Home Buying Guide
Home Buying Guide
Hadden Group are not mortgage or legal advisors. The information that we have provided below is a guide to help you know where to start when buying or selling your home. Thank you.
What can you afford?
Buying a new home can be exciting but there is so much to consider, and it can be a lengthy process. Before you begin your journey buying a new home, it is worth working out how much you can afford to spend and how much realistically you can borrow.
Some are unaware that there are many additional costs included when buying a home that are often not included within your borrowing amount. Additional fees may include: mortgage arrangement; stamp duty’s; surveys; solicitor’s fees and land registry fees. There is also the additional cost of running your new home, plus any furniture or appliances you will need to buy in the first few months.
How much can you borrow?
The first step in buying a house is applying for a mortgage. You may be lucky enough to have the money to buy your new home outright, but many apply for a mortgage. The amount you can borrow will depend on your income, credit history, outgoings, and whether you are buying your home alone or with others.
The amount you borrow will ultimately come down to how much you can afford to pay each month. Finding how much money you need to live on is a good place to start. We would suggest writing down all your current means of income: wage, savings, child maintenance, tax credits and support you may receive and your outgoings: utility bills, loan payments, insurance, mobile phones, gym membership, transport and shopping in order to visualise how much money you have. This will then give you a rough idea of the amount you would be able to pay each month towards your mortgage and still live comfortably.
If you are not a first-time buyer – Should you sell your home first?
Selling your house first can be dangerous in a rising market, but there are advantages to doing this. One reason that people prefer to sell before they buy is because they will not be trapped in a chain, which means that they can move in quickly once they find their ideal property.
Benefits of Buying New
1. There is no delay. You can move into your Hadden Group Home as soon as it is ready.
2. Energy efficient. New homes are on average six times more energy efficient than older homes. Better for our planet – and your wallet!
3. Designed for modern living. Our homes are designed to be flexible and to reflect the ways that we live today.
4. Style how you like! A new home is a ‘blank canvas’, it is ready for your own personal touchers and creativity.
5. Built to a quality standard.
6. Feel safe, secure and comfortable. We are confident that our homes meet the highest standards – from structure ventilation, sound insulation, electrical safety and fire safety.
7. Relax instantly. There is no need to carry out renovations, repairs or DIY. New home owners are able to spend more time with there family and friends, from the day that they move in.
Our Top Tips
- Give yourself plenty of time:
- Visit the area of your desired property at different times of the day, and familiarise yourself with the area it is situated in. Find out if the area is somewhere you would like to live, and that works for you and your lifestyle.
- Shop around: Visit different lenders and find out the best mortgage arrangement for you. Lenders offer different rates of interest and varying incentives like cashback. It is important to find the best mortgage for your situation.
Hadden Group’s Promise to You
We value you as a customer and are committed to providing you with a high-quality home you can be proud of. We aim to make buying a new home an enjoyable experience and will make the process as easy as possible. The Hadden Homes team will be on hand to provide you with advice and support, with one point of contact throughout to make it easy. We’ll provide you with as much information as possible about what to expect at each stage of the process.