Prepare to get the keys to your new home in 2024.
As we come out of the festive period and the whole of 2024 is ahead, many of us are prepping for exciting events – including buying a new property. While the market has cooled and finances continue to be a worry for many, it’s important to prepare for home buying on every front so you feel confident in your purchase. Take a peek at the top ways to boost your buying power in 2024.
What is a power buyer?
If a seller can take their pick of buyers, they’re naturally going to go for an easy life and choose someone who promises a speedy, problem-free transaction.
Essentially, that means a buyer who is ready to hand over money and move. They could:
- Already have a buyer for their current property
- Be chain-free
- Have no need to sell in order to buy (e.g. a first-time buyer)
Tips to becoming a power buyer
Increase your savings for a deposit
As the saying goes, cash is king. The deposit, usually 10% of the home’s sale price, can sometimes be the deciding factor between competing offers for a particular home.
While saving more money every month may not be possible for everyone because of the rising cost of living, if you’re intent on moving this year, try stashing away a little of each paycheck to build your savings over time.
Get a mortgage in principle if you’re a first-time buyer
If you’re looking to buy your first home, save some time by getting a mortgage agreed in principle. An estate agent will ask for confirmation from a lender that you’re able to apply for a mortgage to cover the cost of the property, as well as proof of funds to pay the deposit.
This is an important step and shows sellers that you’re serious and can afford what you’re offering. We recommend calculating your budget and talking to a mortgage adviser to understand how much you can spend on a home.
Before you make an offer on a home, ensure you have the funds (and supporting documents) to prove you can afford to follow through on the offer.
Find a conveyancer
Get a head start on finding a conveyancer to work with and start the paperwork now, so you’re ready to act on buying and selling. This not only cuts down on time but puts you in a promising position for sellers. That means you’re ready to act when you find your dream home.
Get a house valuation
If you’ve got a house to sell, be sure to get a house valuation early on in the process. Book a house valuation from a local estate agent to find out how much your house is worth. You can put the equity in the house (if any) towards your next purchase.
These tips can help you boost your buying power for the new year. Happy house hunting!