Guildford Living Dec - Jan 2020 10.29.04

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THE HOMEBUYER'S GUIDE Thinking about moving or buying your first home? Read on... If you are beginning the process of buying your first home, selling to buy a bigger property or even downsizing once the kids have flown the nest, you may find that the property market is an unknown entity, full of potential pitfalls, doubts and unexpected costs. Couple that with the looming uncertainty of BREXIT, and you have a complicated set of hoops to jump through. In this guide, we aim to demystify homebuying and give useful advice for each stage of the process. FIRST-TIME BUYERS So, you’re about to make the biggest investment of your life so far. Scary, right? There’s a lot to think about, and a lot of costs you will not have even considered until the process has started. Your mortgage is the first thing you should think about, because until you have your Decision in Principle, you will not know what you can afford to buy. By going to an independent mortgage advisor, you will have the choice of many different banks and building societies, so you can assess options like the term of your mortgage, fixing interest rates and any cash back offered. Viewing Houses This is probably the most fun bit of the process, because you get to know your tastes and can have a look around some lovely properties in the process. Rightmove is a great resource, as is Zoopla for comparing prices in an area. As well as relying on these sites, it is vital that you make yourself known to lots of different local agents. Let them know in as much detail as possible what requirements you have (location, number of bedrooms, garden, garage etc) and your upper price limit. A good agent will let you know about properties about to come to the market, helping you get a head start on other buyers. Viewing Tip - When viewing houses, try to take some pictures (with the estate agent’s permission) on your phone as an aide memoir and if you have furniture from renting to fit in, take a tape measure and see if it would fit in the space. CONVEYANCING So, once you’ve found the property you want, you will need to instruct a solicitor to do the conveyancing for you. Before deciding on one, we recommend emailing or calling around for some quotes to make sure you get a competitive rate. CHARTERED SURVEY Unless the property you are buying is less than 10 years old, it really does make good sense to have a survey. Most surveyors offer a choice between a RICS Homebuyer Report or a Building Survey. Send over the property details you have and they will help you decide on the best survey for peace of mind. Once again, it does pay to enquire with a few different firms to keep prices competitive and to find the right surveyor for the type of property you buy. Surveying Tip - If you are buying a flat, it can be difficult to know whether you need to have a full building survey (formerly called a structural survey). If you are buying a flat in a listed or older building, talk to your surveyor about whether they can offer a special package for you. SELLING Over the past few years, the property landscape really has become a seller’s market. With a high demand for property, estate agents are having to be creative in the way they compete for instructions. This is great news if you are selling, as you can ask them to be competitive in the rates they offer. Surveying Tips - It is likely that you will need to provide certificates or documentation of any major work you have had done on your home in the last 10 years, primarily electrics. De-clutter before the estate agent comes to take photos. Your home needs to be a blank canvas, so the potential buyer can imagine their possessions there, without yours dominating their vision. MOVING So, you’ve accumulated quite a lot of stuff eh? Here are our top tips to make moving easier: • Start packing the areas of your home that you use the least. Pack essentials last. • At least 8 weeks before the date, notify change of address for any subscriptions. • Pack early if you are using the services of a moving company. Also be sure to label clearly and keep heavy boxes double taped so they don’t collapse. • Bin anything you don’t love anymore. Start this process early, using a skip for unsellable items and recycle others. Removals companies sometimes charge by volume, so reducing the amount you take with you cuts costs. 32 | www.guildfordliving.co.uk
NEW YEAR NEW HOME 2020 is nearly here, and it is a good time to start looking for your new home. We take a look at the best local developments in and around Guildford. With the nights drawing in, and as the summer holidays are a distant memory, your thoughts may be turning to the New Year. If getting on the housing ladder or moving home are on your list of goals for 2020, it is a good idea to start planning now. While many people are waiting to see what happens with Brexit, there are advantages to moving house now if you’re a buyer. Many sellers are open to lower offers as the market slows. The same applies for new build homes too. Volume house builders have been busy building but have seen a drop off in demand. So there are deals to be done on shiny new build homes across the country. We’ve asked Paula Higgins, Chief Executive of the Home Owners Alliance, to explain what you need to know before you buy a new build home in the current economic climate. Research, research, research! This is one of your biggest financial investments, so don’t just rely on glossy promotional materials. Read around about the developer of your new build home, search for online reviews and forums, and visit homes they’ve built on other sites Get your finances in order Developers work to tight timescales and once you’ve put down a deposit you may have only 28 days to exchange. Speak to a fee-free broker to find the right mortgage for you. For more information see new build homes and getting a mortgage (www.hoa.org.uk/advice/guides-forhomeowners/i-am-buying/new-buildhomes-and-getting-a-mortgage-top-tips/) Get your conveyancing solicitor lined up Try to find a conveyancer with experience of new build developments. They will need to check planning permissions, restrictive covenants and - importantly - the terms of any lease if you are buying a leasehold flat. Negotiate! With the slowing down of new build sales developers need to boost sales figures. That doubled with Brexit uncertainty and a slowing market means there is no better time to negotiate. Be bold and see what else can be added into the mix, such as upgraded finishes and appliances could be part of the negotiation process. Getting a survey Many builders won’t allow you to view the property until the day of completion. If this is the case you want to very quickly get an independent snagging inspector to identify and report on any defects or errors (from cosmetic to structural). You can read more about whether you need a snagging survey (www.hoa.org.uk/ services/snagging-survey/) The HomeOwners Alliance www.hoa. org.uk offers expert advice and services for every step of your home buying and selling journey. www.guildfordliving.co.uk | 33
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