Becoming a Homeowner
We’ve written a checklist of things for you to remember to do around your home just before you move. It covers some things that may surprise you about the home buying process, especially if you’re a first-time buyer.
Even when you have settled on a specific area, you will undoubtedly want to look at a number of properties before you feel confident about making an offer.
Time and money
There are two major things to bear in mind when purchasing a property. Firstly, the fees involved must be taken into account when reviewing your finances. Unless you are extremely organised and fastidious about your outgoings, it’s wise to factor in 10 per cent on top of your original budget for unforeseen expenses. This will minimise the chances of you running into cashflow problems at a time when you will have a lot to think about.
Giving yourselves a little wiggle room also makes sense when it comes to the time you allocate for your move. Because unforeseen circumstances have a habit of popping up when you least expect them, it’s a good idea to allow yourself plenty of time for each stage of your house move.
Getting a mortgage
Whether you get pre-approval, or you find a new home before applying for a mortgage, the time this part of the process takes will depend on your circumstances. Expect it to take between 1-8 weeks. Use a mortgage broker to help find the right lender. He or she will advise you on what you will need for mortgage approval. This will include proof of income (your last three payslips) and your P60. Your bank statements will show your expenses. Also expect to be asked for evidence of any savings you have. If you’re self-employed, the lender will want to see certified accounts covering the last three years.
Selling your house
While it takes 4-12 weeks on average to sell your house, it can take considerably longer, depending on factors including the state of the housing market.
The traditional way of selling a house is through a high street estate agent. You can also sell it privately or, in some cases, if you are buying a new home from a developer like Redrow, they may buy the house from you to ease your move as a 'part exchange'.
Selling privately means you will have a lot more work to do. Selling through an estate agent sits somewhere between these two options. As a rule of thumb, the less involved you get, the more likely you are to pay out. If you feel capable and confident of doing everything yourself, then you will drastically reduce your house-moving costs.
Another option, unique to Redrow, is 'Help to Sell', where we take the hassle out of the whole process and sell your home for you, working directly with the estate agents on your behalf to achieve the best price for your home. In some cases, we will even contribute to your fees.
You should also bear in mind that removal companies tend to be busier during the summer months and on Fridays, which are typically very popular. Therefore, if you can move in a different season, or on a different weekday, you may not have to book so far in advance and be able to negotiate a discount. Find out more from the British Association of Removers.
Join My Redrow to begin your journey to a new Redrow home.