Which buying property

It can also be known as a decision in principle DIP or mortgage promise. Having an AIP can make you a more attractive buyer, as it shows the seller and their estate agent that you will be able to secure the amount of money you need to buy the property. Eight in 10 mortgage holders we surveyed in June , and who took out an AIP, said they thought it helped them.

Keeping in touch with local estate agents could increase your chances of finding your ideal home, as agents sometimes contact registered buyers before listing a property online.

Half of homeowners we surveyed in January said they thought 'the feeling' was extremely important when house-hunting. But if other people are interested in the property, you may need to offer the asking price or more. Looking at how much other, similar properties in the same neighbourhood have recently sold for will help you work out how much the property is worth. You can find this information on websites such as Zoopla and the Land Registry.

This can reduce the chances that you'll be gazumped. You can see how much your monthly payments would cost based on different interest rates, loan amounts and mortgage terms using our mortgage repayments calculator.

Conveyancing is the legal process that takes place after your offer is accepted. In England and Wales, this includes carrying out searches, drawing up and checking contracts, dealing with the Land Registry and paying any stamp duty. You can use a conveyancer - who might not be a qualified solicitor but will definitely specialise in property - or a solicitor, who you should check has recent experience in property law.

Find out more: what does conveyancing involve? Property surveys help to assess the condition of the building and detect structural problems. A survey could also enable you to either negotiate the purchase price down, or ask the seller to fix any problems. January The cost will depend on the location, size and type of property. But if you have a lot to move, removal companies can help make the process easier - Which?

Trusted Traders can help you find a reliable firm near you. Removal company costs will depend on the amount of items you need to move and the distance to your new property, among other things. The chances of anything falling through from this moment are extremely low. Your conveyancer will lodge an interest in the property, enabling you to pay the seller, and apply to the Land Registry to transfer the deeds to your name.

Completion often takes place around two weeks after exchange, but this is flexible and you can agree a convenient date with the seller. On completion day, the money will be transferred to the seller and you can then collect the keys from the estate agent and move into your new home. Next comes the much more enjoyable task of starting to furnish and decorate the property to your taste - and maybe even taking a moment to simply relax. In this short video, property TV presenter Jonnie Irwin runs through the steps you'll need to take when buying your first home.

Financial Services Limited. Financial Services Limited is a wholly-owned subsidiary of Which? Limited and part of the Which? List of Partners vendors. Buying a home is a very emotional process. If you allow those emotions to get the best of you, you may fall prey to a number of common home buyer mistakes. Since homeownership has far-reaching implications, it's important to keep your emotions in check and make the most rational decision possible.

Your aim is to end up with a home you love at a price you can afford , but unfortunately, many people do things that prevent them from achieving that dream. Let's look at some of the top house-hunting mistakes people make—and how to find a house the right way. Once you've fallen in love with a particular place, it's hard to go back. You start dreaming about how great your life would be if you had all the wonderful things it offered, like the lovely tree-lined streets, the jetted bathtub, the spacious kitchen with professional-grade appliances, etc.

However, if you can't or won't be able to afford that house, you're just hurting yourself by imagining yourself in it. So, to avoid temptation, it's best to restrict your house-shopping to properties in your financial neighborhood. If you look at places that are outside your price range, you'll end up lusting after something you can't afford.

That can put you in the dangerous position of trying to stretch beyond your means financially or cause you to feel unsatisfied with what you actually can buy. Start your search at the low end of your price range. If what you find there satisfies you, there's no need to go higher. You may be better off putting that money toward something else. As we all should have learned from the subprime mortgage crisis, what the bank says you can afford, versus what you know you can afford or are comfortable with paying , are not necessarily the same.

Conversely, what you think you can afford and what the bank is willing to lend you may not match up, especially if you have poor credit or unstable income. Mortgage lending discrimination is illegal. If you think you've been discriminated against based on race, religion, sex, marital status, use of public assistance, national origin, disability, or age, there are steps you can take. Make sure to be pre-approved for a loan before placing an offer on a home—or even before you go house-hunting in earnest.

If you don't, you'll be wasting the seller's time, the seller's agent's time, and your agent's time if you sign a contract and then discover later that the bank won't lend you what you need—or that it's only willing to give you terms you find unacceptable. The pre-approval process can also help you locate the aforementioned financial neighborhood for your house-hunting expeditions.

Be aware that even if you have been pre-approved for a mortgage, your loan can fall through at the last minute if you do something to alter your credit score , such as finance a car purchase. If your actions cause the deal to die, you may have to forfeit any deposit or earnest money you put up when you entered into the contract. While you should be realistic in your search, and willing to compromise to some degree, don't cave on important things.

For example, don't get a two-bedroom home when you know you're planning to have kids and will want three bedrooms. By the same token, don't buy a condo just because it's cheaper than a house if one of the main reasons you're over apartment life is that you hate sharing walls with neighbors.

It's true that you'll probably have to make some compromises to be able to afford your first home, but don't make a compromise that will be a major strain. Unless you are a high-end buyer looking at custom homes, chances are that for any home you find that you like, there are quite a few others that are close to it.

Most neighborhoods have multiple homes that are similar or the same model; they may have all been constructed by the same builder. Even if you can't find an identical model for sale, you can probably find a house with many of the same features.

If you're considering a condo or townhouse, the odds are also in your favor. Being open to continuing your search will save you from making rash decisions you might regret later.

There are plenty of real estate websites and apps that can help you streamline the house-hunting process, making it possible to preview hundreds of homes within a few hours from the comfort of your couch. Once you're seriously shopping for a home, don't walk into an open house without having a real estate agent or broker. Agents are held to the ethical rule that they must act in both the seller's and the buyer's best interests.

But you can see how it might not put you in the best bargaining position if you start dealing with a seller's agent before contacting one of your own. Sometimes a homebuyer can feel like Goldilocks in the three bears' house: This is too big, this is too small. Distinguishing between what's fixable and what's not is a key part of house-hunting.

Even if you can't afford to replace that hideous wallpaper in the bathroom right now, it might be worth it to live with the ugliness for a while in exchange for getting into a house you can afford.

If the home otherwise meets your needs in terms of the big things that are difficult to change, such as location and size, don't let physical imperfections turn you away. At the same time, don't be snowed by minor upgrades and cosmetic fixes. These are inexpensive tricks that sellers use to play on your emotions and elicit a much higher price tag. Besides, doing home upgrades yourself, even when you have to hire a contractor, is often cheaper than paying the increased home value to a seller who has already done the work for you.

And you can do them according to your taste, not someone else's. Look for homes whose full potential has yet to be realized, especially if you're on a strict budget. The bump in equity from your upgrades will help you to move up the property ladder. That being said, if you're going to buy a house that needs work, don't buy a fixer-upper that's more than you can handle in terms of time, money, or your own ability.

For example, if you think you can do the work yourself then realize you can't once you get started, any repairs or upgrades you were planning to make will probably cost twice as much once you factor in the labor—and that may not be in your budget. Furthermore, you would have to consider the costs involved to fix anything you may have started, including replacing materials you wasted. Honestly evaluate your abilities, your budget, and how soon you need to move before purchasing a property that isn't move-in ready.

Don't just focus on the residence—look at the surrounding area. The Completion Certificate or the Occupancy Certificate is a document which states that the building has been inspected upon completion and follows all the laws under the municipal corporation or the local development authority. This document is required to avail utilities such as water supply, electricity supply and the drainage system. It is not advisable for first time home buyers to buy a property without the Completion Certificate as without it the building.

A Khata is essentially a revenue document that contains details of the property, such as size, location, area that it is built upon etc. It is also a form of identification and is required when taking a home loan. It is vital to make sure that the Khata Certificate is a part of the home buying process because it is needed to apply for the electricity and water supply. An Allotment Letter is crucial if you plan on booking a home which is currently under construction. It includes all the details regarding the payment of the flat and any extra fees that you may have to make for any additional facilities.

This letter is vital when it comes to getting a loan from the bank as it mentions the amount that is required to be paid by the buyer. The company is currently developing landmark projects in 12 cities across India covering over Home Ally.