A first-time home buyer’s handy checklist
Buying your first house is a big step in life, and a huge personal achievement. Moving up the property ladder in today’s times, when house prices are soaring through the roof, is commendable. But it is also a lengthy process that requires a considerable amount of patience and knowledge. And the excitement and joy can often be overcome by stress. Here’s a handy checklist of things to consider and do when buying your first home or property, so you can be sure you are putting your best foot forward.
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Calculate all the costs involved
There are so many costs to consider when investing in any property. It doesn’t end with just purchasing the house. Besides the initial deposit to be able to get a loan (more on that in the next point), you will also have to account for other costs including the mortgage, monthly expenses of running the house (such as electricity and gas bills, council tax, water bills etc) and all the fees involved in the process of buying the house (estate agents, solicitors and other legal fees).
(In case you are selling another property to buy your own first home, and you need it done quicker, then we buy any house is worth checking, as they are cash property buyers).
Deposit
There is a minimum deposit you will need to pay in order to secure a loan, so bear this in mind when keeping a stock of your finances before taking the plunge. Remember, the bigger the deposit you pay, the better the rates you will get from the bank. Saving for a deposit remains the main barrier in getting started on the property ladder, but with some forward thinking and proper planning, it is not impossible.
Meet a mortgage adviser
Your mortgage is going to be a part of your expenses for a major part of your life, so make sure you get the best deal on it. Meet a mortgage adviser who will give you informed advice about how much you can borrow from the bank, and what the best rates will be for you, depending on your income and outgoings each month.
Finding the right home
There’s a difference between finding the perfect home and the right one. We all have our vision of our dream home; however, reality doesn’t or cannot always match that vision. We have to be more practical when buying a home – keeping factors like budget, proximity to school or to the station (if you use public transport for work) and general convenience for day-to-day living in mind. Make a list of all your priorities and do your research well – then find a home that ticks most of your boxes and fits into your budget as well.
Get the proper legal help
There are plenty of formalities to complete when buying a house, and a lot of it is unknown territory to most of us. Get proper legal aid to help you make sense of all the jargon and complete all the procedures accurately. These include reviewing contracts between the seller, mortgage lender, estate agent and you, the buyer; dealing with Land Registry and Stamp Duty; and checking the potential property for structural risks.
