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Buying process
Are you looking into buying a new home and not sure where to start? It’s probably one of the biggest purchases of your life and you want to make sure that small overlooks don’t cost you large. Here are 10 clear steps to know what to expect.
Bear in mind, this doesn’t constitute legal advice suited for your exact circumstances. If you want more advice and tailored support, don’t hesitate to get in touch. And don’t worry, we will be there all the way, advising on what your best options are for your budget, what costs to expect or the state of the market.
1.Is it a good time to purchase?
You have savings enough for a deposit, that’s great. But you also need to consider very carefully if this is a good time to purchase for you, as it is a long-term commitment. Rather than panicking on the state of the market or falling into the “must-own” mentality, pause and assess your own personal circumstances and decide if this is an affordable move for the extended future.
2.What is your budget?
Once you have decided that this is the right move for you, next step is to clearly identify how much you can afford. You can get a good idea from an online mortgage-deposit calculator, such as this one [https://www.moneysavingexpert.com/mortgages/mortgage-deposit-calculator/]. Alternatively, you can reach out to a mortgage broker to understand how much you can borrow based on your current circumstances.
3.What are the additional costs to consider?
There is a lot more involved than just buying and selling of a property. There are additional costs you need to consider and save for, such as:
Mortgage arrangement fee – for your lender, typically around x.
Valuation fee – if you also have a current home you want to sell, Will wright can run your valuation, quickly, effectively, and accurately, you can book one here
Legal fees – any solicitor or any conveyancing.
Stamp duty – you can use this stamp duty calculator to estimate costs
Surveys – you’ll need to budget for a few, as some sales fall through.
Home insurance – grab your quotes before buying a property.
4.Are you a first-time buyer or are you a current homeowner?
As a first-time buyer up to 39, depending on the value of the property, you will be able to skip some of the stamp duty costs and you could get up to £32 000 from the Government with a new LISA.
If you have a current property you’re moving from, put the property on the market before you find your new home. Find out how much your home is worth on the current market by booking a valuation.
5.How will you choose the right agent to help?
With loads of new listings Wentworth can help you find your dream home in no time. We will build a close one on one relationship, advise, and defend your interests. Additionally, we can advertise and sell your property, to get things moving along. You can find out why we’re a better choice here.
REGISTER WITH WILLIAM WRIGHT ESTATES
6.What are the areas of interest?
Whether you want to be close to your friends and family, have a short commute to work or live in a quiet neighbourhood, it’s important to take all variables into consideration. It all depends on what is most important for you.
Why not go for a walk and investigate the chosen neighbourhoods on foot? Is it clean? Do you feel safe? Are you happy with the selection of local shops? Level of traffic? Are there parks, schools, or pubs? Where is the nearest station? Additionally, if you want more statistical information, you can look at crime rate reports from the police.
7.Had your viewings and found your dream home?
This is the type of conversation WWE will have on your behalf to ensure you get the best possible outcome. We’ll be interested on how long the property has been on the market, has its asking price changed at any point, how many viewings or offers has it had, inspection and reports dates, neighbour information, what’s included in the sale, council tax band, parking situation etc. We think and ask everything under the sun, and then discuss it with you.
8.Have you thought about the resale potential?
An important factor to consider is the situation of the market today. Since few people can accurately predict the state of the housing market 5 years from now you can consider the development plans and hence value growth in the area you’re planning to move to. It gives you flexibility in choosing to move out later in life and making some money off the resale.
9.How much to offer?
Here at William Wright Estates, we will advise you how much to offer, based on the circumstances above, based on your budget, and the selling price. Don’t go in offering the selling price, it gives you no room for negotiation. Additionally, make an offer under the condition that the property is take off the market. This saves you if a higher offer comes in, after you have agreed the sale.
10.Have you surveyed and assessed any necessary work?
A surveyor will be sent to the property to evaluate the property’s value and finalise your mortgage offer, which will be sent to you and your solicitor to sign. You can then tweak your offer based on the findings and any necessary work to be done. Once this is agreed, contracts are exchanged, and deposits are put forward. When the rest of the monies are exchanged, everything finalised, the keys are released, and you are officially a homeowner!
If you have any more questions on how to buy a home, we can discuss the process in more detail, define your circumstances and take it from there. We’re friendly and helpful, so don’t be shy and get in touch.
Buying Advice
What are the pros and cons of buying an existing versus a new home? Independently of whether you’re a first-time buyer or not, there are a few things to consider.
NEW HOMES
Pros of buying a new home
There is no chain of buyers above you, hence you’ll be the first owner ever, taking advantage of a fresh home.
Fresh paintwork, kitchens, or bathrooms hence very little upgrading work necessary, latest design and technology, even gyms or concierge.
They tend to comply with the latest regulations around insulation and energy efficiency, hence you will have relatively low bills.
Usually new builds have incentives to buy, with schemes like Help-to-Buy or Shared Ownership or buy off-plan and save some cash.
Cons for buying a new home
There are usually delays on completion dates, so you might not move in when you planned.
Even if it looks modern, sometimes the quality lacks; have a snagging survey as soon as possible for some reassurance.
A lot of new builds are sold on a leasehold, rather than a freehold; it’s important you understand the costs, charges, or limitations.
It will probably bring back more cash on re-sale if you keep it for longer term, as buyers will look for a new build instead of a couple year old build.
EXISTING HOMES
Pros for buying an existing home
More flexibility to put your own stamp on it, since it will probably need a bit of work anyway, and hence increase its value.
Existing homes have a bit more of a ‘personality’ such as a Georgian or Victorian home.
Existing neighbours that you could liaise with to find out about the area, who also have built a sense of community
You have tangible expectations with an existing property, rather than buying off-plan and hoping it will turn out as you imagine
Cons for buying an existing home
There are chains of buyers before you and hence if you’ll have to deal with the previous owner and any property chain, they’re in.
Often, you will want to redecorate a tired bathroom so these decisions should be budgeted for before putting an offer in.
Lack in energy efficiency, with older insulation technologies, Victorian windows, etc. could result in slightly higher bills.
You will probably need to create a maintenance plan, as some features will need attention as soon as you move in.
Why Chose William Wright Estates
EASIER LIFE AS A PROPERTY OWNER
We do the work; you see the results.
Here at William Wright estates, we have extensive experience in working with landlords and investors to ensure your property portfolio has the highest return on investment, hassle free.
Additionally, whether you want to buy or sell your property, we are experts on the market and can help you get the best possible outcome for you. We pride on building strong relationships with our clients, and provide accurate, unbiased advice.
Best Selling Experience Available
24h Property Management
Bespoke Marketing for Your Property
One on one Relationship with Your Expert
Competitive Advantage against Other Buyers
FOR BUYER
How can we help you find your ideal property?
Get a competitive advantage against other buyers
Get alerted as soon as homes are listed, become available on the market or for any price reductions.
Get expert advice
We make your life easier in one of the most daunting purchases of your life, by giving you clear, correct and unbiased advice.
Specialist services
We have expertise and in-depth knowledge on the market and everything that is involved in the buying process, from management to taxes.
FOR SELLERS
How can we help make this process easier for you?
All round, bespoke marketing for your property
With online, search, social, property portals, website, boards, or email marketing we ensure you get the best exposure for your property.
Better selling experience
With WWE, you won’t get the ‘estate agent experience’. We are different, and more importantly, we care about making your life easier.
Regular progress reviews
We carry on detailed reviews after every enquiry, after every viewing and provide you with feedback and a market analysis and strategize.