything you can’t sell, you can often giveaway on sites like Freecycle. 
• And finally, look into storage options if you need to get large items out of the way to make your home look more spacious.

Now it’s time for some DIY to make your home look loved:

• Give your walls a coat of paint, as neutral as possible, and fix anything you can manage, like broken cupboards or scratches on surfaces and regrout tiles if they look tired. 
• Next on your list is to tackle the dust and cobwebs by giving everywhere a thorough clean. 
• Finishing touches like a vase of flowers or fresh linen will all add to your home’s appeal. 
• forget the importance of kerb appeal too, so turn your attention to the garden; jet wash the path, cut the grass and spruce up the entrance.

Once you home is ready to accept potential buyers, typically it will take 4-12 weeks on average to sell a house, but depending on the housing market conditions locally, it can take significantly longer.  

Traditionally homes were sold using a high street estate agent.  But alternatives now include online estate agents or selling privately:

• Selling via an estate agent can incur significant fees, typically a percentage of the sale price unless you have negotiated a fixed fee.  Photography/videos may be an additional cost.  
• If you sell your home privately, the valuation, tours and sales negotiations become your responsibility. Undertaking the task can offer significant savings but can take time without professional support. 
• Alternatively, another option which is exclusive to Redrow is ‘Help to Sell’. This unique service is available when you buy one of our homes.  We will appoint an estate agent on your behalf and work to achieve the best sales price for your home. We may even contribute to your sales fees

Make a move

• Take recommendations for removal company and ask for quotes from at least three companies, even before you have a moving date. Removal companies will undertake a home survey or consultation to provide accurate costings. 
• Make a provisional booking at least a month before you plan to move and, as soon as your solicitor provides a completion day, confirm the date. Don’t finalise any booking until contracts have been exchanged or you may have to pay a cancellation fee. 
• If you can be as flexible as possible about the date, you are more likely to get the company you prefer.
• The housing market and removal companies are busy during the summer and days later in the week are more popular.  You are more likely to negotiate a discount and secure a date if you move out of season or mid-week. Discover more from the British Association of Removers.

So, to begin your journey to a new Redrow home, why not join My Redrow today?