Whether you’re buying your first home or moving somewhere new, the ever-changing property market means that moving up the property ladder can seem an impossible challenge. There are, however, a few things you can do to make the process run a little more smoothly – and pitfalls you can try to avoid.
From advice on finding a property in your price range to securing a mortgage in principle before making an offer, these simple steps will help you navigate home-buying and lay the groundwork for a happier purchasing experience.
You probably have a general idea of the deal-breakers and desirables you’re looking for in a new home. Going to each viewing armed with a list of key questions – why are the owners moving? Are there green spaces nearby? What’s the parking situation? – will help keep your search focused on more than just the feel of the place. Having a proper checklist allows you to be more clear-headed and remember what was really important to you before you got swayed by features such as wooden sash windows or hardwood floors.
It’s always tempting to take a peek at what you could afford with a bigger deposit, but unless you limit your search to homes within your budget, you risk overstretching yourself.
For current home owners, Rightmove’s valuation toolkit will come in handy – an instant valuation can help you find out how much your home is really worth. You can also contact multiple local agents easily, to give you a bespoke valuation. Take a look at Rightmove’s sold house prices to assess the affordability of a property or area you’re interested in, so you can set a realistic budget from the off.
You can roughly calculate the main costs of buying a home, including your deposit, legal fees and stamp duty. For the last one, Rightmove’s stamp duty calculator can help you.
“The cost of planned works can also be an issue, as materials and trades are often more expensive than people think,” says chartered surveyor Marion Ellis. “If you’re buying with the intention of extending, it’s worth getting an idea of the cost to alter a property before you go ahead.”
When you value and track the properties you’re interested in on Rightmove, you’ll get access to insights and tools, such as the renovation calculator, which can give you an instant idea of the value that extensions and conversions could add to your potential new home.
You might feel confident that you can afford your dream home, but a crucial piece of paperwork – a mortgage in principle – can help you go from understanding your budget to being offer-ready. While it doesn’t bind you to a particular mortgage provider, it shows your borrowing power, signalling to sellers that you are a serious buyer, thus giving you a competitive edge against other buyers.
Estate agents will often ask if you have this document in place, so they know your offer is genuine – it’s well worth 20 minutes of your time to secure one in advance.
“To apply for a mortgage in principle, you supply information such as your household income and existing credit commitments, to find out how much you can borrow,” says Rightmove’s mortgage expert Matt Smith. “Rightmove’s mortgage in principle service is quick and simple to use, and offers extra certainty when it comes to putting in an offer on a property. It also makes your onward journey easier once you’ve had an offer accepted.”
When you’ve spent months searching for the right home, you might be tempted to rush through the buying process – but beware of overlooking expensive flaws – you’ll need a home survey, while your solicitor will cover the essential legal checks – from verifying the property title to conducting environmental and local authority checks.
“Many buyers think the information and advice they’re paying for from professionals is a cost, when in reality, it’s an investment,” says Ellis. “These checks can help you reduce the risk of making an expensive mistake.”
The home survey is one such important service when it comes to identifying what you might need to spend on your home after you’ve moved in. Unless you’re buying a new build, “a house is essentially a secondhand purchase, so it’s worth doing your due diligence”, says Ellis.
It’s a common scenario: you find your dream home and are prepared to do pretty much anything to get your hands on it – including bidding over the amount it’s realistically worth, especially if it’s well within your budget.
“It’s one thing to have a budget, but you also have to pay attention and learn to make smart, realistic and considered decisions,” says Ellis. “We all have the wherewithal to ask for help, get advice on planning and budgeting, and learn something new.”
A property is only worth what someone will pay for it, but you can offset your enthusiasm (and the temptation to over-offer) by making your decision as informed as possible. Leverage the advice of those around you, plus all the resources you need from Rightmove to help with the process of buying a home, to strike a sensible balance between your head and your heart, and you’ll be ready to take the leap and make an offer you won’t regret.
“Buying a home is a unique feeling – it’s often excitement mixed with some apprehension about the future,” says Rightmove’s Smith. “But that moment you get the keys in your hand is empowering, knowing that it’s now yours to build your life in, with endless potential ahead.”
With the UK’s largest choice of homes and helpful affordability tools, find out how Rightmove can help you make your move.
Your home may be repossessed if you do not keep up repayments on a mortgage secured against it