Buying a home is undoubtedly one of the most significant milestones however, it can be one of the most challenging too. Whether you’re a first-time buyer or are purchasing your fifth home, understanding the journey from viewing to completion can feel daunting. But, with the right guidance and support, homebuying can transform into an exciting and rewarding experience. We are Lightbulb Lending, and our team are committed to supporting individuals on their journey to buying a brand new home. So, what can you expect on the home-buying journey? In this blog post, we’ll outline the whole journey and what you can expect as you buy your dream home. From viewing to completion, we’ll provide you with practical tips on what to expect and how to manage any unforeseen challenges along the way. As experts in bespoke mortgage services, we provide trusted advice and recommendations to ensure that you feel confident every step of the journey to your new home. For more information, please don’t hesitate to get in touch with our team today!
What To Expect On the Home Buying Journey: From Viewing to Completion
Each stage of the house-buying process needs careful planning, attention to detail and a good understanding of what to expect. Knowing what lies ahead and the challenges you can come across can help you approach each step with confidence and make informed decisions along the way. Here are the key stages of the home-buying process that you should follow to make your dream home possible…
1. Getting Prepared: Assessing Your Finances
Before you even begin viewing properties, you must make sure that you are financially prepared. Ensuring that you can financially commit to a property will mean that you can begin not just viewing but are able to make an offer should you find your dream home.
We recommend assessing your budget and working out how much you can afford including how much deposit you have saved, what your monthly outgoings are and what type and size mortgage you may be eligible for. We also suggest checking and improving your credit score (if possible) before viewing any properties. A higher credit score can significantly improve your chances of securing a better mortgage. Not sure how to improve your credit score? Read our blog 10 Ways to Improve Your Credit Score When Applying For a Mortgage for top tips to follow. If you have poor or no credit, you need not worry. At Lightbulb Lending, we work with a wide range of lenders, including those who do not rely on credit scoring and are more flexible in their lending criteria. We can help you be in the strongest position possible when it comes to making an offer on your dream home.
2. Property Viewings: The Journey Begins
Once you have your finances organised, it’s time for the fun part… viewing properties! This is your first chance to get a sense of the type of home you are interested in. We advise preparing yourself thoroughly for property viewings and not becoming distracted by décor, furniture and more.
One of the best things to have to hand during property viewings is a list of questions for the estate agent or seller. Consider asking questions relating to the property’s age, if any renovations or repairs have been carried out, if the home has any damp or drainage issues and what the neighbourhood is like. We also recommend taking the time to research the local area to ensure that it offers all the amenities you need. Additionally, you should never feel pressured to rush through a house viewing – this could be your future home, after all. Take your time to explore every room and think about how each space will work for you and your family. Another top tip is to view the property at different times of the day to get a sense of neighbourhood activity, traffic, noise levels, atmosphere and more.
3. Taking the Leap: Making an Offer
They say that ‘When you know, you know’ – and if you’ve found a property that ticks all your essential boxes, it’s time to make an offer. Making an offer is often one of the most exciting and nerve-wracking parts of the house-buying process – but acceptance makes it all worthwhile.
To get an idea of the type of offer you should make for your new home, we recommend researching the market value of similar properties in the area. This will give you a good idea of what the sellers are likely to accept and how much they may be willing to discount. Once you’ve made your offer – now you wait! If your offer is accepted – congratulations – but there’s still a little way to go until you can begin bringing in your furniture. You will have to proceed with surveys and checks, and your mortgage will need to be finalised before you move forward.
4. The Mortgage Process: Getting the Funds in Place
Now it’s time to secure your mortgage, if you haven’t already. Although having an offer accepted on your perfect home is exciting, you must make sure that you can afford to finance it. A mortgage broker can help you compare lenders and find the best deal for your situation.
Once your mortgage is secured, your lender will need certain documentation, including proof of income, bank statements and proof of the deposit to be able to proceed with finalising your mortgage. This process can take some time, so it’s essential to be patient, stay on top of your paperwork and remain calm!
5. The Survey: Making Sure There Are No Surprises
A property survey is a vital part of the house-buying journey and can help you identify any hidden problems such as structural issues, damp or electrical faults. There are several types of house surveys available including the basic condition report, homebuyer’s report and full structural survey. The type of survey you require will depend on the age, condition and value of the property.
The results of the survey can significantly impact your next steps as, if serious problems are identified you may wish to renegotiate your offer or even pull out of the purchase. If the survey report is clear and approved, you can move forward with confidence, knowing your future home is in good condition.
6. The Final Step Before Completion: Exchange of Contracts
You’re almost there! Once your mortgage has been secured and your survey is complete and approved, it’s time to exchange contracts. This phase involves your solicitor working alongside the seller’s solicitor to ensure that everything is in order and organised. Once contracts have been exchanged, the deal between you and the sellers is legally binding.
At this stage, you will need to pay your deposit which is usually 10% of the property value. The completion date will also be set, and once everything is agreed – you can start preparing for the big move.
7. Completion: The Keys Are Yours!
Completion is the final step in the home-buying process and marks the day when the funds are transferred from your lender to the seller, and ownership of the property officially changes to your hands. Your solicitor will confirm when the transaction has gone through, and you’ll receive the keys to your new home.
On completion day, you should make sure that everything for the move is arranged including packing, hiring a removal company and organising the utilities in your home. Once this is all organised, you’re free to enjoy your dream home!
The journey to buying a home is fairly straightforward when you know how, and with our comprehensive guide, we hope that you’re suitably prepared for the journey ahead! For more information about buying a home and what to expect, get in touch with Lightbulb Lending today!
Buying a New Home: Navigating the Challenges
Despite your best efforts, unexpected challenges and issues can arise during the home-buying journey. It’s important to be prepared for potential curveballs and know how to handle them. Here are some of the problems that can occur when buying a home, and how you can tackle them…
- Down Valuations
Sometimes, a property valuation may come back lower than expected. This is a situation where the lender believes the property is worth less than the agreed purchase price. If this happens, you may be asked to either renegotiate the purchase price or come up with extra cash to cover the difference.
- The Chain Breaking
A property chain is a series of linked transactions where the buyer and seller depend on another sale or purchase to move forward. If someone in the chain pulls out at the last minute, it can jeopardise your purchase. If this happens, it can feel like a huge setback, but your solicitor or estate agent can help you determine if there are other options available.
- Delays in the Mortgage Process
Securing a mortgage can take longer than expected, which can delay the overall process. If you face delays, make sure you keep open communication with your mortgage broker and lender to get updates and keep things on track. Being proactive with providing required documents and responding to requests can also help speed up the process.
If any of these problems arise, it’s important to remain calm. Most house-buying challenges can be resolved with time, patience and communication – so all is not lost!
Embracing Your New Home Adventure
While undoubtedly filled with ups and downs, with the right guidance and support, the home-buying journey be a truly rewarding and exciting experience. By staying organised, being proactive, and working with professionals like Lightbulb Lending, you can navigate the process with confidence.
Remember, while the journey may feel challenging at times, the sense of pride and accomplishment when you unlock the front door of your new home will make it all worthwhile. At Lightbulb Lending, we’re here to make your home-buying journey as smooth as possible, offering expert mortgage advice and tailored solutions every step of the way. Contact us today to see how we can help!
FAQs
How long does the home-buying process take?
The home-buying process can take anywhere from a few weeks to several months, depending on factors such as the complexity of the transaction and the speed of your mortgage approval.
Do I need a deposit to buy a house?
Yes, most mortgage lenders require a deposit, typically ranging from 5% to 20% of the property value.
What is the difference between a fixed-rate and a variable-rate mortgage?
A fixed-rate mortgage has an interest rate that stays the same for a set period, while a variable-rate mortgage can change based on market conditions.
What is a mortgage in principle?
A mortgage in principle is a letter from a lender stating how much they’re willing to lend you, based on an initial assessment of your finances.
Can I pull out of a property purchase?
Yes, you can pull out of a purchase at any time before the exchange of contracts, though it may result in losing any fees paid.
How do I know if a property is worth the price?
A professional survey and market research can help you determine if a property is worth the asking price.
What happens if my offer is rejected?
If your offer is rejected, you can either increase your offer or walk away and look for other properties.
How do I choose the right mortgage lender?
Comparing interest rates, terms, and fees from multiple lenders can help you find the best mortgage for your needs.
What happens at completion?
At completion, the remaining money is transferred to the seller, and you receive the keys to your new home.
How do I handle a down valuation?
If your property valuation comes back lower than expected, you can renegotiate the price or increase your deposit to make up the difference.
Ready to start your home-buying journey?
At Lightbulb Lending, we’re here to guide you every step of the way. Whether you’re looking for mortgage advice or assistance with the home-buying process, contact us today!
