FOOL SCHOOL
Homeowning: Getting Started

April 15, 2002

You'll undoubtedly realise that buying into the housing market is likely to be the biggest single investment you'll ever make. So entering the "Land of the Homeowner" might seem a tad scary. Well, it doesn't need to be. Promise! You're just buying your own place - that's all - and it's really not that difficult once you know how all the pieces fit together.

Over the next few weeks we'll be running through this step-by-step guide, as laid out in our Homeowning Centre. Here's a quick checklist of the main stages you need to go through.

• Determine how much you can borrow
• Determine how much you can afford
• Start househunting
• Decide on the sort of mortgage you want
• Find a mortgage provider
• Agree a mortgage in principle, and obtain a mortgage certificate
• Find and appoint a solicitor
• Decide on the property you want
• Double-check all your estimated payments
• Make an offer for your desired property
• Get a survey done, if necessary
• Sort out any additional insurance, contact utility suppliers & removal men etc
• Agree contract terms with the seller
• Exchange contracts and pay a deposit to the seller
• Complete final paperwork, pack the cat etc
• Completion and moving day

But the first question many people have is… how long will the whole process take?

Unfortunately the answer is "it depends". The average amount of time is reckoned to somewhere between four and five months as the laws governing homebuying in this country are somewhat outdated. That's strange when you consider that more of us own our own home than in almost any other developed country. There have been moves to streamline the process (such as the Seller's Pack) but for the moment we are stuck with the current, cumbersome system.

One of the best ways to shorten the amount of time it takes to move is to be prepared and to do a little homework beforehand. And that is what this series of articles is all about. Another top tip is to try and avoid situations where there is a long "chain" of buyers and sellers, as no moves can take place until everyone's paperwork is in order.

More: The Homeowning Centre