Buying and Selling A Property
For most of us the largest financial investment we make in our life time is our house. Even though we believe we will live there forever there are many circumstances that change after we have purchased our house.
The family increase in size, our place of employment may change and the commute is no longer viable, separation / divorce or perhaps, it’s just time for a change. There are many reasons that we decide to sell our property.
Selling your home can feel very daunting – how on earth do you go about it? The first thing to do is too look at your finances to see what you can afford and it is always worthwhile keeping an eye on the property market to see what is available and what the prices are in the area you are looking at.
The Process To Sell Your Home
In the early stages it is worthwhile talking to a mortgage advisor to make sure you will be able to achieve a mortgage based on your personal and financial situation. This will help you in your search. It will also help you if you are aware of what your budget is – how much are you willing to pay towards a mortgage each month?
You must then get a valuation of your own property by a local estate agent and when you decide to proceed, a home report will be required. Someone will come to your property and check your home for any signs of visible damage, dry rot etc. The valuation on the home report lets potential buyers know what the house is expected to sell for.
Like most markets, homes are based on supply and demand. Each region in Scotland varies in terms of value and how quickly your property will. If you’ve had properties around you on the market recently, then this will give you a good idea what timescale to expect.
The job of your estate agent is to market your property and make it seen by as many potential buyers as possible. They will control and advise on which offers to accept and which to negotiate.
When your property is on the market you must be prepared for viewers, this means keeping the property as clean and tidy as possible; you want to make the property as appealing as possible and there are many websites that will give you information on how to do that.
Depending on your finances, many people wait until their property is sold before putting an offer in on the property they wish to purchase, though this is generally achieved through a solicitor. All legal and selling costs should be taken into consideration before you deciding to sell.
Once your offer has been accepted and a date by all parties has been agreed it is time to start getting organised. Again, depending on your affordability there are some companies out there who will come out and pack your house for you. Though many people do this themselves. There are always a number of small things to remember, i.e. to read the gas and electricity, arrange your internet and to change to your new address with various different organisations.
Once you have settled in your new home it will all be worth it and you will be on your way to a whole different experience.
When To Get Mortgage Advice?
When you’re selling your home and purchasing a new property, when should you speak to a mortgage adviser? We typically say that it’s best to speak to a qualified mortgage adviser straight away – you’re under no obligation to proceed, but it will give you an insight into which deals are available and a qualified professional can “sense check” your plan. You will also receive a Decision In Principle (DIP) which means that in principle, assuming all information remains accurate, you will be accepted for a mortgage with one, or more, mortgage lenders.
If you would like to have a conversation with a qualified mortgage adviser, we’re here to help. We charge no fees when you’re moving home and for advice on your mortgage.