Looking to get involved in the housing market, either in the UK or in another country around the world?
Then you’re in the right place, as we have some useful and insightful tips to help you to successfully embark on the home-buying process.
Buying a house in a quick and smart way may seem hard, but it isn’t when you have the ‘know-how’. On average, the process takes two to three months, however, due to other circumstances, the process could take anything up to a year. Reasons for a delay in the buying process could be due to low inventory and strong buyer demand but stay on top of tricks and tips to help you buy a home in the smoothest possible way.
So, what can you do to help the situation and speed the process up?
- Let the government help you get off the mark: so, if you’re in the process of saving for a deposit then you could perhaps look at the options of qualifying for one of the more than 2,200 down payment assistance programs. They are offered all across the country and they are there to help people to buy a house, mainly through the Help to Buy scheme. They provide home buyers with more security by offering low-interest loans, tax credits and grants. A lot of people are fully unaware that these sorts of programs exist, so start utilising them! Make sure that you check eligibility requirements for the certain program you’re interested in first and then go for it and get the help you need.
- Stay educated and on top of new house listings: check what houses are for sale in your area so that you’re familiar with your local housing market. It could be a good idea to ask a real estate agent to set up an automated email through the local multiple listing services so that you never miss out on a new listing being uploaded. By tracking the system you’ll more likely find the house of your dreams in the competitive housing market. Have that element on top over other buyers by staying ahead of the game; it will put you in a better position in the long run.
- Look into buying a foreclosure: a lot of people haven’t even considered looking into the prospect of buying a bank-owned property due to fear and anxiety over the state of the property. That is a very reasonable concern to have as it means the bank will not fix any issues with the property at all, but there are some advantages worth mentioning. They often sell for an average 15% below the home’s actual value and often sell for less than the asking price, which means all-around BIG discounts. As there is a lot less competition in the foreclosure housing market too, there is a smaller chance of going up against other buyers so it makes the entire buying process smoother, faster and smarter. It may be worth considering.
- Ensure that you have your finances under control: to close on a deal quicker it is best to get pre-approved for a home loan before submitting an offer on a property. This just means that the entire process is dealt with more professionally and much more organised, so that will equal a lot less stress for you. It means for a lender to run a credit check on you and to verify the income and any assets you say you own as well as conducting a review of general finances in the form of a financial portfolio. Certifying your finances will aid peace of mind when buying a home in the housing market and will simplify the whole process to the maximum.
So, don’t hide from the housing market, embrace it. But just be prepared for it and for all it entails. Being on top of the rules, regulations, expectations and procedures means that you are an active real estate professional in the field, you are staying educated and aware of current policies and dealing with them accordingly, in the smoothest and easiest way possible.
Written by Gemma Smith