Step-by-Step Guide to Buying a Home

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The first step is to decide whether it’s a good idea to buy a home. A majority of people in the UK want to own a home but it’s not always the best time to do so. You should also decide if you need to sell your current home first before looking at into homes for sale. Doing this can be quite risky if you don’t get the property you wanted to buy. You should also decide on what your budget is. There is no need to waste time with houses you can’t afford. You should also factor in other fees apart from the buying price.

Once you’ve decided on how much you’re able to pay, you have to get your finances in order. Know where you’re going to get money for your deposit from. This could mean talking to relatives. This is also the best time to get a mortgage in principle to help you seal the deal quickly. After that, you need to decide on the area you’d like to live in. If it’s in another part of town, find out what challenges you’ll be facing such as poor transport links. Once you know the area, the next step is to find the right house. Conduct some research on property in that area so can gain a better understanding of the area. You can also get to know a few estate agents and visit different houses.

When you find the right house, make an offer and do what needs to be done to get it accepted. This could mean putting down a small holding deposit that will be refunded in case the sale doesn’t go through. Once the property is on hold, arrange for the mortgage. Get back to the lender with the offer and see what kind of rates you’ll be getting. You’ll also need to make arrangements to pay the stamp duty which can be around 7% of the value of the house. This is also the time to hire a conveyancer or solicitor to handle the legal part of the deal to ensure the property is properly transferred to you. You may also have to go with a conveyancer provided by your mortgage company.
You should definitely hire a surveyor to see if the house has any underlying issues especially if you don’t have much experience dealing with property. Before you can exchange contracts with the seller, you’ll have to arrange for the payment of the deposit. Once the contracts are exchanged, both you and the seller are committed and backing out could cost you your deposit. Once you’ve exchanged the contracts, you can make any final arrangements necessary such as the purchase of appliances or furniture in the house and transfer of utilities to you.
The sale will be completed when the money is transferred to the seller and deeds are exchanged by the conveyancers. You are now free to take possession of your home and make it your own. You’ll also have to pay the stamp duty and pay the solicitor/conveyancer for their services.

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