Buying a Home: An Exciting Journey with Challenges
While buying a home is an exciting milestone, it also comes with its fair share of challenges. From competing with other buyers and managing your finances, to keeping the conveyancing process on track and knowing the right steps at the right time, there’s a lot to navigate.
In this step-by-step buyer's guide, we’ll walk you through what to expect and offer tips to help you secure your dream home with confidence.
Selling Your Home to Buy a New One
Many buyers find themselves in this situation. A common concern we hear from homeowners is, “I don’t want to sell my home until I’ve found a new one.”
While this seems sensible, it often results in missed opportunities. By the time you've found your dream home and listed yours, another buyer who’s ready to move may already have their offer accepted.
So, how do you avoid this common trap? You have two main options:
1) List Your Property Early
Be upfront with your estate agent about your situation and ensure they communicate this clearly to potential buyers. Even if your home sells quickly, your agent and solicitor can delay proceedings until you’ve secured a new home. This approach takes the pressure off and keeps your options open.
2) Prepare Your Home for Sale, but Delay Listing
If listing your property right away feels overwhelming, you can still engage an estate agent and prepare everything for sale—just hold off on going live until you’re ready. This way, when you find the perfect home, you’ll be steps ahead and can list your property instantly, gaining a competitive edge.
Both strategies will put you in a stronger position to secure the home you love when it becomes available.
Get Mortgage Advice and an Agreement in Principle
Before starting your home search, it’s crucial to understand your borrowing capacity. Many buyers rely on basic online mortgage calculators, which can be misleading and result in viewing properties outside your budget or below your means.
Mortgage providers consider multiple factors when deciding how much to lend, so it’s important to seek professional advice. Instead of going directly to your bank, which can only offer its own products, we recommend consulting a mortgage broker. A broker will search a wide range of lenders to find the best deal for your specific circumstances.
Once you’ve chosen a lender, your broker will issue an Agreement in Principle (AIP), outlining what you can borrow. Most estate agents require an AIP as proof of funds before they accept an offer—and some won’t even schedule viewings without one.
Having an AIP ensures you're ready to act quickly when the right property comes along, giving you an advantage in a competitive market.
Set Up Alerts for New Listings
Most property sales begin on websites like Rightmove or OnTheMarket, so it’s essential to visit these regularly or download their apps. Additionally, setting up property alerts for your preferred areas will notify you immediately when a new listing goes live.
On Rightmove, you can even draw custom maps around your favorite areas, ensuring you stay informed in real-time.
In today’s fast-moving market, properties can be snapped up quickly, so it’s vital to stay one step ahead.
Viewings: Be Prepared
Before scheduling a viewing, it’s wise to do a drive-by of the property. First impressions are important—does the home appeal to you? Is the street and area to your liking?
This simple step can save time, as many buyers quickly lose interest when they see a property in person but dislike the area.
Once you're confident about the location, attend the viewing well-prepared. Bring a notebook for questions and a tape measure if needed, especially for larger furniture. Inspect both the interior and exterior, checking for potential issues like loose roof tiles, signs of damp, or the condition of the boiler and electrical system.
Finally, inquire about what’s included in the sale—will that stunning chandelier in the hallway stay?
Making an Offer
When you’ve found the perfect home, submit your offer in writing, including any specific terms or conditions. If you’d like certain fixtures or appliances included, make sure they’re part of your offer.
The estate agent will then conduct various checks, including verifying that your current property is sold, if applicable. They’ll also need to see:
- Proof of funds
- ID and proof of address
- Solicitor’s details
If you’re buying with a mortgage, you’ll need to provide your AIP and proof of deposit. Cash buyers will need to show bank statements confirming funds are available.
Conveyancing
Once your offer is accepted, your solicitor will guide you through the legal process, which typically takes 12 to 16 weeks. You’ll need to complete forms, agree to terms, and possibly pay search fees.
Your estate agent should stay in touch with all parties involved, ensuring smooth communication and helping meet any deadlines.
Associated Costs
Beyond your deposit and mortgage, other expenses will factor into your budget. These may include:
- Estate agency fees (if selling)
- Solicitor’s fees, including search fees
- Mortgage broker fees
- Survey costs
- Stamp duty (use our calculator to determine the amount)
- Removal costs
- Buildings insurance (required by most lenders at completion)
By following these steps, you’ll be well-prepared to navigate the home-buying process and secure your new home with confidence!
