Happy New... Home!
- By James Ferguson
It’s an exciting time for you to buy your first home, but it can also be a very stressful one. You can reduce stress levels by understanding the market, your investment and being clear about what you want and what you don’t want.
Where do you want to live?
It is important to be clear about the type of house and the area you want to live in. Make sure that your ideas are in line with your budget as it will save any heartache when you are viewing properties. Consider factors such as whether there are schools or parks nearby and research the area properly.
All mortgage companies will look very carefully at the affordability of your mortgage and they can give you a better guide about your price range. Think carefully about the term of your mortgage and how old you are now. Demographically, first time buyers are not as young as they used to be, so a thirty five year mortgage may not be suitable.
Help to buy?
There are options around help to buy schemes for first time buyers. Talk to your estate agent and research this properly online as you may decide this is the best option for you. Make sure that you are clear about the terms you are signing up to before you jump in and make a commitment.
Find a property
Once you know where you want to live and how much you have to spend, it’s time to get viewing. Doing it in this order means you don’t set your heart on a property you cannot afford. View as many properties as you can but be selective as estate agents will want to get you through the door of many unsuitable properties. Know what you are looking for too. If you will never buy a house with a downstairs bathroom, then don’t view any of these properties.
Make an offer
Using information you can obtain online about the price of houses in that street, make an offer and go in low first. You can then move up to meet the vendor, but know how much you are prepared to pay before you start negotiations.
Once your offer has been accepted, your solicitor will send lots of paperwork to the vendor and will carry out searches on the property. Your mortgage offer will be finalised, your solicitor will review the draft contracts and you will pay the deposit. Once these are signed and exchanged, the sale is legally binding and you cannot pull out. Once you have a completion date, the rest of the funds will be transferred and you can move in!
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