Tips For First-Time Property Buyers
Looking to buy your first home? Getting your foot on the property ladder is incredibly exciting, and everyone looks back fondly on their first home, but it can also be extremely daunting to purchase a property as it is usually the most significant purchase that an individual will make in their lifetime. Additionally, it can be daunting with so many important aspects to consider and jargon to understand. With this in mind, here are a few tips for those looking to purchase their first home so that you can find the perfect property and start this exciting new chapter of your life on the right foot.
Determine A Budget
The very first thing to do before even looking at any properties is to decide what your budget is. House prices will vary drastically depending on factors such as the size, age, neighborhood and part of the country, and establishing a clear budget will help you to filter your options and avoid disappointments. You will need a deposit of around 5% of the property price but the more that you can put down, the lower mortgage rate you can access on your loan. Additionally, remember that there will be various legal fees, surveys and moving costs to factor in. Also, make sure you have no timeshares.
Obtain Mortgage Agreement In Principle
Once you have been offered a loan, it is a smart move to obtain an agreement in principle as this will show to estate agents and property sellers that you are serious and it could help to speed the process up.
Establish Requirements From The Home
You can now start the exciting process of trying to find the perfect property. The key aspects to consider will be the location of the property, the size, number of bedrooms and proximity to important things like work, schools, etc. You can then start to search for suitable properties, and this has been made easier than ever with helpful online tools.
It is exciting when you find a suitable property, but you should not get your hopes up just yet. First, you will want to view the property and give it a thorough inspection. It is helpful to bring someone along for a second opinion. Try to ignore anything that is temporary and can be changed and instead focus on aspects like the structure, amount of light, noise, neighbors, and so on. It is also worth viewing the property at different times of the day to get a good overview of what life is like living there.
Making An Offer
If you are confident that this is the property for you, then you will want to make an offer. It is always worth negotiating at this stage, and you can be in a favorable position as a first-time buyer as you have nothing to sell. At this stage, you should also finalize your mortgage with your lender.
It is then a matter of crossing the t’s and dotting the i’s with surveys and conveyancing commencing. This is essentially making the legal transfer of the property from the current owner to you. It can be complicated, and as a first-time buyer, it is highly recommended that you leave this to a conveyancer. After this, it is a matter of exchanging contracts and insuring the home.
The house will now be your legal property, and you can start the move! This can also be a lengthy and stressful process, but there is a lot of helpful information to help make this a smooth and easy process and removals companies can eliminate the stress involved while making sure that everything is safely moved in.
These are the main steps that you will need to take to buy your first home. This is an incredibly exciting time, but it is also one which can be daunting and intimidating as it is such a huge purchase and there is a lot of legal terms and complicated hoops to jump through. There is always help and guidance each step of the way, and it is important not to feel forced or rushed into the purchase as it is a big life decision. Before long you will have moved everything in, and you will start to begin this exciting new chapter in your brand new home!