Buying a property is one of the most important decisions you’ll make and if Stevenage is on your radar you’re in for a treat. This vibrant town in Hertfordshire offers a mix of modern amenities, excellent transport links and a strong sense of community. Whether you’re a first-time buyer or looking to move, here’s everything you need to know about purchasing a property in Stevenage.
Why Stevenage?
Financial Reliability
Stevenage is a town located just 30 miles north of London, it’s a commuter’s dream with direct trains to Kings Cross taking around 25 minutes. The town is also well-connected to major road networks, including the A1(M), making it easy to travel to nearby cities like Cambridge and Luton.
Families will appreciate the excellent schools, while green spaces like Fairlands Valley Park provide plenty of opportunities for outdoor activities. With a thriving town centre, attractions like the Gordon Craig Theatre and a range of shopping and dining options, Stevenage has something for everyone.
Property Prices & Setting a Budget
Understanding the property market in Stevenage is key to setting a realistic budget. The town offers a variety of housing options, from modern apartments to spacious family homes. As of 2023, the average property price in Stevenage is around £350,000, though this can vary depending on the area and property type.
When setting your budget, consider:
- Your deposit by aiming for at least 10-15% of the property’s value.
- Additional costs such as stamp duty, solicitor fees, survey costs and moving expenses can add up.
- Ongoing expenses like council tax, utility bills and maintenance should be factored in.
Working with a trusted Stevenage estate agent can help you navigate the market and find a property that fits your budget and lifestyle.
Financing Your Purchase - Mortgage Considerations
Securing a mortgage is an important step in the home-buying process and it’s wise to obtain a mortgage agreement in principle (AIP) before you start house hunting. This not only gives you a clear idea of how much you can borrow but also demonstrates to sellers that you’re a serious buyer. To secure the right mortgage, start by comparing lenders to find the best interest rates and terms.
Checking your credit score is also important, as a good score can improve your chance of approval. Additionally, consider the long term and think about how your financial situation might change, ensuring you choose a mortgage that aligns with your future plans. If you’re unsure where to start, a mortgage advisor can provide guidance to help you find the right product for your needs.
Looking for a House & House Viewings
Once your finances are in order it’s time to start searching for your dream home. Stevenage has a variety of neighbourhoods, each with its own unique character, from the lively town centre to the more tranquil suburbs.
When attending house viewings, it’s important to keep your priorities in mind. Consider the location. Is it close to schools, transport links and amenities? Think about the space. Does the property meet your current and future needs? Also assess the condition. Are there any obvious issues that might require repairs?
Taking notes and photos during viewings can be incredibly helpful when comparing properties later. Don’t hesitate to ask questions about the property’s history, energy efficiency and any recent renovations to ensure you’re making an informed decision.
Property Condition & Surveys
Before committing to a purchase it’s essential to look at the property’s condition. A professional survey can uncover hidden issues that might not be visible during a viewing. There are three main types of surveys:
- A condition report is a basic overview of the property’s condition.
- The homebuyer report is a more detailed inspection, including advice on repairs and maintenance.
- A building survey provides a detailed assessment, ideal for older or unusual properties.
Investing in a survey can save you money in the long run by identifying potential problems early.
Conveyancing & Chains - From Offer to Exchange
Once you’ve found the perfect property and had your offer accepted, the conveyancing process begins. This involves the legal work required to transfer ownership from the seller to the buyer and it’s a good idea to hire a solicitor or conveyancer to handle this for you.
During the conveyancing process your solicitor will review the draft contracts and raise any necessary queries. They will also conduct searches to check for issues such as planning permissions or environmental risks.
Meanwhile, your lender will arrange a valuation of the property to finalise your mortgage approval. Once everything is in order, you’ll exchange contracts and pay your deposit, moving one step closer to completing the purchase.
It’s worth noting that many property transactions involve a chain, where multiple buyers and sellers are linked. Delays in one part of the chain can affect everyone, so staying in regular contact with your estate agent and solicitor is crucial to keeping the process on track.
Buying a property in Stevenage is an exciting journey and with the right preparation, it can be a smooth and rewarding experience. From understanding the local market to navigating the legal process, each step brings you closer to finding your ideal home.
At Own Homes we’re here to help you every step of the way. Whether you’re a first time buyer or simply moving house, our team is dedicated to helping you find the right property in Stevenage. Get in touch today to start your property journey.
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