"I still think buying a home is the best investment any individual can make."
John Paulson.
American Businessman
buying a home
Don’t wait to buy a home.
Buy a home and wait.
As with anything of significance, buying a home can take a long time to process and anything can happen during that process. Once you’ve invested, you’ve got an investment that will hopefully grow in value over time. Often it can seem overwhelming with the number of documents to sign and people involved in completing your purchase. But how long does the process take? How do you first go about making an offer, and how do you finally move in? What can you do if a solo purchase is out of the question?
Here To Help
Buying a home is seldom as straight-forward as people think. There’s much to consider and many financial responsibilities you will have to ensure you’ve covered before you can get started.
Across all the pages in this section, we provide a series of guides to help you find what you should be looking for when it comes to buying a home, so when that time comes, we can help you…
CHOOSE THE ADVISER WHO UNDERSTANDS YOUR NEEDS.
What do I need to look for in my search?
There must be two things at the front of your mind when you think about buying a house. “What can I afford?” and “what do I need from this property?” It’s potentially the biggest purchase you’ve made so you want it to be right. Imagine moving into a home and finding out four months later that it’s far from the dream you imagined! Our handy guide to First Home Purchases can help identify key features that would be wise to consider when looking round any potential homes.
How long should I plan to stay in one home?
Most people aim for a minimum of five years in one home. Within this time, it’s possible that you’ll have been able to rebuild your savings, and you may be looking to move on to the next stage of life. Have a look at our Life Events Timeline to see where the next few years will take you and whether this house will suffice for your plans.
What do I need to do once my offer’s been accepted?
Often this can be a bit of a long period and can be annoying if you’re impatient to get in your new home. However, it will give you time to sort everything that needs to be arranged. The time this process takes often depends on the number of buyers in the chain, how complex the chain is and how effective the professionals helping all parties are at getting the job done.
This period is often known as a conveyancing process and keeping in contact with your solicitor during this period will keep you close to the comings and goings occurring.
It’s also worth completing a survey on the house at this stage. Any unexpected discoveries could help you negotiate a lower price, create delays in the process, or change your mind entirely about the purchase.
Part of a chain?
A chain can be complex and complicated and making sure all sails through smoothly can be stressful. That’s why it’s a good idea to avoid any long property chains if you can. There’s just more chance something will go wrong, and you’ll have to start again.
What loans might I need?
To buy any property you will need to take out a mortgage, unless you are able to buy the house outright. There are many mortgage types available, and our guide “Types of Mortgages” goes into much more detail about what is available and may be suitable for you.
Your mortgage lender will need to confirm you have qualified for a mortgage once your offer is accepted. If the timing doesn’t quite work out, your mortgage offer may expire before completion, so check in with your mortgage adviser to see if they can work out an extension or a new deal for you.
I can’t afford it alone, what options do I have?
Buying a house is an expensive investment, especially if it’s your first step into the property world. But lack of funds doesn’t mean you have to miss out. There are lots of options available for combining finances, be it with friends, family or a borrowing scheme.
Bank schemes such as Help-to-Buy ISAs or Lifetime ISAs can help boost your savings with a bonus top-up from the Government. You can then use these savings as a deposit. The bigger deposit you have, the better mortgage rate you may get, so get saving! There’s also an option to move in with friends to be tenants in common or buy through a shared ownership scheme.
I’ve exchanged! When can I move in?
Normally you’ll exchange contracts a few days after you’ve completed. Once you’ve exchanged, you can’t back out, so make sure you’re 100% ready for the move!
Your completion day is when your transferred is moved to the seller and you are then the legal owner of your property! Congratulations!
Abacus Associates manages the personal wealth of many people across the UK and over £1 billion of investments, providing clients with financial advice and access to investment products and services.
We do not charge for initial consultation meetings. If you would like a face-to-face meeting, feel free to pop over to our office or we can always can come to you.
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Abacus Associates is a trading style of Saltus Partnership Limited which is authorised and regulated by the Financial Conduct Authority. FCA reference number: 554381
Registered office: Solent Business Park, 4500 Parkway, Whiteley, Fareham PO15 7AZ. Registered number: 07586042
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