Buying

Buying property in 2025

Posted on: Friday, December 13, 2024

The beginning of a new year is a time for fresh starts, renewed optimism, and exciting changes, making it the perfect opportunity to buy a new home. This guide will give you all the tips you need to make that dream move a reality. 

Calculate your budget 

Before you start searching for your perfect property, it is important to calculate your budget so you know what price range you should be looking at. To calculate an accurate and realistic estimate, you should consider your income, savings, and monthly expenses. It's a good idea to let a mortgage adviser help you with this, as they will give you an estimate of what you can afford based on your situation. 

Get a pre-approved mortgage 

Mortgage pre-approval is a process that involves a lender conducting a thorough assessment of an individual’s financial history to establish the maximum loan amount they can receive. Several things are checked in mortgage pre-approval, such as your credit score, bank statements, and payslips. As well as creating additional mortgage options that are personalised to you, having a pre-approved mortgage will make you stand out as a serious buyer, which can give you an advantage when searching and making offers for properties. 

Use an experienced estate agent 

When buying a home, using the services provided by an experienced estate agent is paramount. The knowledge and expertise they possess contribute to a successful, stress-free process and help you make informed decisions. They are equipped with a large network of connections, which allows them to access a greater selection of homes that meet your needs and desires. Furthermore, estate agents manage the intricate web of legal and financial factors involved in buying a home, providing vital information and support throughout the process. It is important that you seek their assistance when preparing to make an offer for a property, as they can suggest a sensible amount to put on the table. 

Find your ideal home 

When looking for your perfect home, there are several things you need to consider, one of which is the location of the property and its access to important amenities such as schools, hospitals, and transportation links. Aside from the practicalities of a location, you should also ensure that you enjoy the overall feel of the neighbourhood so that you are confident that you will enjoy living there. You should also consider what type of property you need based on your situation. For example, if you have a growing family, you might want to search for a house with multiple bedrooms and a spacious garden. 

Inspect the property 

Once you have found a property that you are interested in buying, you should make sure to give it a thorough inspection. This is crucial as it could reveal issues that you did not previously spot when you viewed the property. It could be a good idea to hire a surveyor, as they will check for any issues with the property and detail their findings to you so that you are fully aware of the condition of the home you are looking to buy. 

Read the contract

Thoroughly reviewing the entire contract is essential when buying a property to ensure a smooth and legally sound exchange. Professionally examining the contract will help you find any hidden clauses that could otherwise be overlooked, meaning there will be fewer unpleasant shocks or disagreements in the future. There is nothing in the contract that is unimportant, so you mustn't skip any parts or ignore anything you do not understand. If you find something in the contract that you are unhappy with, it is best to get in touch with your estate agent as they will suggest the best course of action.  

Contact us

If you’re looking to buy your next home, contact your local Guild Member today.