All you really need to know about house buying
As part of our series on home ownership, we take a broad view of the buying process to help guide you through. There are a few challenges along the way but, when everything comes together, you will be able to sit back and relax in your own home.
Where do I begin?
The first thing you need to consider is what you can afford. Most lenders have online calculators that will indicate how much money you can borrow (like the one from the Halifax, for example). It’s also a good idea to consider what you will eventually spend on your outgoings, as new houses tend to be more cost and energy efficient than older properties.
Start to dream!
With an upper limit in mind, the fun of finding your ideal home begins. Look at different areas, consider different (affordable) options and chat to people whose opinions you trust. Check out our range of incentives to see how easy and affordable it is to move into a new Redrow home. It’s also worth reading through our other blogs, which we regularly add to, for lots more useful tips and advice.
Make an offer
Knowing what you can afford means it is time to find the right home and make an offer. While this should reflect market value, remember that this offer may not be the final price you pay for your new home, as you may be able to renegotiate after you have had the property surveyed (see below).
Prime the professionals
Your solicitor (or conveyancer) will handle all the legal aspects of your property purchase. They will also provide a breakdown of their own fees to help you budget. You can search for solicitors in your area via The Law Society.
Your surveyor will check the property for problems that could affect its cost. There are different types of survey. Their costs reflect the level of detail they provide; though the cheapest condition report may be all you need if you are buying a new Redrow home. You can find more information about surveys on the Royal Institute of Chartered Surveyors’ website.
Remember, if you are buying through Redrow, you gain access to approved solicitors and new build mortgage specialists, which can make your move easier.
If your survey highlights any problems, you may consider renegotiating the price of your house. This is more often the case with properties that have been lived in before.
With a new Redrow home, the process should be easier because our new properties come with an NHBC 10-year guarantee that covers defects to provide you with peace of mind.
We agree, exchanging contracts sounds fairly technical. But you do have your solicitor to help you with it. Exchanging contracts is legally-binding, so you need to be happy that you are getting exactly what you are paying for. For example, are all the fixtures and fittings included in the sale? Once you are happy, and have exchanged contracts, it’s time to arrange your buildings insurance.
Many of the completion elements are dealt with by your solicitor (or conveyancer), like transferring money, registering the sale with the Land Registry and paying Stamp Duty (England and Northern Ireland). Your solicitor will also send you their bill for you to pay and advise you on any other costs. You will of course need to pack your things and arrange a removal company!
You may also want to buy yourself a bottle of something fizzy to celebrate moving into your new home!
Please note: most information we provide relates to buying a property in England, Wales and Northern Ireland, unless stated.