Moving home is a big decision, and it is important to understand all the steps involved in the process before you move. While planning alone can’t eradicate all the challenges associated with moving house, it can go some way towards making it a smoother and less stressful process. Make sure you are organised, and allow yourself plenty of time. First, you will need to review your finances, so that you know exactly what you can afford and what moving will cost. Make sure you choose a good solicitor to handle the legalities and a good removal company to handle the logistics. Choosing your next home is the fun part, but make sure you decide with your head, not your heart. It can be useful to make a list of all the tasks that you will need to do in order to move house so that nothing gets forgotten! So before you start, read on about the steps involved in moving into your next house.
Step 1: Financial Preparation
Assess Affordability
Before you start looking for a new home, work out what your budget will be. This will include any equity that you have in your current home, any savings that you want to add to your property and your mortgage. Be aware that mortgage rates can rise, so don’t overstretch yourself, and allow for some rise in mortgage rates. Remember that moving is expensive, according to Halifax, the average cost of moving home is £12000, so this figure will need to come out of your overall budget. This includes fees such as estate agent fees, removal fees, and the stamp duty on your new home.
Sort Out Finances
Arrange your mortgage first, as this will determine the extent of your budget. Consider your options for your mortgage, you can normally move your mortgage across to a new property, extend your mortgage, or decide to pay off your mortgage and acquire a new mortgage. It is worth getting a mortgage in principle so that you have a firm idea of your budget before you start to look or make an offer. Remember that you will need a deposit, and your mortgage offer will be in part based on your credit score.
Hidden Costs
Allow for hidden costs, such as having to carry out a detailed survey, or other issues that may arise. It is always sensible to include an allowance for hidden costs in your budget.
Step 2: Preparing to Sell Your Home
Valuing Your Property
Get your property valued first, often it is good to get valuations from three estate agents to get a clear idea of the marketplace. Remember that this value will alter depending on how urgently you need to move. The quicker the sale, the lower the price will need to be.
Choosing an Estate Agent
While you want to gain as much money as possible from the sale of your home, it is important to choose a respected and professional estate agent. Selling houses can be hard, and having a good estate agent who communicates with you throughout the process, and drives the sale forward is very important. Beware of estate agents who value your property far higher than others, as they may be trying to get your business, and you will end up having to reduce the asking price in the long run.
Essential Documents
Make sure that you, or your solicitor has, all the legal paperwork related to your house, such as the title deeds. You will also need an Energy Performance Certificate (EPC) to sell your home.
Preparing Your Home for Sale
Declutter your home before you start viewings, this will make your home appear larger, and make it more appealing to buyers. Ask your estate agent for tips or small changes that you can make to make your home more attractive to buyers. Be clear with the estate agent about how they manage viewings, and who is responsible for conducting show rounds.
Step 3: Finding and Buying a New Home
Finding the Right Property
Next comes the fun part – finding your new home! You will now have set your budget, so you know what you can afford to buy. Make a list with your essential criteria, as well as desirable elements, to give yourself a guide for searching. Look for properties within your budget and in the location that you need. Consider that you may find an ideal property that might need some renovation, and if so, get an estimate for that renovation, so that you can make sure that property is still within budget. If you find a house that ticks all the boxes, check the property’s EPC rating. A property that is very expensive to run may be a bad choice, especially given the current state of the energy market.
Property Viewings
Take your time when viewing a property. Try and imagine yourself living there, and whether it will work for your family. If you have animals or children, try and think about whether it will work. What are the stairs like? Is the garden well-fenced? If you are thinking of growing your family, will there be enough room in the future? If you like the property, a second viewing can be a good idea. Try and visit the property during rush hour, and school pick-up and drop times, you may find that the quiet street becomes a rat run.
Making an Offer
If you decide to make an offer, go through the estate agent who is marketing the property. If your offer is under the asking price due to work that is needed, make this clear in your offer. Be prepared to negotiate. If you come in low, you can expect the buyers to come back with a counter-offer. Once you have agreed on a price, then make sure the property is taken off the market, to reduce the chance of being outbid.
Surveys and Inspections
Get a thorough survey done, especially if you are buying an older property or one in need of work. If this identifies issues, you can then renegotiate based on the cost of the work needed.
Step 4: Legal Processes and Conveyancing
Appointing a Solicitor
You will need a competent and professional solicitor. Your solicitor will handle the legalities of the house sale from conducting local searches, to ensure that the title deeds are correct. Once all the paperwork and checks are sorted then you will exchange contracts, with an agreed completion date. At this point, you pay your deposit, but the house does not become yours until completion day when you pay the remaining balance due and take possession of your new home.
Transferring Deposits and Legal Requirements
To prevent fraud, solicitors are extremely careful about moving money around. You will need to prove your identity and often show where the money is coming from. This is to help prevent money laundering. Remember that if you have money in certain accounts, you may need to discuss accessing this money in advance.
Step 5: Organising the Move
Hiring a Removal Company
Start finding a removal company in good time, you can book a provisional date even if you haven’t decided on a completion date. Ask around for recommendations from friends and family.
Packing and Decluttering
Allow yourself plenty of time to declutter, sort and pack up your home, so that you don’t end up moving old or unwanted items. Make sure you have a moving day essentials box with drinks, snacks, chargers, and an overnight bag.
Moving Day Preparation
Moving day is hard work! So be prepared, have a checklist, and double-check with your removal company that everything is okay. Discuss picking up the keys to your new home with your estate agent, you won’t be allowed entry till the money has been received by the solicitors.
Step 6: Moving Day and Completion
Completion Day Tasks
Check that the money is ready to be transferred with your solicitor and that there is enough money to also pay the Stamp Duty and solicitor fees. Check with the estate agents what the plans for property access are. Make sure you have drinks, snacks, phone chargers, and any other items that you will need for the day.
Celebrating Your Move
You did it! Take some time to celebrate your new home.
Step 7: Settling into Your New Home
Post-Move Tasks
Notify everyone of your new address, and make sure you update all utilities and cancel any old services related to your old property.
Review Subscriptions and Old Services
Remember to cancel anything that is not relevant to your new property, especially services that you will no longer use if you have changed locations.
Review and Adjust Budget
Review your budget, and check whether you stayed within it. This can be a useful exercise in case you move again in the future.
K1 Removals are Here to Help You With Your Next House Move
Moving is a big challenge, but can also be very exciting and represents a new chapter in your life. Remember that preparation is key to making your next house move go smoothly. Here at K1 Removals, we are here to help you with your next adventure, simply call us on 0330 103 0041.