Buying a house can take a long time. Especially if you are also selling your current home, or there’s a chain above you. In fact, the average time between first viewing a new house and moving in is around four months. It can take almost a year if there are problems along the way. This is a long time. You can spend this time worrying if you’ve made the right decision, spending money on your current home, stuck somewhere you aren’t happy living and generally feeling like you are a little lost. Unsettled and ready to move, but without being able to do anything.
It’s annoying and expensive and having a long wait can also make it difficult to plan. You can’t start moving, start new jobs or schools, arrange utilities, shop for furniture, decorate or anything else until you’ve got keys and signed a contract. It can be tough just waiting around.
To some extent, there’s not much that you can do, it will take as long as it takes and there are areas of the home buying process that you simply can’t speed up. But, there are other places that you can save yourself time and get your purchase completed much faster. Let’s take a look at them.
See a Mortgage Advisor
Getting a mortgage is one of the hardest parts of buying a house. There are many different lenders out there, offering different rates, lengths and charges and you might have trouble being approved even if you’ve already owned a house or you are financially stable.
So, see an advisor before you even think about looking for a home. See an independent advisor that isn’t affiliated with a lender for an unbiased opinion and a chance to explore all of your options. Go into your meeting with bank statements, receipts, payslips and end of year financial reports, details of savings and any benefits you receive and your tax returns if you are self-employed. This will make the process much easier and faster.
Your mortgage advisor will be able to tell you how much you are likely to be able to borrow from which banks, and let you know if there are any changes that you could be made which would help your chances. If you can borrow the amount that you need or want, get an agreement in principle. This isn’t a guarantee of a mortgage but will speed the process up when you make an official application.
Shop with a Plan
You know how much money that you can borrow and how much deposit you’ve got, so now you can start shopping for a new house without wasting time on properties that you can’t afford. Starting your search online makes the process much easier even if you are moving abroad and looking at Bangkok Condos for sale. Filter your search so that you are only looking at home with everything on your Wishlist instead of searching aimlessly.
Chase Your Conveyancer
Once you’ve made a mortgage application and had an offer on a house accepted, you’ll need to get surveys done and find a conveyancer. It’s a good idea to know who you are going to use beforehand so start doing some research as soon as you know that you want to buy.
Then, you can arrange for surveys to be done as soon as your offer is accepted.
Your conveyancer has a lot to check, and it can be a complicated process. This can be slowed down because conveyancers are busy people. Your file can easily fall to the bottom of the pile. Remember, you are paying them. You are free to call and ask for updates whenever you want. Keep chasing them, make sure you know exactly what stage they are at and what they are working for and keep chasing until you see results.
Give them a Date
If you’ve got a date for your move in mind, let your conveyancer know. Ask for a completion date or give them your date. It might not be possible in the end, but at least everyone will have something to aim for.
Organization is key. Before you start looking for a house, do your research. Learn everything that you can about buying a home. Study every detail. Find out who you are using for what and get balls rolling as soon as you can. Then, start packing. It can take a long time, but you could quite suddenly complete, so make sure you are organized and ready.
Summer is a popular time to move. But, it’s also a time of holidays and time off. Imagine, your vendor goes away for a week, their conveyancer has a two-week vacation, then yours goes away. This can turn into months of people being out of the office, delaying your move. Avoid summer holiday season and Christmas time.