When it comes to purchasing a property, it can be one of the most exciting and stressful times of your life. It doesn’t matter if you’re buying your first home or purchasing a rental property, there will be pitfalls to be aware of. Here are five key things to keep in mind during the process.
1. The Contract Terms
The first place to start is always with the contract terms. Now, any house purchase will become legally binding when the contracts are exchanged. So this is something that you need to be aware of. But there’s also a lot of paperwork and steps that take place before that. Your solicitor should keep you updated along the way, but you also need to be aware of things like what you’re actually getting with the house purchase, and what won’t be included.
2. It Falling Through
With that in mind, one of the biggest pitfalls is that it might not happen. There are various scenarios where your property purchase falls through, and how that might affect you. It could be before you get to exchange or after. What happens to your deposit at this point will depend on which side of the sale pulls out. But whether financial circumstances change or there is an issue with the purchase along the way, any house in a chain you may be in could slow down the process.
3. The Process Itself
Then, of course, you need to be aware of the process itself. It can take quite a long time. While houses in the US and the rest of the world can often go through in 30 days or less, in the UK, an average completion process can take 12 weeks. Understanding what paperwork you need as well as what needs to happen, can help you to stay calm and not find it too stressful from start to finish.
4. Getting Yourself Organized
But at the same time, you also need to be organized. This isn’t just in terms of having the financial and legal requirements satisfied, but also getting all packed up and ready to move. Packing up your entire life to move can be such a lengthy process. Arranging a van or movers can be too. So, making sure that you’re ready to go when your completion date is set will help.
5. Making the Right Decisions
Ultimately, you always need to ensure that you’re making the right decisions for you and your family. Of course, this can be hard to do, and hindsight is a beautiful thing. But this is often where your gut feeling can come in. Purchasing a home can be such a big decision, and it is usually the biggest purchase you make in your life. So, it needs to be right! The best way to make that happen is to take things slowly, think everything through for as long as you need to, and don’t go ahead if something doesn’t feel right. If you’re excited and things feel aligned with your life goals, then it’s a good sign. So, just bear that in mind!