Moving House Stress
Moving to a new house can be a stressful experience, especially if you it is your first purchase, or you haven’t moved for a long time.
I believe that one of the biggest causes of that stress is the unknown. I have tried to cover off some of the unknown elements with the articles on the site and will continue to do so. However, I think that one of the biggest unknowns is the amount of time it will take and which items come in which order.
Over the next few weeks, I will provide the 12 steps to buying a house, together with an estimate of duration. I will then provide a plan template for you to use and amend as you embark on finding your new home.
House Move Plan
‘’He who fails to plan is planning to fail’’ – Sir Winston Churchill
The order of your house move plan items will depend on what is most important to you, that is your priority.
If your priority is time because you want to move as quickly as possible, then you could risk losing some money by running items in parallel.
If your priority is money, i.e. you can’t afford or don’t want to risk money, then you will want to ensure each step is run in the sequence, so that you are sure you have critical items in place before proceeding with the next step. This option will take longer that the option above.
To simply the process, I have broken it into 12 steps. Here are the first three, with estimated durations:
Finding an IFA or Mortgage Broker, completing the forms, receiving lender illustrations and then a mortgage in principle can take as little as 1-2 weeks. Obtaining a mortgage in principle puts you I a better negotiating position when offering on your new home. When you are looking for a mortgage, remember not only to consider the purchase price of the desired property, but also the fees and taxes that will need to be paid.
How long does it take to buy a house? A 6 week case study
02 Property Search
Estimating the length of your property search is tricky. It will depend on the area you have chosen, the type of property you are after and the market at the time. To provide a rough idea, I would say it will take at least 2-3 months to find a property. If it takes a shorter amount of time, then fantastic, you are ahead of schedule. If it takes longer, then I suggest looking at your criteria or widen your search.
03 Instruct A Conveyancer
It should take 1 week to find and instruct a conveyancer, which will be required as soon as your offer on your new home is accepted. Remember to obtain a few quotes and look at reviews to ensure that you locate a conveyancer that will work for your best interests. Be aware that some of the cheapest conveyancers have a huge caseload and tend to rush through your documents as quickly as possible. As with all things, you get what you pay for.
Next week I’ll look at steps 4 to 6, to start building on the plan and bring in the reason why you need to have made the priority calls at the start.
If you have any questions on planning you move, I’d love to hear them.