Mortgage in the bag? Give yourself a pat on the back, you’ve officially entered the adulting world of variable rates, credit scores and laughable curtain prices. Now it’s onto what is arguably the fun bit. Choosing your home sweet home. Here’s what you need to consider when it comes to securing your dream abode.
First up, create a list of essentials (number of bedrooms, access to outside space etc), desirables (open plan living, period features) and absolutely nots (unplanned for renovations, unworkable distance from nearest school, shop, pub). Now you’ve visited your chosen area, sussed out the transport links and got that fluttery settled feeling, it’s time to jump on a property portal and start shortlisting some properties. If north London has stolen your heart, begin your house search with Davies & Davies.
Once you’ve chatted to the friendly team at Davies and Davies, who have organised some kick ass viewings for you, it might be tempting to get caught up in the excitement and fall in love with the first thing you see. So remember your list and refer to it. We recommend bearing in mind the following:
Instead of fumbling over the finer details of the floor plan, ask yourself does the layout suit your needs? Could you do downward dog without knocking something over? Could you host friends without two people having to share a chair? If you work from home, consider which space would be most conducive to productivity.
Are you after a move-straight-in renovation or something you can make your own? Your first home might not be as architecturally ambitious as the stuff you see on Grand Designs but Kevin McCloud still has some good pointers. Speaking to House Beautiful he says it’s worth “finding somewhere that allows you to put your own stamp on the place. Somewhere that you can repair, redecorate,” If you’ve got the time and the DIY skills, this could save you money too.
When you’ve spent so long sussing out whether a property is right for you, you might unintentionally forget about the surrounding street. Go out of your way to meet the neighbours and pay attention to the condition of the surrounding houses. Checking out the competition will also give you a price guideline when it comes to putting your offer in.
As discussed in our jargon busting article, a leasehold means you’re only paying for the right to live in the property and not for the building or the land it sits on. A freehold puts you in the more comfortable position of being sole owner.
Does the sale of your dream home depend on the seller finding and securing a new property? If the seller’s new property fell through, it could affect your own purchase. These kinds of delays are known as the ‘property chain’ and can leave you without a roof over your head.
Crumbling brickwork and leaky roofs are red flags. Pay for a surveyor to give you the lowdown on the property’s condition and don’t be afraid to check the water pressure, doors, windows or light fixtures.
Whatever you do, don’t make an offer without first seeing what similar properties are going for. Then work out the maximum dosh you’re willing to part with and stick to it. It’s at this point you’ll need to factor in legal fees. For example, you’ll need a solicitor to carry out all the legal work associated with securing your gaff, such as trawling through local authority data and conveyancing. It can be tempting to cut costs at this stage but it’s always worth choosing a good solicitor rather than a cheap one. Don’t be a stranger, speak to the agent and solicitor throughout the process and propose some exchange dates asap.
Hurrah, your offer has been accepted and your feet are firmly on those first rungs of the housing ladder. This is the point where the exchange of contracts happens and you’ll complete the sale in a giddy flash of scrawled signatures and key handovers. Now all you need to worry about is not trashing the place at your first housewarming.
Perhaps you’ve got the hots for a home you’ve seen on our portal or you’ve decided you’re ready to make the transition from reluctant renter to proud house owner? Get in touch and we’ll help ease the process, wherever you are on your housing journey.
Contact us:
mark@daviesdavies.co.uk – Sales Director (contact for sales, lettings and new homes)
katrina@daviesdavies.co.uk – Head of Property & Block Management (contact for property and block management)
020 3820 2492
Davies & Davies Estate Agents, 85 Stroud Green Road, London, N4 3EG
Article & images by Barefaced Studios
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Please note that all content contained within our website is for informational purposes only. You should not construe any such information or other material as legal, tax, investment, financial, or other advice. All Content on this site is information of a general nature and does not address the circumstances of any particular individual or entity. We advise seeking professional advice from a legal, financial, or other professional.
So, you’ve finally decided to take the plunge and buy your first home. Congratulations! You’ve battled through confusing mortgage lingo, survived the viewing marathons, and maybe even resisted falling in love with a flat above your favourite chicken shop (no judgment, the smell of chip oil is comforting). But just when you think you’re on the home straight… someone mentions the chain. Cue dramatic music and a sudden sinking feeling. Don’t panic-chains are common, not catastrophic. But they can cause delays and derailments if you don’t know what you’re dealing with. So, let’s unpick the mystery of property chains and show you how to dodge the drama.
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