Whether you’re a first-time buyer or moving house, the path to buying a new home isn’t always smooth! If you have never been through the buying process before, it may seem an especially intimidating experience. But once you’ve found the right home for you and the buying process begins, it’s a truly exciting journey. From mortgages to estate agents and everything in between, Shrewsbury Homes is here to help by shedding light on it all with our handy guide.
If this is your first time buying a home, the best place to start is contacting a mortgage advisor to book an appointment. They will require information from you, which will help them to work out the best mortgage to suit your needs. If you’re unsure, they can also explain about how mortgages work, as well as government schemes like Help to Buy. They may do a ‘decision in principal’ (DIP) for you. This is a statement which says ‘in principle’ they could lend you a certain amount of money and it acts as a rough indicator for you of what you might be able to afford.
Once you know the price range that you are looking for, it’s time to work out the location and home style that best suits you. Location plays a large part in your decision! You may wish to live close to family, friends, work, or in the countryside, a village or a town. The property size, parking and garden space will all impact on your choice, too. This is why Shrewsbury Homes created our online Wishlist. It enables staff to get an overall view of what is important to you in your new home. This is the key to finding the right home for you!
If a brand new home isn’t your preference, you may choose a pre-loved home. Either way, it is best to look on internet search platforms like Rightmove and estate agent websites to get an idea of what’s out there. You can even go old-school and simply visit the area to see what is available.
To arrange a viewing get in touch with the estate agents or, if it is a new home, go directly to the marketing suite/showhome where a staff member will be there to assist you. If it’s a pre-loved home you will then put an offer forward to the estate agent. The process is slightly different for a new build, however.
How new builds differ
Shrewsbury Homes offers contemporary housing choices at new developments, so we’re familiar with the process of buying a brand new home. Once the reservation is done, there is a set formula for the buying process. It follows along these lines:
- Proof of identity and reserving. This usually requires a reservation fee (part of the house price – not an added charge).
- You will then notify your chosen solicitor that you are buying and they will require a copy of the reservation form. They may ask you for search fees in advance, to start the request from the relevant council and so forth. Don’t forget – you will also be paying your solicitor, engrossment fees, land registry, and stamp duty where applicable. Your financial advisor will let you know all this in advance.
- Your financial adviser will then start the mortgage process. A surveyor will visit your new home/site and carry out a his survey for the lenders (Natwest or Halifax, to name a few). This is then sent back to the lenders to gain acceptance and the mortgage offer to be sent out. He/she would also assist with Help to Buy forms if that is the route you wish to take.
- If you are buying your new home off-plan, this will be the time we would request buyers to make the ‘options appointment’ and choose their tiles and kitchen and confirm any upgrades or changes they require (this is subject to the stage of build). This is always an exciting phase in personalising your own home!
- Once all the solicitors’ enquiries have been answered to the satisfaction of all parties, you will be able to exchange contracts. This will also give you the guide date for completion or completion on notice.
Completion means you are handed the keys to your first ever home. Definitely a memorable achievement!
For those moving from an existing home
If you have the wherewithal to buy without selling your home the process is as above. If, however, you require the equity or a portion of this in your current home, you will need to put your house on the market. You will also require mortgage advice at this point. We closely work with Monks estate agents and they are available to give a free valuation for potential buyers.
Once your home is on the market you can then explore the choice of homes that may be available to you. After you have received and accepted an offer on your own home this is when you can reserve on your new home choice!
The buying process is then the same as for first time buyers. If you are downsizing, the process is very similar – but with more trips to the charity shop and the difficult choice of which of your favourite things you intend to take with you to your new home! The main thing to remember is making the time frame as close as possible on the sale of your home to the readiness of your new home (or renting for a time).
Finding your dream home in Shrewsbury
Once you have that set of keys to your own front door and a new chapter begins, you’ll realise the process will have all been worth it. Life’s too short not to be happy at home – the right property is out there for you, it’s just about finding it!
Over 110 buyers have successfully moved into Shrewsbury Homes properties in the last five years. If you would like to become one of these home buyers and find out more about our developments, please call Amanda Love on 07792 498927 or email firstname.lastname@example.org. The final release of two homes has happened at The Farrs in Dorrington, and five properties of various styles are available from plan at Stoneleigh Park in Acton Burnell. Let us help you find your dream home in Shrewsbury!