Knowing the fundamentals of the home-buying process can help you avoid being caught off guard and make the experience more pleasant, despite the fact that it may be a long and complicated one. This article offers 7 secrets to find the right property in Maidstone, UK, and provides a high-level overview of the typical home-buying process.
1. Sign up with real estate agents.
Sign up with estate agents in Maidstone, particularly the area which you’ve decided you want to purchase a house in. There is no cost or commitment associated with registering. Local real estate brokers may contact pre-qualified purchasers before a property is even listed online, so it pays to stay in touch with them.
2. Learn your borrowing limits.
Different factors, such as your salary, credit history, and the size of the down payment, will determine how much of a loan you will be able to get from a mortgage lender. The creditworthiness of anybody else who will be purchasing the house with you should be considered as well.
You may expect to borrow no more than four times your yearly income from a bank, however this number can go up or down depending on the lender, your credit history, and the amount you put down as a down payment.
Don’t forget to include in the fees of escrow, inspections, and – relying on the price of the house and if you are a first-time purchaser.
3. Do some research on the area of your choice.
It might be worthwhile to stay overnight or more in Maidstone while touring it in order to get a feel for the commute, local businesses, dining options, and overall vibe.
Inquire about the following, among other things:
- The price of a home as per its location in a school district with a reputation for excellence.
- Property values boosted by proximity to convenient transportation nodes such as train stations and highways.
- Plans for local infrastructure; take into account the pros and cons of new business and housing projects, which may boost local services but increase congestion and pollution.
4. Make a first mortgage application.
A mortgage provider will affirm their willingness to give you money in principle by providing you with a “agreement in principle“ or AIP. If the seller and the real estate agent see that you have an AIP, it increases the likelihood of you being able to get the funds necessary to complete the purchase of the property.
5. Put money aside for a house down payment.
In Maidstone, generally, the minimum deposit equal to five percent of the home’s purchase in price is required. If you put down 10% on a home that costs £200,000 and get a 95% mortgage, you’ll need to come up with the leftover £190,000.
When obtaining a mortgage, a larger down payment often translates to a cheaper rate of interest, so it’s usually reasonable to save up for a greater period of time if possible.
6. Inspect the houses directly.
You will likely spend a lot of time on real estate search engines like Rightmove and Zoopla. However, it’s also vital that you visit potential homes in person.
You can better assess a home’s potential, or lack thereof, and determine if it gives you that special “something” that is difficult to capture on a screen by seeing it in person.
7. Send out a bid.
It might be challenging to choose an appropriate amount to contribute. It’s not uncommon to make an offer that is lower than the asking price, however the final decision must be made based on the specifics of each property.
You could have to pay the asking amount or perhaps more if there are other buyers in the market. You may determine the property’s value by researching previous sales of comparable homes in the area. Such data is available on sites like Zoopla as well as the Land Registry.
Your offer should be sent to the estate agent in writing, but you may also do it verbally. In your offer letter, highlight the positive aspects of your purchase and state that your offer is contingent upon the results of a property survey and the property’s removal from the market.
It’s a good idea to revisit a place you enjoy more than once, preferably at various times of day, to make sure there aren’t any issues you missed the first time around!
To Sum Up
Maidstone is a hotspot for the property market- and it is only growing. It has plenty to offer, so if you’ve been considering moving to the idyllic Kent town, there’s no better time than now!