The Transition from Tenant to Homeowner Checklist
For anyone considering buying their first house, it can be a tough adjustment from renting to owning a property. There’s a lot of organising and preparation that goes into it, as well as navigating your busy schedule. It’s easy to make a mistake and forget an important task while dealing with everything. That’s where a solid plan of action is essential.
Typically, a moving checklist acts as the foundation of your relocation, and we suggest reading a few to get an idea of what they usually entail. Similarly, Aussie has plenty of experience and can assist you during the planning stages. However, we need to go a bit deeper than a usual list here for this specific topic. We’ll take you through the additional steps you should consider when leaving the rental market and becoming a homeowner.
The Journey from Renting to Homeownership –
There’s a disparity in numbers between renters and homeowners in the UK as it stands today. Let’s hope this is something that will change over the coming years. If you’re happy being a tenant, that’s fine, but all too often, it’s not by choice. That’s why we’re determined to do our part by providing helpful information for people who plan on making the giant leap over to homeownership.
Before transitioning over, there are some important steps you should be mindful of. The most crucial one is claiming the full rental deposit back and how to do so successfully. You can achieve this by leaving the property in perfect condition. And we’ll discuss ways of doing this while keeping any financial outlay to a minimum.
The nuts and bolts of the mortgage process are also a sticking point, and we’ll give you an understanding of this side of things. Additionally, we’ll suggest some practical tips in case of delays in moving dates. Aussie will be with you every step of the way, including the planning stages to unpacking the boxes and containers in your new home (that you own!).
What Happens on Completion Day?
Completion day is when all the money moves across from the buyer to the seller. And if everything goes to plan, you can pick up the keys to your new home. The date for the completion is set from initial discussions between all parties, including solicitors, once the property’s selling price is agreed upon. As the name suggests, this is the final piece of the puzzle, and the homeownership officially changes hands.
If you’re purchasing a property with a mortgage, the lender plays a pivotal role in this process. They can only release funds when the lender receives a Certificate of Title from your solicitor for the final sales transaction. The Certificate of Title is a document that gives a thorough history of the property’s ownership, including a complete legal description of the building.
However, there is something any prospective homeowner needs to consider carefully. The lender reserves the right to withdraw their funding approval if they believe the borrowing party is no longer a safe commitment. They will undertake one final check to see if your circumstances are the same. So, make sure that your finances are in good order up until the completion day. You should try and avoid any new credit or debit orders that may strain your finances.
When the final checks are over and the money transfers to your solicitor, they will pass the funds to the seller’s solicitor. When these funds reflect in the appropriate bank account, the purchase is complete, and you can discuss the arrangements for collecting the keys to your new home. You can then officially let out a sigh of relief and crack open the celebratory bottle of bubbly.
Don’t Delay! Start Planning Today –
Most problems with a relocation can be traced back to a lack of preparation or unwittingly missing an essential task. We suggest you be mindful of how vital this stage is and avoid the temptation of rushing certain aspects. Trying to cram too much into the last week will likely cause issues, possibly even a delay. If you put plenty of effort into the planning stages, the result will almost always be positive.
There’s another thing you should be mindful of before you put your current house up for sale. The average time a property spends on the UK housing market is just over four months. Most notably, this figure doesn’t include any additional time people put in to update their property. You might be looking at an average of between five or six months before you sell.
The reality for most homeowners is the need to sell their current home to facilitate their relocation. That’s why there’s no time like the present to get the ball rolling, and you can start doing some research or costing today. There is no such thing as too much preparation. It will help if you visit your new city or town for a week or two to get some first-hand experience. That way, you’ll know what life is like there at various times of the day and night.
Tips on How to Change Your Address –
This is something many would-be homeowners forget when they relocate. They wait until they arrive in a new property before changing their address with doctors and the gas and electric company. It often results in changing one service provider at a time, which invariably results in forgetting some. The only problem is confidential mail is still going to the previous address, and the responsibility for paying bills still rests with you.
It will help you greatly if you list every important contact now and then start communicating with them. Note what service they provide and contact details, including their email address. Then begin contacting them during the final week before the big move. You can give the new address and departure date, requesting they forward mail and stop sending anything to your soon-to-be old home.
This point is vital – take meter readings and save information with a photo or video. In the unfortunate situation where a dispute occurs, you’ll have evidence of the readings before leaving the property. Please also remember to contact your current council to repeat the process. You need to remove your responsibility for paying council tax and other rates. Finally, it’s onto your doctor and other healthcare providers.
To make this task easier, go through your physical mail and invoices. Then note each service provider you have a financial agreement with. This includes your bank and anyone else that holds your financial information. You won’t want that to fall into the wrong hands if a critical letter arrives after leaving your current property.
Consider a Professional Cleaning Service –
Like most tenants, receiving your deposit back is vital, especially for anyone who has taken good care of the property. Make sure the rental property is spotless before handing back keys to put you on a sound footing. In most situations, the lease will stipulate this as a contractual necessity. Go over it again to see what terms state for things like cleaning and repairs.
The time between one person handing back the keys and the next tenant moving in is relatively short. That’s why most landlords will hire a professional cleaning company. However, it’s not always clear whether this is done honestly by some less scrupulous owners. A few bad landlords might state this but clean the property themselves, then deduct off your deposit.
You can take control by doing the cleaning yourself, but it needs to be at a professional standard. Alternatively, hire a cleaner yourself and give the receipt to the landlord. Remember to get photos of evidence of how clean the place is in case of a dispute. By taking this action, you’ll take charge of the situation and ensure it’s difficult or impossible for them to add further cleaning costs.
A Short Recap for Your Last Days as a Tenant –
Now that you have everything lined up, it’s time to take one last personal inventory and to prepare to become a homeowner. The work it takes to become a homeowner is exhausting and typically stressful. You deserve a lot of credit for the grind and dedication it takes to achieve this. Now you can look forward to a home to call your own.
There are a few things to do in your final week to make sure everything is on track. Contact Aussie to double-check everything is good on our side, even though this is a formality. We’ll confirm arrival times and expected completion. Then we’ll remind you of certain tasks you should recheck; an example would be to contact people with your new address.
Think about your journey to your new house or apartment and start making these preparations. If it’s a long-distance move, familiarise yourself with the route before setting off and save everything in your satnav. Children and pets require additional service station breaks. You should pack lots of snacks and water for the trip, as well as some entertainment to keep the little ones occupied.
Aussie Man & Van – Moving You into Your First Home in Oxford –
The Aussie team understands the challenge of transitioning from renting to purchasing your first home. We have a lot of experience relocating first-time buyers, and we consider it our mission to improve the chances of homeownership. Whenever we see an opportunity to help, we will. And we hope this article will spark some ideas and motivate you to act and set reminders today.
It’s time to think about the advantages of owning property and achieving this goal. You can do change the decor and make modifications without permission (except for building new extensions). There’s also the advantage of having an asset there for investment purposes. Aussie Man & Van is ready to relocate you when the time comes, and we have an excellent range of affordable services.
It’s time to embrace the benefits of homeownership and escape the perpetual cycle of renting. Click here to request a free quote, and we’ll also give you some pointers for finding the ideal home in Oxford.