Buying a Home

Buying a home, particularly for the first time can be daunting. The decisions you make along the way could save you – or cost you - much money. Here’s the step by step guide to buying a home

 1. Decide if you should sell first.
Decide whether you want to sell your house or flat before you buy. It can be dangerous in a rising market, but there are upsides. In particular, you will be able to pounce quickly when you do find the home of your dreams, and you won’t be trapped in a housing chain.

2. Decide your budget.
How much do you want to spend? This might be dependent on how much of a deposit you can get together. Don’t forget the variety of one-off and ongoing hidden costs of buying a home. These can put an extra 15% on the cost of your home – more if you are doing serious building or redecoration work.

3. Decide where you want to live.
If you want to move to a new home close to where you already live, there is little to decide. If you want to move to a different part of town, or across the country, then deciding the area is more difficult and time consuming.This is a very important decision – get it wrong and you will either be unhappy with where you live, or face the costs of moving again. You must do your research thoroughly

4. Choose a specific property
Once you know the area you want to live, you should start researching the properties in that area thoroughly so you really get to know the local market well. You then need to butter up local estate agents. You need to visit as many properties as possible, and make sure they are no hidden surprises. It's also important to understand whether the property is freehold or leasehold, and that it's not on a short lease.

5. Final arrangements and negotiations.
 You need to negotiate any final things that have not yet been agreed, such as buying the sellers fridge from them. You need to make arrangements for the supply of electricity, gas, water and telephone service, and that the seller has got readings made. Often, it is easiest simply to change the account name for the existing suppliers to the property, rather than change suppliers, which you can do at a later date.  See our moving day check-list to help you plan your move and it is a good idea to consider the best day to move.