A Renters Checklist Before Becoming A Homeowner
The change between renting and owning is vast. It’s an exciting and positive step onto the property ladder, but with it comes more responsibility and cost, which can be a financial minefield. There are also so many advantages of owning property; imagine not having to ask permission to decorate! You’re also purchasing an asset, which in effect is an investment. No more rent payments lining someone else’s pocket!
Like any mover, it can take time and lots of organisation, and maybe even more for a first-time buyer. This blog attempts to steer you through the rent to owned path, with the hope of making your move that bit easier.
It won’t happen overnight
If you are moving from a rented property, then you do not need to worry about sitting in a chain. However, the owners of the property you are buying may take longer to move. You need patience at this stage while they search for their next property. Once achieved, the moving process can take (on average) four months.
What to do while you wait? Declutter. Do not spend additional money on moving all the nik-naks you really don’t need anymore to go and sit at the back of a different cupboard in your new home.
Completion Day – what is this?
Completion day is when the money for the property is transferred from the buyer to the seller. Once this happens, the property is yours and you can collect the keys to your new home.
The completion date is set quite early on and agreed upon between the seller, buyer and solicitor once the property’s selling price is agreed upon. And as the name suggests, this completes the home buying process, and the homeownership officially changes hands.
Buying with a mortgage?
If you’re buying a property with a mortgage, the lender plays a vital role in the completion process. They can only release mortgage funds when the lender receives a Certificate of Title from your solicitor for the final sales transaction. This is a document that gives a detailed history of the property’s ownership, including a full legal description of the building.
However, you must always consider that the lender reserves the right to withdraw their funding approval if they believe the borrower is no longer reliable for repayments. They will always undertake one final check before the transfer to check and confirm your financial circumstances are still the same. Before completion day, try and avoid any new credit or debit orders that may affect your credit records.
Change of address
It’s never too early to make your list of all important contacts to advise them of your change of address. Have your list ready and begin contacting them with your new address details in the week running up to your move.
When updating your utility companies, be sure to take meter readings and save information with a photo or video, so if any dispute were to occur, you have plenty of evidence of the readings before you moved out and ownership was passed on. The same goes for the council – you do not want to be left responsible for paying someone else’s taxes and rates (as well as paying for your new property)
A good place to start when compiling your list of contacts is to go through your bank statements; you will be reminded of several of your payees here.
End of tenancy clean
Every renter hopes to receive their deposit back in full. To ensure every chance of this, make sure you undertake a full and deep clean from top to bottom. Also, pay attention to the carpets and the walls and try to remove all scuff marks. Carpet cleaners are very reasonable to hire, or you can request a company to come in and take care of the cleaning professionally (this will be out of your pocket, not your landlord)
The day before your move
It’s a huge achievement becoming a property owner and the responsibility of it may be overwhelming. You should be proud of being able to take that step onto the property ladder!
Ensure everything is on track for your move, the removal company (!), utility companies, TV, broadband etc.
Make sure you have your essentials bag packed, including drinks and snacks, entertainment for pets and children, and all-important documentation you may need for the day of the move.
For any other moving advice, do not hesitate to contact us. We have been moving people for years and have built a wealth of knowledge and experience.