Prepare for a Moving Experience – Points to ponder

Posted by & filed under Estate Agents, Finance, First Time Buyer, House Hunting, Mortgage, Property Purchase, Property Search.

If you’re thinking of purchasing a property, as a first time buyer, or if you’ve bought before, when preparing for moving house there’s quite a bit to think about. What will help is to approach the process in a step by step and logical manner.

Before you do anything else, I’d suggest speaking to an independent ‘whole of market’ mortgage advisor. As well as being able to talk about mortgages, a good and experienced advisor should be able to give you an overview of the process. They should also be able to provide useful information such as an estimate of the ‘costs of moving’ including survey costs, legal fees, taxes, and estate agents. Very quickly the advisor will also be able to give you an indication of what amount you’re likely to be able to borrow (which does vary from lender to lender) and the monthly expected costs. This info can be used to set a budget you’re comfortable with, which will determine the purchase price of the new house.

If you need to sell in order to move house, then the next step is to contact estate agents. Whilst you may have some idea of what you think your property is worth, for most people effective valuing and marketing of the property will require an agent. As with many things, it’s ‘the norm’ to contact 3 different agents and to meet them all before selecting a favourite … Please don’t be driven simply by the value stated, or the fee being charged, also consider the service and terms of contract.

Would you want to agree to exclusive marketing through one agent for 16 weeks? Personally, I either wouldn’t agree a period longer than 6-8 weeks, or I’d want to incentivise the agent in some way. I wouldn’t want to be the owner of a forgotten house, after the initial flurry of activity has been completed.

During your meetings, ask any agent that visits if they have any tips about the presentation (staging) of the house, that could improve your chances when viewings take place … Three opinions are better than just one, and if there are common tips, they’re probably worth following.