Although purchasing a home is an exciting milestone in your life, the entire process can be quite stressful as well. And that stress is bound to increase ten-fold once a series of unexpected delays begin to appear.
Buying a property is a complicated affair that’s fraught with unpredictability, so it’s impossible to ensure everything will always run smoothly. Through proper research and preparation, however, it is possible to speed up the home-buying process.
Get Pre-Approval on a Loan In Advance
Few things in the home-buying process are as heartbreaking as having an offer accepted on your dream home, only to have the banks tell you they’re not prepared to finance the loan. Not only is this situation a big disappointment, but it’s also a colossal waste of time.
Therefore, it’s always wise to get approval on a loan before you start making offers on the properties that catch your eye. Pre-approval lets you know precisely what you can afford, which makes it easier to bid appropriately. Estate agents will also take you more seriously once you can prove you’ve got the means to follow through with the deal.
Getting approval for such a large sum of money takes time because the lender must undertake all the relevant identity and credit score checks. As a result, you should seek pre-approval well before you plan to bid.
Get Your Surveys Done In Advance
A lender will always insist on valuing the property to ensure it’s worth the quoted amount and will provide sufficient security against the loan. However, the mortgage broker will use their own surveyor, so you’ll need to organise a home buyer’s report for yourself.
There are two different options: a survey and a homebuyer’s report. The more in-depth survey option includes lots of detailed information on the property but doesn’t provide a valuation. A homebuyer’s report, on the other hand, will include a property valuation. You may be able to get your lender to ask the surveyor to provide a combined survey and homebuyer’s report at the same time, in which you pay for the latter part. Generally speaking, this works out cheaper than doing it by itself.
In either case, be aware that surveyors can be fully booked for weeks in advance, so you need to get in early. Also, allow enough time to address any issues that the report may uncover.
The best course of action is to go with a conveyancer who’s already on your lender’s pre-approved list. That way, you can be sure they’ll already be familiar with the lender’s specific requirements, and they’ll be able to start work straight away without having to wait for approval.
Contracting a reputable lawyer is equally essential to ensure all the relevant contracts and paperwork are watertight. A skilled lawyer is also capable of resolving any number of issues that may arise in the process. Be wary, however, of recommendations from your estate agent. These may be influenced by commissions and not in your best interest.
Tell Your Conveyancer about Any Potential Issues Early On
The earlier a conveyancer can identify potential problems with the home-buying process, the quicker he or she can work to resolve them.
If you’re aware of any issues that may affect the property, you must communicate the situation to your conveyancer immediately. That way, they’ll be able to formulate a plan to resolve the issues at hand without delaying the process any further.
Check Your Conveyancer is Proactive
A conveyancer will undertake a series of property conveyancing services to determine if there are any regulatory issues such as planning permissions that could affect the home-buying process. Some of these require liaison with government bodies and typically takes several weeks to conclude.
A proactive conveyancer will begin the process early on to reduce the likelihood of delays. Some conveyancers will even take the initiative to do it themselves rather than going through the government, which is almost always faster. However, your lender might insist that the government perform relevant searches rather than the conveyancer.
Get the Chain Moving
The home-buying process is a chain of events, in which certain links of the chain (transactions) can delay others.
One way to reduce the likelihood of this happening is to get your conveyancer to check the status of the seller. If they’re free from the chain, then the whole process is bound to be much smoother. If you find yourself stuck in the chain, take a look at the dependencies involved to determine where the bottlenecks lie. Regular communication with the seller, their agent, and your agent helps to speed the process along.
The home-buying process can take anywhere from a few weeks to a few years, depending on the circumstances involved. As a buyer, it’s in your best financial interests to ensure the process runs as smoothly and quickly as possible. By keeping the above six tips in mind, you’ll be able to speed up the whole ordeal.