It doesn’t matter whether you’re a first-time buyer or have bought and sold a property several times over – the home buying process can always appear daunting and can feel like the landscape is constantly shifting.
We’re here as an experienced agent with over 30 years of industry know-how to guide you through every step and have compiled our top 10 tips for homebuyers to navigate the market in 2021.
1) Before you begin: Know your property search budget
It’s always advisable to know what budget you are going to be working with. Liaise with your mortgage broker or bank and find out what is available to you.
2) Know what deposit you have available and what schemes are available to support you.
As well as your available budget you’ll want to know what deposit you’ll need or proposed equity you’re able to use in order to complete your move.
With the welcomed benefits in the government’s latest Budget 2021 there are some good options and savings to be made:
Stamp Duty Threshold
- On properties, up to £500,000 the stamp duty holiday will be extended from March 31st through to June 30th.
- From 1st July, the holiday will apply only to properties up to £250,000 until the end of September.
- Pre-Covid stamp duty thresholds are due to resume their normal and expected levels from October.
Buyers can currently save up to £15,000 until the end of June. Thereafter, lower rates will be offered from July through to the end of September.
95% Government-Guaranteed Mortgages
Available from April 2021 on the purchase of properties up to the value of £600,000.
- The launch of the government-backed mortgage guarantee scheme was created to assist those with a 5% deposit to buy a home.
- The scheme is available for 18 months until December 2022 and with the governments guarantee it will encourage lenders to offer 95% mortgages once again.
- The scheme is available to new and existing homeowners and it applies to all properties new and old up to the value limit of £600,000.
- Rates available will be with the stipulation of having a regular income, good credit rating and proof that you can comply with the monthly repayments.
In order to access the scheme, you will need to approach one of the participating mortgage lenders or find a mortgage broker who can help you to find your best option.
3) Research your desired locations and the range of properties that sit within them.
Do your due diligence in your desired locations and research into the properties already on the market and which price brackets you’ll be looking within. Look at a range and start to think about which ones could work for you and your needs/desires.
4) Set your own search criteria and register with your local agent.
Register with the local agent when you begin your property search and offer as much detail as you can for any potential property matches. It’s also useful to know what you’re willing to compromise on and what your absolute non-negotiables are.
5) Get your finances in order: Getting your mortgage agreement in principle.
Before you start looking ensure that your broker or bank has offered you a mortgage in principle if you require one to avoid any disappointment further into the process.
6) Let us help you to find the right property in the right location.
Your agent can help you to find the right property in the right location and we will always be on the lookout for the right match for you. Our in-house tracking system lists all properties we have currently available. However, we are always valuing properties and can also advise on what’s coming up too.
7) Legal procedure: Making an offer.
All offers are passed to our vendors (as is required by law) and you will also receive written confirmation of any offers made.
8) Appointing professionals: Once your offer is accepted look at your next steps and what is expected of you.
When you have an offer successfully accepted we will notify you as soon as we are able to and will talk you through your next steps such as; commissioning a surveyor, instructing a conveyancer/solicitor and organising your mortgage valuation.
9) Know your chain: Do you need to sell in order to progress forwards?
If you need to sell a property in conjunction with your purchase we can ensure a smooth transition and work with both sales in order to offer you continuity.
10) Work with the right estate agent for you: Look for the benefits to you as a homebuyer.
At CSB we are able to offer extensive support and expertise with our estate agency and conveyancing services all under one roof to facilitate ease of accessibility to our in-house resources and a smooth process to all of our clients.
We understand that a home is more than just a home and we know that buying and selling is more than just bricks and mortar to our clients.
If you’re looking to buy or sell a property within Pendle and the surrounding areas and want to find out how our additional in-house conveyancing/legal services can benefit you then why not get in touch with us at CSB and see how we can help you make your next move. You can reach out and call us directly on 01282 860606 or email us at [email protected].