Buying a property takes time. Most buyers find that the entire process – from starting to view properties to moving into their new home – will take between four and six months.
Unfortunately, for some prospective buyers, time isn’t on their side; for example, you may find that you need to relocate quickly for work purposes. If you find yourself in such a scenario and want to accelerate the home-buying process, here are a few tips to keep in mind…
Clear your schedule
Buying a property takes time; you’ll need to attend viewings, go through the administrative side of the process, make expedient decisions and manage the process of leaving your existing home. As a result, it’s helpful to completely clear your schedule so that you can focus your attention solely on all of these requirements.
Get your financial and legal requirements in order
The process of applying for, and obtaining, a mortgage can greatly impede the progress of buying a home. To prevent any delays, it’s helpful to get your application underway before you even begin to look for properties. Similarly, finding a conveyancer can also take time, so visit the likes of Conveyancing Store and find a suitable company to assist with this aspect of buying as soon as possible. When you know you have the financial and legal elements ready to go, everything should progress that little more smoothly when you do find a property you want to make an offer on.
Focus on freeholds
If you buy a freehold property, then you are buying the property itself and the land that the building it is located on. If you buy a leasehold property, you will not own the land; instead, you are effectively renting the property from the freeholder for an agreed period of time (usually for 90 years or more, though some leaseholds are shorter). As a general rule, freehold properties tend to be simpler – and therefore quicker – to buy than leasehold properties, as fewer parties are involved in the transaction. If you are focused on buying a property as soon as possible, then limiting your search to only freehold properties could help to speed things up significantly.
Only view properties that do not have a significant chain
When you have found a property that you are considering buying, you may find that you become trapped in what is known as a “chain”. This means that you may not be able to buy the property immediately because the current owner is still waiting to finalise the purchase on their next home. Chains can become extremely long and complicated, and there is always a significant risk that a single break in the chain will set your buying process back significantly. To avoid such a scenario, focus your search on properties with very short chains or, better still, no chain at all.
Buying a property will always involve a fairly lengthy process, but with the tips above, you should be able to accelerate the process and enjoy a brand new home in the shortest possible time.