Be prepared before you buy
It’s the biggest investment you’ll ever make, so ask the right questions to ensure you’re applying for the right home
Step One
Before you go and view the property
How much can I afford?
It’s very important to know how much you can afford before you go and view a property. Why get excited only to find out the property isn’t affordable. Ask the housing association for rough income requirements and speak to an experienced independent financial advisor (IFA). They will be able to let you know how much each scheme will affect your outgoings per month.
What other costs are involved?
You’ll need a solicitor and there will be some legal costs. Include possible removal van hire and other set up costs too. Many housing providers recommend that you have access to enough funds to pay starting costs; legal fees etc, in the amount of £1500-£3000. Costs can vary.
Will a bad credit history cause me any problems?
Quite possibly, but take advice from an IFA. Be up front, sometimes they can help; disclosure later on could cause frustration and disappointment.
Who pays for repairs and improvements?
Be sure you ask in advance who pays for what and if permission is required for changes and improvements.
Is it the right location?
No matter how attractive the property is, you’ll be disappointed if you discover it’s on the wrong bus route or nowhere near where you thought it was. Check out the location before you decide if you want to view.
Step Two
As you walk round the property
What local services are there?
Key questions to make you comfortable with the area should cover schools, shops, Doctor’s surgery and transport links.
What’s included?
Remember to ask what comes as part of the package. It may include carpets and kitchen appliances, but be careful; it may not include everything you see in the show house. Ask and make a note.
Is there parking?
Be very clear about parking facilities. Is there an allocated parking spot or is it on a first come, first served basis? Ask if visitors can use the parking area.
Do I have a garden/is it communal?
Ask if you have any specific responsibilities if the garden is communal.
Is the property secure?
Especially important in developments; is there a security system? Is the lift monitored? Are there entry phones?
Step Three
The next steps
How do I formally apply?
Ask what information is required. It may be copies of wage slips, bank statements, a mortgage in principle certificate or an affordability check from an experienced IFA. You may be asked for your registration reference number from the HomeBuy agent.
How do I know if I’ll be offered the property?
You will be notified and advises on the estimated timescales for the sale completion. At the same time you should contact your chosen solicitor who will help you through the transaction.
How long does a purchase take?
Around 12 weeks is average for a new build property. If it’s an older resale property it may take longer as there might be a chain of homes involved.
If I’m not offered the property, what should I do next time?
If you’re not successful this time it does not mean you won’t be next time. Consider that maybe you might be better suited to another property or scheme. Perhaps the ‘competition’ will be different next time, don’t give up.
Source: HomeFocus Magazine