What you should know about being a second time buyer

Second time house buyer

Remember how stressful it was buying your first house? Are you a second time buyer? All the questions and forms, the applications, the speaking to estate agents and solicitors, not to mention applying for your first mortgage! Well now its time to do that again but you’ve got to sell your house at the same time!

It’s no wonder they say it is the most stressful thing you can do! But don’t worry… Actually, it’s really not that bad, or it certainly doesn’t have to be. Trust me, we help people do this every day and I’m going to tell you all you need to know to make it stress free and plain sailing all the way to your new front door.

First things first, we need to know what your current house is worth, so you will need an estate agent or two to give you a valuation of your home. Of course, it is best to arrange for this to be done in person but you can get an idea instantly online to begin with. This step is oh so important and one that most people skip because it’s not as fun as the bit after – viewing new properties! Now is the time to check your budget carefully because we need to see how much you can borrow. It won’t take too long but we need to see what your situation is now and look at your income and outgoings. It may be best to stay with your existing lender or it may be better to go to a new one but that is a whole separate blog in itself!

So now we know what your house is worth and how much you can borrow, once we have factored in all the fees and costs (there’s more this time by the way!) you are then all set to go and look at new properties.

Don’t get too attached though yet though because you can’t do anything until you have accepted an offer on your current property. This is the bit so many people try and to the wrong way round, which unfortunately I see frequently in my Oxfordshire estate agency – Maxwells. Clients find a house they love before accepting an offer on their own home and then by the time they are in a position to make an offer, its gone to someone who was proceedable! There’s no point offering until you are sold, the owners won’t take it off the market for you yet. Why would you for someone that couldn’t actually buy it at that moment in time?

So now we put your house on the market and choose a good estate agent – please choose wisely, this is important, its not all about the cheapest fee or even who puts the highest price on your home! Who has done the most research? Who do you get a good feeling from? You can read my other blogs on choosing an estate agent here. When you have chosen and your property goes ‘on the market’, you will get some viewings and then agree a price with someone.

Now, don’t panic, don’t rush out and buy the first thing that will do, no one is going to make you move out as soon as you have accepted an offer on your home. Particularly as I wite this, so many people are worrying what they will do if they find a buyer but can’t find a new one they like. Don’t worry, they will wait. And if they don’t then another buyer will come along.

Chances are though, by now you have your eye on one or two new houses and the good news is now you ARE in a position to make an offer and agree a price! Once that is all agreed you need to instruct a solicitor, again, choose wisely here as they are the absolute key to how quickly and smoothly things progress. They will send you so many forms and questionnaires, you won’t know which one to do first! But start at the beginning and work your way through in order, start with info about your sale and then move on. We are always here to help you with all your forms.

Next comes the mortgage application, we need all of your documents, your pay slips and bank statements and ID, etc to submit a full application. It usually takes a couple of weeks to get it all agreed. There will be questions that come up here too but we always try and handle it ourselves where we can, so you don’t have any unnecessary hassle.
There are going to be more questions coming from your buyers to answer and your solicitor will be sending you lots more information about the new house. You will need to read through it all carefully but your solicitor will point out anything you need to be particularly aware of.

Eventually after several weeks and all the paperwork, then will be the time to start talking about dates for moving. This bit is like trying to get a big group of friends together for a meal or something, someone can’t do the same day as everyone else and you end up missing people. Except with this its pretty important that everyone agrees on the same day! People usually like a Friday, presumably because then you have the weekend to unpack the vital boxes, but it can be any day of the week that you can all agree on. It can’t be the weekend though as solicitors and banks to be open.

So then that’s it! You have moved in, time to unpack, probably get a takeaway and enjoy your new home… until next time that is! For more information please do contact us.